{"url_path":"/sec/tc/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-08","source_url":"https://www.sec.gov/Archives/edgar/data/1743340/0001213900-26-053942-index.html","accession_number":"0001213900-26-053942","cik":"0001743340","ticker":"TC","issuer_name":"Token Cat Ltd","edgar_url":"https://www.sec.gov/Archives/edgar/data/1743340/0001213900-26-053942-index.html","primary_entity_key":"0001743340","primary_entity_name":"Token Cat Ltd"},"word_count":20962,"has_tables":true,"body_markdown":"**ITEM\n19. EXHIBITS**\n\n** **\n\n**EXHIBIT\nINDEX**\n\n** **\n\n**Exhibit No.**\n \n**Description of Exhibit  **\n\n1.1\n \n[Ninth Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 of our Form 6-K filed with the Securities and Exchange Commission on February 3, 2026).](http://www.sec.gov/Archives/edgar/data/1743340/000121390026011523/ea027537801ex3-1_token.htm)\n\n2.1\n \n[Registrant’s specimen American depositary receipt (included in Exhibit 2.3).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex4-3.htm)\n\n2.2\n \n[Registrant’s specimen certificate for ordinary shares (incorporated by reference to Exhibit 4.2 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex4-2.htm)\n\n2.3\n \n[Form of deposit agreement by and among the Registrant, the depositary and holders of the American Depositary Receipts (incorporated by reference to Exhibit 4.3 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex4-3.htm)\n\n2.4*\n \n[Description of Securities.](ea028738901ex2-4.htm)\n\n3.1\n \n[Shareholders Agreement, among the Registrant and other parties thereto dated September 29, 2018 (incorporated by reference to Exhibit 4.4 of our Registration Statement on Form F-1 (file no. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex4-4.htm)\n\n4.1\n \n[Form of Employment Agreement between the Registrant and the executive officers of the Registrant (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex10-1.htm)\n\n4.2\n \n[Form of Indemnification Agreement between the Registrant and its directors and executive officers (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex10-2.htm)\n\n4.3\n \n[English translation of Exclusive Business Cooperation Agreement between TuanYuan and TuanChe Internet dated February 14, 2023 (incorporated by reference to Exhibit 4.3 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](https://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d3.htm)\n\n4.4\n \n[English translation of Exclusive Call Option Agreement among TuanYuan, TuanChe Internet and its shareholders dated February 14, 2023 (incorporated by reference to Exhibit 4.4 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](https://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d4.htm)\n\n4.5\n \n[English translation of Equity Pledge Agreement among TuanYuan, TuanChe Internet and its shareholders dated February 14, 2023 (incorporated by reference to Exhibit 4.5 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](https://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d5.htm)\n\n4.6\n \n[English translations of Consent Letter granted by the spouse of each individual shareholder of TuanChe Internet dated February 14, 2023 (incorporated by reference to Exhibit 4.6 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](http://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d6.htm)\n\n4.7\n \n[English translations of Powers of Attorney granted by the shareholders of TuanChe Internet dated February 14, 2023 (incorporated by reference to Exhibit 4.7 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](https://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d7.htm)\n\n4.8\n \n[English translation of Exclusive Business Cooperation Agreement between Sangu Maolu and Internet Drive Technology dated May 31, 2019 (incorporated by reference to Exhibit 4.8 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-8.htm)\n\n4.9\n \n[English translation of Exclusive Call Option Agreement among Sangu Maolu, Internet Drive Technology and its shareholders dated May 31, 2019 (incorporated by reference to Exhibit 4.9 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-9.htm)\n\n4.10\n \n[English translation of Equity Pledge Agreement among Sangu Maolu, Internet Drive Technology and its shareholders dated May 31, 2019 (incorporated by reference to Exhibit 4.10 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-10.htm)\n\n4.11\n \n[English translations of Consent Letter granted by the spouse of each individual shareholder of Internet Drive Technology dated May 31, 2019 (incorporated by reference to Exhibit 4.11 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-11.htm)\n\n4.12\n \n[English translations of Powers of Attorney Agreement between Sangu Maolu and the shareholders of Internet Drive Technology dated May 31, 2019 (incorporated by reference to Exhibit 4.12 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-12.htm)\n\n4.13\n \n[English translation of Exclusive Business Cooperation Agreement between Sangu Maolu and Drive New Media dated May 31, 2019 (incorporated by reference to Exhibit 4.13 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-13.htm)\n\n \n\n103\n\n \n\n \n\n**Exhibit No.**\n \n**Description of Exhibit**\n\n4.14\n \n[English translation of Exclusive Call Option Agreement among Sangu Maolu, Drive New Media and its shareholders dated May 31, 2019 (incorporated by reference to Exhibit 4.14 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-14.htm)\n\n4.15\n \n[English translation of Equity Pledge Agreement among Sangu Maolu, Drive New Media and its shareholders dated May 31, 2019 (incorporated by reference to Exhibit 4.15 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-15.htm)\n\n4.16\n \n[English translations of Consent Letter granted by the spouse of each individual shareholder of Drive New Media dated May 31, 2019 (incorporated by reference to Exhibit 4.16 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-16.htm)\n\n4.17\n \n[English translations of Powers of Attorney Agreement between Sangu Maolu and the shareholders of Drive New Media dated May 31, 2019 (incorporated by reference to Exhibit 4.17 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 18, 2020).](https://www.sec.gov/Archives/edgar/data/1743340/000110465920063152/tm206459d1_ex4-17.htm)\n\n4.18\n \n[English translation of Exclusive Business Cooperation Agreement between Chema Technology (Beijing) Co., Ltd. and Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 24, 2018 (incorporated by reference to Exhibit 4.19 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-19.htm)\n\n4.19\n \n[English translation of Exclusive Call Option Agreement between and among Chema Technology (Beijing) Co., Ltd., Wei Wen, Jianchen Sun, Congwu Chen, and Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 24, 2018 (incorporated by reference to Exhibit 4.20 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-20.htm)\n\n4.20\n \n[English translation of Equity Pledge Agreement between and among Chema Technology (Beijing) Co., Ltd., Wei Wen, Jianchen Sun, Congwu Chen, and Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 24, 2018 (incorporated by reference to Exhibit 4.21 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-21.htm)\n\n4.21\n \n[English translation of Consent Letter granted by the spouse of Wei Wen and Jianchen Sun, shareholders of Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 23, 2020 (incorporated by reference to Exhibit 4.22 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-22.htm)\n\n4.22\n \n[English translation of Consent Letter granted by the spouse of Congwu Chen, a shareholder of Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 24, 2020 (incorporated by reference to Exhibit 4.23 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-23.htm)\n\n4.23\n \n[English translations of Powers of Attorney granted by the shareholders of Tansuo Jixian Technology (Beijing) Co., Ltd. dated June 24, 2020 (incorporated by reference to Exhibit 4.24 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on May 14, 2021).](https://www.sec.gov/Archives/edgar/data/1743340/000110465921066394/tm211772d1_ex4-24.htm)\n\n4.24\n \n[Share Incentive Plan (incorporated by reference to Exhibit 10.8 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex10-8.htm)\n\n4.25\n \n[Form of Pre-Funded Warrant issued by the Registrant (incorporated by reference to Exhibit 4.1 of our current report on Form 6-K (file No. 001-38737) furnished with the SEC on November 23, 2022).](https://www.sec.gov/Archives/edgar/data/1743340/000110465922121735/tm2231039d1_ex4-1.htm) \n\n4.26\n \n[Form of Warrant issued by the Registrant (incorporated by reference to Exhibit 4.2 of our current report on Form 6-K (file No. 001-38737) furnished with the SEC on November 23, 2022).](https://www.sec.gov/Archives/edgar/data/1743340/000110465922121735/tm2231039d1_ex4-2.htm)\n\n4.27\n \n[Securities Purchase Agreement, dated February 12, 2026, by and among the Company and the Purchasers (incorporated by reference to Exhibit 99.1 to our Form 6-K furnished with the Securities and Exchange Commission on February 12, 2026)](http://www.sec.gov/Archives/edgar/data/1743340/000121390026016456/ea027702201ex99-1_token.htm)\n\n8.1\n \n[List of subsidiaries and affiliated entities of the Registrant (incorporated by reference to Exhibit 8.1 of our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2024)](http://www.sec.gov/Archives/edgar/data/1743340/000110465924040494/tc-20231231xex8d1.htm)\n\n10.1\n \n[2023 Share Incentive Plan (incorporated by reference to Exhibit 4.27 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 29, 2023).](https://www.sec.gov/Archives/edgar/data/1743340/000141057823000397/tc-20221231xex4d27.htm)\n\n10.2\n \n[2024 Share Incentive Plan (incorporated by reference to Exhibit 4.28 of our Annual Report on Form 20-F (file No. 001-38737) filed with the Securities and Exchange Commission on March 28, 2025).](https://www.sec.gov/Archives/edgar/data/1743340/000101376225004225/ea023365801ex4-28_tokencat.htm)\n\n10.3\n \n[2025 Share Incentive Plan (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form S-8 (file No. 333-292062) filed with the Securities and Exchange Commission on December 11, 2025))](http://www.sec.gov/Archives/edgar/data/1743340/000121390025120339/ea026904201ex10-1_token.htm) \n\n10.4\n \n[2026 Share Incentive Plan (incorporate by reference to Exhibit 10.1 of our Registration Statement on Form S-8 (file No. 333-294661) filed with the Securities and Exchange Commission on March 26, 2026))](http://www.sec.gov/Archives/edgar/data/1743340/000121390026034860/ea028354501ex10-1.htm) \n\n11.1\n \n[Code of business conduct and ethics (incorporated by reference to Exhibit 99.1 of our Registration Statement on Form F-1 (file No. 333-227940) filed with the Securities and Exchange Commission on October 23, 2018).](https://www.sec.gov/Archives/edgar/data/1743340/000114420418054919/tv503170_ex99-1.htm)\n\n11.2\n \n[Insider Trading Policy (incorporated by reference to Exhibit 11.2 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2025) ](http://www.sec.gov/Archives/edgar/data/1743340/000101376225004225/ea023365801ex11-2_tokencat.htm)\n\n12.1*\n \n[CEO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea028738901ex12-1.htm)\n\n12.2*\n \n[CFO Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ea028738901ex12-2.htm)\n\n13.1**\n \n[CEO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea028738901ex13-1.htm)\n\n13.2**\n \n[CFO Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ea028738901ex13-2.htm)\n\n15.1*\n \n[Consent of Marcum Asia CPAs LLP.](ea028738901ex15-1.htm)\n\n15.2*\n \n[Consent of JWF Assurance PAC](ea028738901ex15-2.htm)\n\n97.1\n \n[Compensation Recovery Policy of TuanChe Limited (incorporated by reference to Exhibit 97 of our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2024)](https://www.sec.gov/Archives/edgar/data/1743340/000110465924040494/tc-20231231xex97.htm)\n\n101.INS*\n \nXBRL Instance Document.\n\n101.SCH*\n \nXBRL Taxonomy Extension Schema Document.\n\n \n\n*\nFiled\nwith this annual report on Form 20-F.\n\n**\nFurnished\nwith this annual report on Form 20-F.\n\n \n\n104\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe\nregistrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized\nthe undersigned to sign this annual report on its behalf.\n\n \n\n \n**TOKEN\nCAT LIMITED**\n\n \n \n\n \nBy:\n/s/\nGuangsheng Liu\n\n \n \nName: \n\nGuangsheng\nLiu\n\n \n \nTitle:\n\nChairman & Chief Executive Officer\n\n \n\nDate:\nMay 8, 2026\n\n  \n\n105\n\n \n\n \n\n**INDEX\nTO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n \n**Page **\n\n[Report of independent registered public accounting firm-JWF Assurance PAC (PCAOB ID Number 7095)](#f_001)\nF-2\n\n[Report of independent registered public accounting firm-Marcum Asia CPAs LLP (PCAOB ID Number 5395)](#f_002)\nF-4\n\n[Consolidated balance sheets as of December 31, 2024 and 2025](#f_003)\nF-5\n\n[Consolidated statements of operations and comprehensive loss for the years ended December 31, 2023, 2024 and 2025](#f_004)\nF-6\n\n[Consolidated statements of changes in equity for the years ended December 31, 2023, 2024 and 2025](#f_005)\nF-7\n\n[Consolidated statements of cash flows for the years ended December 31, 2023, 2024 and 2025](#f_006)\nF-8\n\n[Notes to consolidated financial statements](#f_007)\nF-9\n\n \n\nF-1\n\n \n\n \n\n**Report\nof Independent Registered Public Accounting Firm**\n\n** **\n\nTo the Board of Directors and Shareholders of\nToken Cat Limited (formerly known as TuanChe Limited)\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying\nconsolidated balance sheets of Token Cat Limited and its subsidiaries (collectively, the “Company”) as of December 31, 2025\nand 2024, and the related consolidated statements of operations and comprehensive loss, changes in shareholders’ equity, and cash\nflows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated\nfinancial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial\nposition of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years\nin the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.\n\n \n\nWe also have audited the\nretrospective adjustments related to the discontinued operation described in Note 4, that were applied to the 2023 financial statements.\nIn our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures\nto the 2023 financial statements of the Company other than with respect to these adjustments and, accordingly, we do not express an opinion\nor any other form of assurance on the 2023 financial statements taken as a whole.\n\n \n\n**Explanatory Paragraph – Going Concern**\n\n \n\nThe accompanying consolidated\nfinancial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2, the Company\nhas incurred significant negative cash flows from operating activities, and there was accumulated deficit and limited cash balances to\ncover current liabilities and obligations as of December 31, 2025. These conditions raise substantial doubt about the Company’s\nability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated\nfinancial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese consolidated financial\nstatements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s\nconsolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight\nBoard (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S.\nfederal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in\naccordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance\nabout whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not\nrequired to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we\nare required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion\non the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing\nprocedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing\nprocedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures\nin the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates\nmade by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits\nprovides a reasonable basis for our opinion.\n\n \n\n**Critical Audit Matters**\n\n \n\nCritical audit matters communicated\nbelow are matters arising from the current period audit of the consolidated financial statements that were communicated or required to\nbe communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial\nstatements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters\ndoes not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the\ncritical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they\nrelate.\n\n \n\n**Fair Value Measurement of Warrant Liabilities**\n\n \n\nAs discussed in notes 3\n(f), 13 and 17 to the consolidated financial statements, the Company had RMB68.6 million and RMB24.3 million (US$3.5 million) of warrant\nliability as of December 31, 2024 and 2025. The Company measures its warrants at fair value on initial measurements, immediately prior\nto exercise of the warrants and at each balance sheet date. Fair value is the price that would be paid to transfer the liability in an\norderly transaction between market participants at the measurement date. The Company’s warrant liabilities are measured at fair\nvalue on Black Scholes Option Pricing model. For the year ended December 31, 2025, management recognized a gain on change in fair value\nof warrant liability of RMB28.0 million (US$4.0 million) in the consolidated statements of operations and comprehensive loss. \n\nF-2\n\n \n\n \n\nWe considered this\na critical audit matter due to the valuation of warrants requires the application of the Black-Scholes option-pricing model, which is\nhighly sensitive to inputs such as the expected volatility of the Company’s stock price. Volatility assumptions are based on historical\ndata and forward-looking market trends, requiring significant auditor judgment to assess their reasonableness. \n\n \n\n*How the Critical Audit Matter Was Addressed\nin the Audit*\n\n \n\nOur approach to addressing the matter\ninvolved the following procedures, among others:\n\n \n\n \nØ\nObtained the valuation report and warrant agreements and reviewed the independent point estimate of the fair values of the warrants immediately prior to exercise and at each balance sheet date and:\n\n \n\n \n-\nTested the underlying data used in developing the fair values using the Black-Scholes model.\n\n \n\n \n-\nEvaluated the reasonableness of the significant assumptions used by management related to the Company’s weighted average share price by considering (i) current and past performance; (ii) external market and industry data; (iii) discussions with management and those charged with governance; (iv) review and analyse the terms and conditions outlined in the warrant agreements; and (v) evidence obtained in other areas of the audit.\n\n \n\n \nØ\nRecalculated the change in fair value of warrant liability recorded in the consolidated statements of operations and comprehensive loss.\n\n \n\n \nØ\nAssessed the adequacy of the disclosure made in the consolidated financial statements.\n\n \n\n**Discontinued operations**\n\n \n\nAs discussed in notes 3 (g)\nand 4 to the consolidated financial statements, the Company sold 100% of the equity interest in Longye, a Cayman Islands company, Long\nYe Information Technology Limited, a Hong Kong company (“Long Ye HK”), Beijing Sangu Maolu Information Technology Co., Ltd.,\na PRC company (“Sangu Maolu”), TuanChe Information Limited, a Hong Kong company, (“Tuanche HK”), TuanYuan Internet\nTechnology (Beijing) Co., Ltd., a PRC company (“TuanYuan”), TuanChe Group Inc., a Cayman Islands company, (“Tuanche\nCayman”), Tuanche Information Group Limited, a Hong Kong company (“Tuanche Info”), Chema Technology (Beijing) Co., Ltd.,\na PRC company (“Chema”), for an aggregate consideration of the US$1 and completed on 31 October 2025. The Company determined\nthe sale of the disposal group should be reported as discontinued operations in accordance with Accounting Standard Codification (“ASC”)\n205-20, Discontinued Operations (“ASC 205-20”). Therefore, the related assets and liabilities of the disposal group are retrospectively\nclassified as assets and liabilities of discontinued operations in the Company’s December 31, 2024, consolidated balance sheet.\nAdditionally, the operations of the disposal group are reported as income from discontinued operations in the Company’s accompanying\nconsolidated statements of operations and comprehensive income for all periods presented.\n\n \n\nWe identified the accounting\nand disclosure of the discontinued operations related to the disposal group as a critical audit matter given the significant judgments\nmade by management to apply ASC 205-20. Auditing these judgments, including the gain on the disposal of RMB48.9 million (US$7.0 million),\nwas significant to the Company’s financial results, and required a higher degree of auditor judgment and an increased extent of\neffort.\n\n \n\n*How the Critical Audit Matter Was Addressed\nin the Audit*\n\n \n\nOur approach to addressing the matter\ninvolved the following procedures, among others:\n\n \n\n \nØ\nWe read minutes of the Board of Directors that evidenced proper authorization and approval of the disposition.\n\n \n \n \n\n \nØ\nWe analyzed the terms of the disposal agreement and tested the resulting calculation of the pre-tax gain on the disposal recognized at the disposal date.\n\n \n\n \nØ\nWe evaluated the reasonableness of the Company’s segregation of assets and liabilities that are classified as discontinued operations by inspecting the Company’s accounting data for retrospective reclassifications made to prior period financial statements to present the disposal business as discontinued operations.\n\n \n\n \nØ\nWe evaluated the Company’s classification for discontinued operations, including its earnings per share, for the current and prior periods.\n\n \n\n \nØ\nAssessed the adequacy of the disclosure made in the consolidated financial statements.\n\n \n\n*/S/* JWF Assurance PAC\n\n \n\nWe have served as the Company’s auditors\nsince 2024.\n\n \n\nJWF Assurance PAC\n\n \n\nSingapore\n\n \n\nMay 8, 2026\n\n \n\nPCAOB ID Number 7095\n\nF-3\n\n \n\n** **\n\n**Report\nof Independent Registered Public Accounting Firm**\n\n \n\nTo the Shareholders and Board of Directors\nof Token Cat Limited (formerly known as TuanChe Limited)\n\n \n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited, before the effects of the adjustments\nto retrospectively present the discontinued operations as described in Note 4, the accompanying consolidated statements of operations\nand comprehensive loss, changes in equity and cash flows of Token Cat Limited (the “Company”) for the year ended December\n31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements,\nbefore the effects of the adjustments to retrospectively present the discontinued operations as described in Note 4, present fairly, in\nall material respects, the results of its operations and its cash flows of the Company for the year ended December 31, 2023, in conformity\nwith accounting principles generally accepted in the United States of America.\n\n \n\nWe were not engaged to audit, review, or apply\nany procedures to the adjustments to retrospectively present discontinued operations as described in Note 4, accordingly, we do not express\nan opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied.\nThose adjustments were audited by other auditors.\n\n \n\n**Explanatory Paragraph – Going Concern**\n\n \n\nThe accompanying financial statements have been\nprepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has a significant\nworking capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its\noperations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in\nregard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the\noutcome of this uncertainty.\n\n \n\n**Basis for Opinion**\n\n \n\nThese financial statements are the responsibility\nof the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We\nare a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are\nrequired to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and\nregulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audit in accordance with the\nstandards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial\nstatements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged\nto perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding\nof internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal\ncontrol over financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audit included performing procedures to assess\nthe risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond\nto those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.\nOur audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating\nthe overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.\n\n \n\n/s/ Marcum Asia CPAs LLP\n\nMarcum Asia CPAs LLP\n\n \n\nWe have served as the Company’s auditor from 2021 to 2024.\n\n \n\nNew York, NY\n\nMarch 28, 2024\n\n \n\nPCAOB\nID Number 5395 \n\n \n\nF-4\n\n \n\n** **\n\n**TOKEN\nCAT LIMITED**\n\n**CONSOLIDATED\nBALANCE SHEETS**\n\n(All\namounts in thousands, except for share and per share data, unless otherwise stated)\n\n** **\n\n  \nNote \nDecember 31,\n\n2024  \n\n**December 31,\n2025**\n \n\n  \n  \n   \n   \n\n**US$**\n \n\n  \n  \nRMB  \nRMB  \n\n**Note\n3(e)**\n \n\nASSETS \n  \n   \n   \n  \n\nCurrent assets: \n  \n    \n    \n   \n\nCash and cash equivalents \n  \n 4,599  \n 976  \n 140 \n\nAccounts receivable, net \n5 \n \n—\n  \n 6,522  \n 933 \n\nPrepayment and other current assets, net \n6 \n \n—\n  \n 165,379  \n 23,649 \n\nCurrent assets of discontinued operations \n4 \n 33,448  \n \n—\n  \n \n—\n \n\nTotal current assets \n  \n 38,047  \n 172,877  \n 24,722 \n\nNon-current assets: \n  \n    \n    \n   \n\nNon-current assets of discontinued operations \n4 \n 6,096  \n \n—\n  \n \n—\n \n\nTotal non-current assets \n  \n 6,096  \n \n—\n  \n \n—\n \n\nTotal assets \n  \n 44,143  \n 172,877  \n 24,722 \n\nLIABILITIES AND EQUITY \n  \n    \n    \n   \n\nCurrent liabilities: \n  \n    \n    \n   \n\nAccounts payable \n  \n \n—\n  \n 6,499  \n 929 \n\nAdvance from customers \n  \n \n—\n  \n 189  \n 27 \n\nSalary and welfare benefits payable \n  \n 805  \n 2,017  \n 288 \n\nOther taxes payable \n8 \n 6,856  \n 4  \n 1 \n\nPayables due to related parties \n15 \n 572  \n 397  \n 57 \n\nPayable third-party loans \n9 \n 1,078  \n 6,208  \n 888 \n\nOther current liabilities \n10 \n 1,530  \n 906  \n 130 \n\nCurrent liabilities of discontinued operations \n4 \n 92,191  \n \n—\n  \n \n—\n \n\nTotal current liabilities \n  \n 103,032  \n 16,220  \n 2,320 \n\nWarrant liability \n17 \n 68,556  \n 24,377  \n 3,486 \n\nNon-current liabilities of discontinued operations \n4 \n 13,362  \n \n—\n  \n \n—\n \n\nTotal non-current liabilities \n  \n 81,918  \n 24,377  \n 3,486 \n\nTotal liabilities \n  \n 184,950  \n 40,597  \n 5,806 \n\nCommitments and contingencies \n15 \n \n \n  \n \n \n  \n \n \n \n\nShareholders’ equity: \n  \n    \n    \n   \n\nClass A ordinary shares: US$0.0001 par value;  800,000,000 shares authorized; 707,460,523 shares issued and 686,203,839 shares outstanding as of December 31, 2024; 24,000,000,000 shares authorized; 9,486,076,439 shares issued and 8,253,410,439 shares outstanding as of December 31, 2025 \n  \n 480  \n 5,899  \n 844 \n\nClass B ordinary shares: US$0.0001 par value; 60,000,000 shares authorized, and 55,260,580 issued and outstanding as of December 31, 2024; 1,800,000,000 shares authorized, and 55,260,580 issued and outstanding as of December 31, 2025 \n  \n 35  \n 35  \n 5 \n\nTreasury stock (12,765,549 treasury stock as of December 31, 2024; 8,548,547 treasury stock as of December 31, 2025) \n  \n (34,526) \n (13,113) \n (1,875)\n\nAdditional paid-in capital \n  \n 1,323,281  \n 1,501,288  \n 214,681 \n\nAccumulated deficit \n  \n (1,421,097) \n (1,418,827) \n (202,890)\n\nAccumulated\nother comprehensive (loss)/income\n \n  \n (8,980) \n 56,998  \n 8,151 \n\nTotal shareholders’ equity \n  \n (140,807) \n 132,280  \n 18,916 \n\nTOTAL LIABILITIES AND EQUITY \n  \n 44,143  \n 172,877  \n 24,722 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-5\n\n \n\n* *\n\n**TOKEN\nCAT LIMITED**\n\n**CONSOLIDATED\nSTATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n(All\namounts in thousands, except for share and per share data, unless otherwise stated)\n\n** **\n\n  \nNote \nYear ended December 31, \n\n  \n  \n2023  \n2024  \n2025 \n\n  \n  \n   \n   \n   \nUS$ \n\n  \n  \nRMB  \nRMB  \nRMB  \nNote 3(e) \n\nContinuing operations: \n  \n   \n   \n   \n  \n\nNet revenues \n  \n   \n   \n   \n  \n\nResale of automotive electronic components \n  \n \n—\n  \n \n—\n  \n 5,772  \n 826 \n\nAdvertising business \n  \n \n—\n  \n \n—\n  \n 148  \n 21 \n\nTotal net revenues \n  \n \n—\n  \n \n—\n  \n 5,920  \n 847 \n\nCost of revenues \n  \n \n—\n  \n \n—\n  \n (5,752) \n (823)\n\nGross profit \n  \n \n—\n  \n \n—\n  \n 168  \n 24 \n\nOperating expenses: \n  \n    \n    \n    \n   \n\nGeneral and administrative expenses \n  \n (24,540) \n (37,576) \n (34,643) \n (4,955)\n\nTotal operating expenses \n  \n (24,540) \n (37,576) \n (34,643) \n (4,955)\n\nLoss from continuing operations \n  \n (24,540) \n (37,576) \n (34,475) \n (4,931)\n\nOther income/(expenses): \n  \n    \n    \n    \n   \n\nInterest income, net \n  \n 146  \n \n—\n  \n \n—\n  \n \n—\n \n\nGain from disposal of subsidiaries \n  \n \n—\n  \n \n—\n  \n 48,986  \n 7,005 \n\nChange in fair value of warrant liability \n  \n 20,732  \n (57,066) \n 28,024  \n 4,007 \n\nOther income, net \n  \n 502  \n 370  \n \n—\n  \n \n—\n \n\n(Loss)/income from continuing operations before income taxes \n  \n (3,160) \n (94,272) \n 42,535  \n 6,081 \n\nIncome tax benefit \n  \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n \n\nNet (loss)/income from continuing operations \n  \n (3,160) \n (94,272) \n 42,535  \n 6,081 \n\nDiscontinued operations: \n  \n    \n    \n    \n   \n\nLoss from discontinued operations before income taxes \n  \n (79,811) \n (93,719) \n (40,265) \n (5,758)\n\nIncome tax expense, net \n  \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n \n\nLoss from discontinued operations, net of tax \n  \n (79,811) \n (93,719) \n (40,265) \n (5,758)\n\nNet (loss)/income \n  \n (82,971) \n (187,991) \n 2,270  \n 323 \n\nOther comprehensive income/(loss): \n  \n    \n    \n    \n   \n\nForeign currency translation adjustments \n  \n 125  \n (689) \n 9,230  \n 1,320 \n\nTotal other comprehensive income/(loss) \n  \n 125  \n (689) \n 9,230  \n 1,320 \n\nTotal comprehensive (loss)/income \n  \n (82,846) \n (188,680) \n 11,500  \n 1,643 \n\nNet (loss)/income  attributable to the Token Cat Limited’s ordinary shareholders per share \n  \n    \n    \n    \n   \n\nBasic and diluted  from continuing operations \n14 \n (0.01) \n (0.18) \n 0.07  \n 0.01 \n\nBasic and diluted from discontinued operations \n14 \n (0.19) \n (0.18) \n (0.07) \n (0.01)\n\nWeighted average number of ordinary shares \n  \n    \n    \n    \n   \n\nBasic and diluted  from continuing operations \n14 \n 406,802,365  \n 520,221,825  \n 569,105,909  \n 569,105,909 \n\nBasic and diluted from discontinued operations \n14 \n 406,802,365  \n 520,221,825  \n 569,105,909  \n 569,105,909 \n\nShare-based compensation expenses included in: \n  \n    \n    \n    \n   \n\nSelling and marketing expenses \n  \n 74  \n 4,343  \n 27  \n 4 \n\nGeneral and administrative expenses \n  \n 7,720  \n 19,150  \n 24,533  \n 3,508 \n\nResearch and development expenses \n  \n 1,752  \n 4,901  \n \n—\n  \n \n—\n \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**TOKEN\nCAT LIMITED**\n\n**CONSOLIDATED\nSTATEMENTS OF CHANGES IN EQUITY**\n\n(All\namounts in thousands, except for share and per share data, unless otherwise stated)\n\n \n\n  \nOrdinary shares  \nTreasury stock  \n   \n   \n   \n  \n\n  \nNumber of  \n   \nNumber of  \n   \n   \n   \n   \n   \nAccumulated  \n  \n\n  \nClass A  \n   \nClass B  \n   \n   \n   \nAdditional  \n   \nother  \nTotal \n\n  \nOrdinary  \n   \nOrdinary  \n   \n   \n   \npaid-in  \nAccumulated  \ncomprehensive  \nshareholders’ \n\n  \nShares  \nAmounts  \nShares  \nAmounts  \nShares  \nAmounts  \ncapital  \ndeficit  \nloss  \nEquity \n\n  \n   \nRMB  \n   \nRMB  \n   \nRMB  \nRMB  \nRMB  \nRMB  \nRMB \n\nBalance at December 31, 2022 \n 342,329,496  \n 235  \n 55,260,580  \n 35  \n (14,907,047) \n (45,886) \n 1,296,951  \n (1,150,135) \n (8,416) \n 92,784 \n\nShares issuance for vested\nrestricted shares \n 20,593,750  \n 1  \n —  \n —  \n —  \n —  \n (1) \n —  \n —  \n — \n\nShare-based compensation \n —  \n —  \n —  \n —  \n —  \n —  \n 9,546  \n —  \n —  \n 9,546 \n\nNet loss from continuing\noperations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (3,160) \n —  \n (3,160)\n\nNet loss from discontinued\noperations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (79,811) \n —  \n (79,811)\n\nForeign\ncurrency translation adjustment \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n 125  \n 125 \n\nBalance at December 31,\n2023 \n 362,923,246  \n 236  \n 55,260,580  \n 35  \n (14,907,047) \n (45,886) \n 1,306,496  \n (1,233,106) \n (8,291) \n 19,484 \n\nShares issuance for vested\nrestricted shares \n 139,375,000  \n 102  \n —  \n —  \n —  \n —  \n (102) \n —  \n —  \n — \n\nShare-based compensation \n —  \n —  \n —  \n —  \n 2,141,498  \n 11,360  \n 17,034  \n —  \n —  \n 28,394 \n\nIssuance of common shares\nand Pre-funded warrants, net of issuance costs \n 198,812,640  \n 142  \n —  \n —  \n —  \n —  \n (147) \n —  \n —  \n (5)\n\nNet loss from continuing\noperations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (94,272) \n —  \n (94,272)\n\nNet loss from discontinued\noperations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (93,719) \n —  \n (93,719)\n\nForeign\ncurrency translation adjustment \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (689) \n (689)\n\nBalance at December 31,\n2024 \n 701,110,886  \n 480  \n 55,260,580  \n 35  \n (12,765,549) \n (34,526) \n 1,323,281  \n (1,421,097) \n (8,980) \n (140,807)\n\nShares issuance for vested\nrestricted shares \n 25,905,000  \n 18  \n —  \n —  \n —  \n —  \n (18) \n —  \n —  \n — \n\nShare-based compensation \n —  \n —  \n —  \n —  \n 4,217,002  \n 21,413  \n 3,147  \n —  \n —  \n 24,560 \n\nDisposal of subsidiaries \n    \n \n \n  \n    \n \n \n  \n    \n \n \n  \n —  \n \n \n  \n 56,748  \n 56,748 \n\nIssuance of common shares\nand Pre-funded warrants, net of issuance costs \n 7,357,500,000  \n 5,270  \n —  \n —  \n —  \n —  \n 159,769  \n —  \n —  \n 165,039 \n\nCashless exercise of common stock warrants\nexercise \n 183,801,600  \n 131  \n —  \n —  \n —  \n —  \n 15,109  \n —  \n —  \n 15,240 \n\nNet income from continuing operations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n 42,535  \n —  \n 42,535 \n\nNet loss from discontinued operations \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n (40,265) \n —  \n (40,265)\n\nForeign\ncurrency translation adjustment \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n —  \n 9,230  \n 9,230 \n\nBalance\nat December 31, 2025 \n 8,268,317,486  \n 5,899  \n 55,260,580  \n 35  \n (8,548,547) \n (13,113) \n 1,501,288  \n (1,418,827) \n 56,998  \n 132,280 \n\n \n\nThe\naccompanying notes are an integral part of these consolidated financial statements.\n\n \n\nF-7\n\n \n\n* *\n\n**TOKEN\nCAT LIMITED**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n(All amounts in thousands, except for share and\nper share data, unless otherwise stated)\n\n \n\n  \nFor the year ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \n   \n   \n   \nUS$ \n\n  \nRMB  \nRMB  \nRMB  \nNote 3(e) \n\nCash flows from operating activities \n   \n   \n   \n  \n\nNet (loss)/income \n (82,971) \n (187,991) \n 2,270  \n 323 \n\nNet (loss)/income from continuing operations \n (3,160) \n (94,272) \n 42,535  \n 6,081 \n\nNet loss from discontinued operations \n (79,811) \n (93,719) \n (40,265) \n (5,758)\n\nAdjustment to reconcile net (loss)/income to net cash used in operating activities: \n    \n    \n    \n   \n\nShare-based compensation \n 9,546  \n 28,394  \n 24,560  \n 3,512 \n\nGain from disposal of subsidiary \n \n—\n  \n \n—\n  \n (48,986) \n (7,005)\n\nChange in fair value of warrant liability \n (20,732) \n 57,066  \n (28,024) \n (4,007)\n\nChanges in operating assets and liabilities-continuing operations: \n    \n    \n    \n   \n\nAccounts and notes receivable \n \n—\n  \n 9,797  \n (6,522) \n (933)\n\nPrepayment and other current assets \n (4,085) \n \n—\n  \n (165,379) \n (23,649)\n\nAccounts payable \n \n—\n  \n \n—\n  \n 6,499  \n 929 \n\nAdvance from customers \n \n—\n  \n \n—\n  \n 189  \n 27 \n\nSalary and welfare benefits payable \n \n—\n  \n 805  \n 1,212  \n 173 \n\nOther taxes payable \n 112  \n 101  \n (6,852) \n (980)\n\nOther current liabilities \n 22,394  \n (7,409) \n 3,870  \n 556 \n\nNet cash generated from/(used in) operating activities-continuing  operations \n 4,075  \n (5,518) \n (176,898) \n (25,296)\n\nNet cash (used in)/generated from  operating activities-discontinued operations \n (78,967) \n (29,204) \n 534  \n 76 \n\nNet cash used in operating activities \n (74,892) \n (34,722) \n (176,364) \n (25,220)\n\nCash flows from investing activities: \n    \n    \n    \n   \n\nDisposal of subsidiaries \n \n—\n  \n \n—\n  \n (4,904) \n (701)\n\nNet cash used in investing activities-continuing operations \n \n—\n  \n \n—\n  \n (4,904) \n (701)\n\nNet cash used in investing activities-discontinued operations \n \n—\n  \n (19) \n \n—\n  \n \n—\n \n\nNet cash used in investing activities \n \n—\n  \n (19) \n (4,904) \n (701)\n\nCash flows from financing activities: \n    \n    \n    \n   \n\nProceeds of offering, net of listing fee \n \n—\n  \n 7,112  \n 165,039  \n 23,600 \n\nNet cash generated from financing activities-continuing operations \n \n—\n  \n 7,112  \n 165,039  \n 23,600 \n\nNet cash  generated from/(used in) financing activities-discontinued operations \n 13,972  \n 23,047  \n (1,450) \n (207)\n\nNet cash generated from financing activities \n 13,972  \n 30,159  \n 163,589  \n 23,393 \n\nEffect of exchange rate changes on cash and cash equivalents \n 70  \n (1,071) \n 8,315  \n 1,189 \n\nNet decrease in cash and restricted cash \n (60,850) \n (5,653) \n (9,364) \n (1,339)\n\nCash, cash equivalents and restricted cash at beginning of the year \n 76,843  \n 15,993  \n 10,340  \n 1,479 \n\nCash, cash equivalents and restricted cash at end of the year \n 15,993  \n 10,340  \n 976  \n 140 \n\nLess: Cash, cash equivalents and restricted cash of discontinued operations at the end of the year \n 12,989  \n 5,741  \n \n—\n  \n \n—\n \n\nCash and cash equivalent of continuing operations at the end of the year \n 3,004  \n 4,599  \n 976  \n 140 \n\nSupplemental disclosures of cash flow information: \n    \n    \n    \n   \n\nCash paid for interest expense  from continuing operations \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n \n\nCash paid for interest expense from discontinued operations \n (337) \n (465) \n (1,181) \n (169)\n\nSupplemental schedule of non-cash investing and financing activities: \n    \n    \n    \n   \n\nRight-of-use assets obtained in exchange for new operating lease liabilities from continuing operations \n 2,813  \n 1,080  \n \n—\n  \n \n—\n \n\nRight-of-use assets disposed as reduction of operating lease liabilities due to lease termination from discontinued operations \n \n—\n  \n 71  \n \n—\n  \n \n—\n \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-8\n\n \n\n \n\n**TOKEN\nCAT LIMITED**\n\n**NOTES\nTO CONSOLIDATED FINANCIAL STATEMENTS**\n\n** **\n\n**1.****Organization\nand Reorganization**\n\n \n\nToken\nCat Limited (the “Company”, formerly known as TuanChe Limited) was incorporated in the Cayman Islands on September 28,\n2012. The Company is a holding company and conducts its business mainly through its subsidiaries, variable interest entities\n(“VIEs”) and subsidiaries of VIEs (collectively referred to as the “Group”). The Group commenced operations\nthrough TuanChe Internet, a PRC company established by several PRC citizens in May 2012. TuanChe Internet holds an Internet Content\nProvider (“ICP”) license to operate Tuanche.com that provides internet information services to automobile manufacturers,\ncar dealers and consumers.\n\n \n\nThe\nGroup is primarily engaged in the operation of providing auto shows, special promotion events services, referral service for a commercial\nbank, online marketing services and other related businesses in the People’s Republic of China (the “PRC” or “China”).\nThe Group commenced its auto shows business from the fourth quarter of 2016. In June 2018, the Group commenced its virtual dealership\nbusiness, marketing information services and demand-side platform services. In January 2019, the Group commenced its special promotion\nevents business. In October 2019, the Group commenced its referral services in collaboration with a commercial bank. In the first quarter\nof 2020, the Group acquired Longye International Limited (“Longye”) and commenced a subscription and support service, and\nit also commenced its live streaming promotion events services and customer referral services. In 2025, the Group expanded its business\nthrough its PRC subsidiaries to include the procurement and sales of electronic equipment, diversifying its revenue streams beyond its\ncore automotive digital marketing and technology services.\n\n \n\nOn\nSeptember 10, 2025, the Company entered into a share purchase agreement with Prime Management Group Limited, a British Virgin Islands\ncompany. Pursuant to the share purchase agreements, the Group transferred 100% of the outstanding equity interest in Longye, a Cayman\nIslands company, Long Ye Information Technology Limited, a Hong Kong company (“Long Ye HK”), Beijing Sangu Maolu Information\nTechnology Co., Ltd., a PRC company (“Sangu Maolu”), TuanChe Information Limited, a Hong Kong company, (“Tuanche HK”),\nTuanYuan Internet Technology (Beijing) Co., Ltd., a PRC company (“TuanYuan”), TuanChe Group Inc., a Cayman Islands company,\n(“Tuanche Cayman”), Tuanche Information Group Limited, a Hong Kong company (“Tuanche Info”), Chema Technology\n(Beijing) Co., Ltd., a PRC company (“Chema”), for an aggregate consideration of the US$1. For details of the transaction\nplease refer to Note 4 – Discontinued operations. The organizing auto shows and providing marketing services have been presented\nas discontinued operations (“Discontinued Operations”) retroactively for the periods presented in the consolidated financial\nstatements for fiscal years ended December 31, 2024 and 2023.\n\n \n\nFollowing\nthe disposal, as of December 31, 2025, the Group expanded its business through its PRC subsidiaries to include the procurement and sales\nof electronic equipment, diversifying its revenue streams beyond its core automotive digital marketing and technology services.\n\n \n\n        **Percentage of**    \n\n    **Place and year of**   **direct or indirect**    \n\n**Major Subsidiaries**   **incorporation**   **economic ownership**   **Principal activities**\n\nNew TuanChe New York Inc. (US)   New York, USA 2024   100   Investment holding\n\nNew TuanChe Colorado Inc. (US)   Colorado, USA 2025   100   Investment holding\n\nNew TuanChe PTE. LTD. (Singapore)   Singapore 2025   100   Investment holding\n\nNew TuanChe Hong Kong Limited (HK)   Hong Kong, PRC 2024   100   Investment holding\n\nShenzhen Feixingjia Information Technology Co., Ltd.   Shenzhen, PRC 2024   100   Electronic equipment trading,technical support and consulting services\n\nBeijing Feixingjia Information Technology Co.,Ltd.   Beijing, PRC 2025   100   Electronic equipment trading,technical support and consulting services\n\nChangsha Feixingjia Information Technology Co., Ltd.   Changsha, PRC 2025   100   Technical support and consulting services\n\n \n\nF-9\n\n \n\n \n\n**1.****Organization\nand Reorganization (Continued)**\n\n \n\nConsolidation\nof Variable Interest Entities\n\n \n\nVIEs\nare generally entities that lack sufficient equity to finance their activities without additional financial support from other parties\nor whose equity holders lack adequate decision-making ability. All VIEs and their subsidiaries with which the Company is involved must\nbe evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate\nthe VIE for financial reporting purposes. \n\n \n\nThere\nare no consolidated assets of the VIEs and the VIEs’ subsidiaries that are collateral for the obligations of the VIEs and the VIEs’\nsubsidiaries and can only be used to settle the obligations of the VIEs and the VIEs’ subsidiaries. \n\n \n\nAs\nthe VIEs are incorporated as limited liability companies under the PRC Company Law, creditors or beneficial interest holders of the VIEs\ndo not have recourse to the general credit of the Company for any of the liabilities of the VIEs in normal course of business. \n\n \n\nThere\nare no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or\nits subsidiaries to provide financial support to the VIEs and the VIEs’ subsidiaries. However, if the VIEs and the VIEs’\nsubsidiaries ever need financial support, the Company or its subsidiaries may, at their option and subject to statutory limits and restrictions,\nprovide financial support to the VIEs and the VIEs’ subsidiaries through loans to the shareholder of the VIEs and the VIEs’\nsubsidiaries or entrustment loans to the VIEs and the VIEs’ subsidiaries.\n\n \n\nAs of October 31,2025, all\nVIEs and the VIEs’ subsidiaries have been disposed.\n\n \n\nThe\nfollowing combined financial information of the Group’s VIEs as of December 31, 2024 and 2025 and for the years ended December\n31, 2023, 2024 and 2025 were included in the accompanying consolidated financial statements of the Group as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB \n\nCurrent assets of discontinued operations \n 136,499  \n \n—\n \n\nNon-current assets of discontinued operations \n 6,096  \n \n—\n \n\nTotal assets of discontinued operations \n 142,595  \n \n—\n \n\nTotal liabilities of discontinued operations \n 290,300  \n \n—\n \n\n \n\n  \nFor the year ended \n\n  \nDecember 31,  \nDecember 31,  \nDecember 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nNet revenues from discontinued operations \n 68,167  \n 50,152  \n 20,339 \n\nNet loss from discontinued operations \n (418) \n (12,352) \n (13,318)\n\n \n\n  \n\n**For the year ended **\n \n\n  \nDecember 31,  \nDecember 31,  \nDecember 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nDiscontinued operations: \n   \n   \n  \n\nNet cash (used in)/ generated from operating activities \n (15,357) \n (22,167) \n 473 \n\nNet cash generated from investing activities \n \n—\n  \n \n—\n  \n \n—\n \n\nNet cash generated from/ (used in)  financing activities \n 13,172  \n 19,358  \n (1,450)\n\n \n\nF-10\n\n \n\n \n\n**2.****Going\nConcern**\n\n \n\nThe accompanying consolidated financial statements have been prepared\nassuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities\nin the normal course of business for the foreseeable future. As of December 31, 2025, the Company had an accumulated deficit of RMB1,418.8\nmillion and net cash used in operating activities of RMB 176.4 million.\n\n \n\nThese\nconditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements\ndo not include any adjustments that might result from the outcome of this uncertainty, such as those relating to the recoverability and\nclassification of recorded asset amounts or the amounts and classification of liabilities.\n\n \n\nIn\nresponse to the conditions described above, management has taken and plans to take the following actions to improve the Company’s\nfinancial position and operations:\n\n \n\na. In 2025, the Company optimized its capital structure by disposing of its loss-making operations.\n\n \n\nb. The Company will\nfund its development and future operations through steady business growth and non-dilutive equity financing.\n\n \n\nc. Should the Group fail\nto achieve the above objectives, it may require additional financing to execute its business plans. Such financing may be in the form\nof equity or debt, the timing, terms, and availability of which cannot be assured. If the Group is unable to secure necessary capital\non acceptable terms or at all, or if it fails to improve gross margins and reduce operating expenses, it may be unable to implement its\ncurrent expansion strategy.\n\n \n\nManagement believes that the actions it is presently taking—which include seeking additional\nfunding and implementing the above strategic plan—will mitigate the conditions that raise substantial doubt and provide the opportunity\nfor the Company to continue as a going concern.\n\n \n\n**3.****Significant\nAccounting Policies**\n\n  \n\n**a)****Basis\nof presentation**\n\n \n\nThe\nconsolidated financial statements of the Group have been prepared in accordance with U.S. GAAP. Significant accounting policies followed\nby the Group in the preparation of the accompanying consolidated financial statements are summarized below.\n\n \n\n**b)** **Reclassifications**\n\n \n\nThe\nCompany changed the presentation of revenue within its consolidated statements of operations retrospectively. Disaggregation of revenue\nhas been changed as a result of the disposal of discontinued operations. Amounts for the comparative prior periods have been reclassified\nto conform to the current period presentation. These reclassifications had no impact on previously reported net income or financial position\nand do not represent a restatement of any previously reported financial results.\n\n \n\n**c)** **Principles of consolidation**\n\n \n\nThe\nconsolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and subsidiaries of VIEs for\nwhich the Company is the primary beneficiary.\n\n \n\nSubsidiaries\nare those entities in which the Company, directly or indirectly, controls more than one half of the voting power, has the power to appoint\nor remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of the board of directors,\nor has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or\nequity holders.\n\n \n\nA\nconsolidated VIE is an entity in which the Company, or its subsidiary, through contractual arrangements, has the power to direct the\nactivities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally\nassociated with ownership of the entity, and therefore the Company or its subsidiary is the primary beneficiary of the entity.\n\n \n\nAll\ntransactions and balances among the Company, its subsidiaries, VIEs and subsidiaries of VIEs have been eliminated upon consolidation.\n\n \n\nF-11\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**d)****Use\nof estimates**\n\n \n\nThe\npreparation of the Group’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates\nand assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the balance sheet\ndate and reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes.\nSignificant accounting estimates include, but are not limited to determining the provision for accounts receivable, provision for prepayment\nand other current assets, assessment for valuation allowance of deferred tax assets, valuation and recognition of share-based compensation\nexpenses, impairment assessment on goodwill and long-lived assets, long-term investments and valuation of warrant liabilities at fair\nvalue.\n\n \n\n**e)****Functional\ncurrency and foreign currency translation**\n\n \n\nThe\nGroup uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries\nwhich incorporated in the Cayman Islands and Hong Kong is United States dollars (“US$”). The functional currency of the Group’s\nPRC entities is RMB.\n\n \n\nTranslations\nof balances in the consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements\nof cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the reader\nand were calculated at the rate of US$1.00 = RMB6.9931 representing the noon buying rate in The City of New York for cable transfers\nof RMB as certified for customs purposes by the Federal Reserve Bank of New York on December 31, 2025. No representation is made\nthat the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate on December 31,\n2025, or at any other rate.\n\n \n\nIn\nthe consolidated financial statements, the financial information of the Company and other entities located outside of the PRC have been\ntranslated into RMB. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated\nat historical exchange rates, and revenues, and expenses, gains and loss are translated using the average rate for the year. Translation\nadjustments are reported as foreign currency translation adjustments, and are shown as a component of other comprehensive income/(loss)\nin the consolidated statements of operations and comprehensive loss.\n\n \n\nForeign\ncurrency transactions denominated in currencies other than the functional currency are translated into the functional currency using\nthe exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are\ntranslated into the functional currency using the applicable exchange rates at the balance sheet dates. Net gains and loss resulting\nfrom foreign exchange transactions are included in foreign exchange loss in the consolidated statements of operations and comprehensive\nloss.\n\n \n\n**f)****Fair\nvalue measurements**\n\n \n\nAccounting\nguidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction\nbetween market participants at the measurement date. When determining the fair value measurements for assets and liabilities required\nor permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and\nit considers assumptions that market participants would use when pricing the asset or liability.\n\n \n\nAccounting\nguidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of\nunobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based\nupon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs\nthat may be used to measure fair value:\n\n \n\n \n●\nLevel\n1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.\n\n \n\n \n●\nLevel\n2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable\nfor the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical\nasset or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations\nin which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.\n\n \n\n \n●\nLevel\n3 applies to asset or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the\nmeasurement of the fair value of the assets or liabilities.\n\n \n\nThe\nGroup’s financial instruments include cash and cash equivalents, restricted cash, accounts and notes receivable, prepayment and\nother current assets, long-term investments, short-term borrowings, accounts payable, other payables, guarantee liabilities and other\nliabilities of which the carrying values approximate their fair value due to their short term in nature and other liabilities.\n\n \n\nThe\nfair value of warrant liability was determined using the Black Scholes Model, with level 3 inputs (Note 17).\n\n \n\nF-12\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**g)****Discontinued\noperations**\n\n \n\nA\ncomponent of a reporting entity or a group of components of a reporting entity that are disposed or meet the criteria to be classified\nas held for sale, such as the management, having the authority to approve the action, commits to a plan to sell the disposal group, should\nbe reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s\noperations and financial results. Discontinued operations are reported when a component of an entity comprising operations and cash flows\nthat can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the entity is classified as held\nfor disposal or has been disposed of, if the component either (1) represents a strategic shift or (2) have a major impact on an entity’s\nfinancial results and operations. In the consolidated statements of operations and comprehensive loss, result from discontinued operations\nis reported separately from the income and expenses from continuing operations and prior periods are presented on a comparative basis.\nCash flows for discontinuing operations are presented separately in Note 4. In order to present the financial effects of the continuing\noperations and discontinued operations, revenues and expenses arising from intra-group transactions are eliminated except for those revenues\nand expenses that are considered to continue after the disposal of the discontinued operations.\n\n \n\nNon-current\nassets or disposal groups are classified as assets held for sale when the carrying amount is to be recovered principally through a sale\ntransaction rather than through continuing use. For this to be the case, the asset or disposal group must be available for immediate\nsale in its present condition subject only to terms that are usual and customary for sales of such assets.\n\n \n\nOn\nOctober 31, 2025, the Company completed the disposal of the disposal groups.\n\n  \n\n**h)****Cash,\ncash equivalents and restricted cash**\n\n \n\nCash and cash equivalents mainly represent cash on hand, demand deposits\nplaced with large reputable banks in the United States of America or China, and highly liquid investments that are readily convertible\nto known amounts of cash and with original maturities from the date of purchase with terms of three months or less. As of December 31,\n2024 and 2025, there were cash at bank and demand deposits with original terms of less than three months denominated in US dollars\namounting to approximately US$0.6 million and US$0.14 million, respectively (equivalent to approximately RMB4.6 million and RMB1.0 million,\nrespectively).\n\n \n\n**i)****Accounts\nand notes receivables, net**\n\n \n\nAccounts\nand notes receivables are recorded at amortized cost, net of allowances for current expected credit losses (“CECL”) in accordance\nwith ASC Topic 326, as updated by ASU 2025-05. Management regularly reviews outstanding accounts and provides an allowance for doubtful\naccounts. When collection of the original invoice amounts is no longer probable, the Company will either partially or fully write off\nthe balance against the allowance for credit loss.\n\n \n\n**j)****Property,\nequipment and software, net**\n\n \n\nProperty,\nequipment and software are stated at cost less accumulated depreciation and impairment, if any. Depreciation is computed using the\nstraight-line method over the following estimated useful lives:\n\n \n\n**Category**   **Estimated useful life**\n\nFurniture and electronic equipment   3 years\n\nVehicles   10 years\n\nSoftware   5 years\n\nLeasehold improvements   Shorter of expected lives of leasehold improvements and lease term\n\n \n\nExpenditures\nfor maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property, equipment and software is the difference\nbetween the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of operations\nand comprehensive loss.\n\n \n\nF-13\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**k)****Intangible\nassets, net**\n\n \n\nIntangible\nassets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets acquired in a business combination\nwere recognized initially at fair value at the date of acquisition. Intangible assets with finite useful lives are amortized using a\nstraight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to\nbe consumed. The estimated useful life for the intangible assets is as follows:\n\n \n\n**Category**   **Estimated useful life**\n\nCustomer relationships   3 years\n\nTrade names   10 years\n\nDeveloped technology   7 years\n\n** **\n\n \n\n**l)****Long-term\ninvestments**\n\n \n\nFor\nequity investments which the Company does not have significant influence, and whose fair value is not readily determinable, the cost\nless impairment accounting is applied (“measurement alternative”). Gain or loss are realized when such investment is sold\nor when dividends are declared or payments are received.\n\n \n\nInvestments\nin entities in which the Company can exercise significant influence but does not own a majority equity interest or control are accounted\nfor using the equity method of accounting in accordance with ASC Topic 323 *Investments-Equity Method and Joint Ventures*. The Company\nadjusts the carrying amount of equity method investment for its share of the income or loss of the investee and reports the recognized\nincome or loss in the consolidated statements of operations and comprehensive loss. The Company’s share of the income or loss of\nan investee are based on the shares of common stock and in-substance common stock held by the Company.\n\n \n\nThe\nCompany evaluates its equity investments for impairment at each reporting date, or more frequently if events or changes in circumstances\nindicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when determining whether\nan investment has been other-than-temporarily-impaired, include, but are not limited to, the length of the time and the extent to which\nthe market value has been less than cost, the financial condition and near-term prospects of the investee, and the Company’s intent\nand ability to retain the investment until the recovery of its cost.\n\n \n\n**m)****Goodwill**\n\n \n\nGoodwill\nis an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually\nidentified and separately recognized. We allocate the cost of an acquired entity to the assets acquired and liabilities assumed based\non their estimated fair values at the date of acquisition. The excess of the purchase price for acquisitions over the fair value of the\nnet assets acquired, including other intangible assets, is recorded as goodwill. Goodwill is not amortized, but impairment of goodwill\nis tested on at least an annual basis or whenever events or changes in circumstances indicate that the carrying value of the reporting\nunit exceeds its fair value.\n\n \n\nWe\nfirst assess qualitative factors to determine whether it is more likely than not that the fair value of our reporting unit is less than\nits carrying amount, including goodwill. The qualitative assessment includes our evaluation of relevant events and circumstances affecting\nour single reporting unit, including macroeconomic, industry, market conditions and our overall financial performance. If qualitative\nfactors indicate that it is more likely than not that our reporting unit’s fair value is less than its carrying amount, then we\nwill perform the quantitative impairment test by comparing the reporting unit’s carrying amount, including goodwill, to its fair\nvalue. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss will be recognized in an amount equal\nto that excess.\n\n \n\nWe\napplied significant judgment in developing the fair value of our single reporting unit. Fair value of the reporting unit is estimated\nby us using a discounted cash flow model which requires us to make judgments and assumptions related to future revenues, discount rate\nand terminal growth rate. The probabilities of the success of the clinical trials based on the status of these trials and reference to\nthe industry benchmark were also incorporated into the assumption of future revenues.\n\n \n\n**n)****Impairment\nof long-lived assets**\n\n \n\nLong-lived\nassets or asset group, including intangible assets with finite lives, are evaluated for impairment whenever events or changes in circumstances\n(such as a significant adverse change to market conditions that will impact the future use of the assets) indicate that the carrying\nvalue of an asset may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these\nevents occur, the Group evaluates the impairment for the long-lived assets by comparing the carrying value of the assets to an estimate\nof future undiscounted cash flows expected to be generated from the use of the assets and their eventual disposition. If the sum of the\nexpected future undiscounted cash flows is less than the carrying value of the assets, the Group recognizes an impairment loss based\non the excess of the carrying value of the assets over the fair value of the assets.\n\n \n\nF-14\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**o)****Revenue\nrecognition**\n\n \n\nThe\nGroup recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration\nto which the entity expects to receive in exchange for those goods or services using the five steps defined under ASC Topic 606.\n\n \n\nThe\nGroup determines revenue recognition through the following steps:\n\n \n\n \n●\nidentification\nof the contract, or contracts, with a customer;\n\n \n\n \n●\nidentification\nof the performance obligations in the contract;\n\n \n\n \n●\ndetermination\nof the transaction price;\n\n \n\n \n●\nallocation\nof the transaction price to the performance obligations in the contract; and\n\n \n\n \n●\nrecognition\nof revenue when, or as, the Group satisfies a performance obligation\n\n \n\nRevenue\nis recognized upon transfer of control of promised goods or services to a customer.\n\n \n\nRevenue\nis recorded net of Value Added Tax (“VAT”) and related surcharges collected from customers, which are subsequently remitted\nto government authorities.\n\n  \n\n**Revenue\nfrom the resale of automotive electronic components**\n\n \n\nThe\nGroup generates revenue from the resale of automotive electronic components. The Group identified a single performance obligation, which\nis to deliver the specified automotive electronic components to customers. The sale price of the electronic component equipment and its\naccessories are clearly stated in the agreement signed with customers. The Group acts as a principal in these transactions in accordance\nwith ASC 606 and recognizes revenue at a point in time when control of the automotive electronic components is transferred to customers.\n\n** **\n\n**Advertising business**\n\n \n\nFor\nthe marketing information services, the Group generates consumers’ demand information through its online channels and provides\nto the industry customers upon consumers’ consent. The Group identified only one performance obligation that is to provide consumer’s\ndemand information to the industry customers. The marketing information service fee is charged based on the quantity of consumers’\ndemand information delivered. Revenue is recognized at a point in time upon the delivery of such consumers’ demand information.\n\n \n\nFor the proxy advertising\nservices, with the development of network economy, online advertising has become a trend. The Group’s clients pay for ads posting\nto promote their brand images. The Group connect demands for our clients with popular online platforms, such as Tiktok, Kuaishou, Toutiao\nand etc, to showcase our clients’ brands, services or products. It’s the most efficient way for the clients to attract more\nattention. In practice, an account is set up on the platform for the client and the client notifies us to recharging the account when\nthe account is activated. The client will get access to the account, determine when, where or how long to post the ads on its own and\noperate posting in the account. When the client posts an ad, the platform charges the account. The Group is considered to be an principle\nin accordance with ASC 606 and revenue is recognized over the period of the contract. \n\n** **\n\nF-15\n\n \n\n** **\n\n**3.****Significant\nAccounting Policies (Continued)**\n\n** **\n\n**o)****Revenue\nrecognition (Continued)**\n\n** **\n\n**Offline\nmarketing services revenue**\n\n \n\nAuto\nshows revenue\n\n \n\nThe\nGroup’s online website and offline infrastructure allow them to organize auto shows, which aim at facilitating transactions between\nconsumers and industry customers that includes auto dealers, automakers and automotive service providers. The Group charges a fixed admission\nfee per auto show event from its industry customers for arranging, decorating and providing booth space at auto shows. The Group has\nidentified one performance obligation for the transaction - providing a decorated venue for auto dealers, automakers and automotive\nservice providers, as the individual service promised in auto show contracts are not distinct individually. As the Group has control\nof the auto show services and discretion in establishing the price of auto show admission fee to auto dealers, automakers and other automotive\nservice providers, it is considered to be a principal in accordance with ASC 606. The auto shows revenue is recognized on a straight-line\nbasis over the period of the contract, which is usually from two days to four days, when the services are provided.\n\n \n\nThe\nauto show business has been fully transformed into an agency model in July 2024. The Group’s agency service is developed from the\noriginal auto show service. The difference is that the Group arrange, decorate and provide booth space by ourselves in the original auto\nshow service and collect the admission fee, but now the Group entrust the service to the agent, and at the same time to provide promotion\nservices to the agent, and charge the service fee. The Group is considered to be an agent in accordance with ASC 606 and revenue is recognized\nover the period of the contract.\n\n \n\nSpecial\npromotion events revenue\n\n \n\nThe\nGroup provides integrated services to support auto dealers’ own special promotion events during a specific period. The services\ninclude event planning and execution, marketing, training and onsite coaching, etc. The Group charges a fixed service fee per special\npromotion event. The Group has identified one performance obligation as the individual service promised in service contracts are not\ndistinct individually. As the Group has control of the service and discretion in establishing the price of the fee to auto dealers, it\nis considered to be a principal in accordance with ASC 606. The special promotion events revenue is recognized on a straight-line basis\nover the promotion period of the contract, which is usually one week, when the services are provided.\n\n** **\n\n**Referral\nservice for commercial bank revenue**\n\n \n\nIn\nOctober 2019, the Group commenced its auto loan referral services in collaboration with a commercial bank. The referral services provided\nto the bank include (i) referral services and (ii) periodic guarantee for the following time periods: (a) from the date of loan issuance\nby the commercial bank to the consumer to the date when the consumer’s vehicle mortgage registration is completed (the mortgage\nregistration procedures should be completed within 120 days after the loan issuance) and (b) no overdue of more than 30 days for any\nof the first 3 monthly repayment. The referral service and periodic guarantee are two separate performance obligations that meet the\ncriteria to be considered distinct, of which, referral services revenue is recognized at a point in time upon the delivery of the services\nand a guarantee liability is recorded at fair value at inception of the loans. Revenue from the periodic guarantee is recognized by a\nsystematic and rational amortization method over the term of guarantee period. The Company has ceased the cooperation since April 2022.\n\n \n\nOne\ncomponent of the transaction price is based on the loan performance of the following 12 months since the auto loans were released and\nthe transaction price will be entitled to be received upon the loan performance meet specific criteria. The Group identified that one\ncomponent as a variable consideration and the Group recognized the revenue when it is probable that a significant reversal in the amount\nof cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.\n\n \n\nF-16\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**o)****Revenue\nrecognition (Continued)**\n\n \n\n**Online\nmarketing services revenue**\n\n \n\nThe\nGroup’s online marketing services revenue primarily include (i) live streaming promotion events services, (ii) customer referral\nservices, (iii) marketing information services and (iv) demand-side platform services.\n\n \n\nThe\nGroup commenced its live streaming promotion events services from the first quarter of 2020, holding promotional events on the live streaming\nplatform of Zhejiang Tmall Technology Co., Ltd. (“Tmall”), which aims at facilitating transactions between consumers and\nindustry customers that includes auto dealers, automakers and automotive service providers. The Group identified only one performance\nobligation that is to provide the industry customers with arranging, decorating and providing the platform for live show. The Group charges\na fixed admission fee per live streaming promotion event from its industry customers. As the Group has control of the services and discretion\nin establishing the price of live streaming promotion admission fee to auto dealers, automakers and other automotive service providers,\nit is considered to be a principal in accordance with ASC 606. The live streaming promotion events services revenue is recognized on\na straight-line basis over the promotion period of the contract, which is usually one week, when the services are provided.\n\n** **\n\n**Social\nCRM cloud services revenue**\n\n \n\nOn\nJanuary 13, 2020, the Company completed the acquisition of Longye, a Software-as-a-Service (“SaaS”) company who mainly provides\nsubscription and support services to industry customers, including auto dealers, automakers and automotive service providers, with access\nto cloud services, software licenses and related support and updates during the term of the arrangement. Cloud services allow industry\ncustomers to use the Group’s multi-tenant software without taking possession of the software. The Group identified the only one\nperformance obligation that is to provide integrated cloud services to industry customers. The Group initially records the subscription\nand support services fee as deferred revenue upon receipt and then recognizes the revenue on a straight-line basis over the service period,\nwhich is usually from one year to five years. The subscription and support services revenue are recognized on a straight-line basis over\nthe period of the contract when the services are provided.\n\n** **\n\n**Referral\nservice for distribution platform revenue**\n\n \n\nThe\nGroup also commenced its customer referral services from the first quarter of 2020 by referring its industry customers to Beijing Baidu\nNetcom Science Technology Co., Ltd. (“Baidu”) to use the membership services of a Baidu’s auto content distribution\nplatform. The Group identified only one performance obligation that is to provide referral service to Baidu. The Group charges Baidu\na fixed rate commission fee based on the membership fee amount for the services rendered. The Group is considered to be an agent in accordance\nwith ASC 606 and revenue is recognized at point-in-time when the industry customers successfully register as a membership of Baidu’s\nauto content distribution platform.\n\n \n\nF-17\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**p)****Cost\nof revenues**\n\n \n\nCosts\nof revenues, consist primarily of rental costs for auto show venues, venue set-up costs, security costs, the purchase costs of automotive\nelectronic components and other direct costs. The cost of revenue also consists of sales lead information acquisition cost for online\nmarketing services.\n\n \n\n**q)****Selling\nand marketing expenses**\n\n \n\nSelling\nand marketing expenses consist primarily of advertising and promotional expenses, salaries and other compensation-related expenses for\nthe Group’s sales and marketing personnel. Advertising and promotional expenses consist primarily of costs for the promotion of\ncorporate image, online and offline events. The Group expenses all advertising and promotional expenses as incurred and classifies them\nunder selling and marketing expenses.\n\n \n\n**r)****Leases**\n\n \n\nThe\nGroup accounts for lease under ASC 842 and has elected to utilize the short-term lease recognition exemption and, for those leases with\na lease term of 12 months or less, the Group did not recognize operating lease right-of-use (“ROU”) assets or operating lease\nliabilities.\n\n \n\nThe\nGroup determines if an arrangement is a lease and determines the classification of the lease, as either operating or finance, at commencement.\nOperating lease ROU assets and operating lease liabilities are recognized based on the present value of the lease payments over the lease\nterm at commencement date.\n\n \n\nAs\nthe Group’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at\nthe commencement date, to determine the present value of lease payments. The incremental borrowing rate approximates the rate the Group\nwould pay to borrow in the currency of the lease payments for the weighted-average life of the lease.\n\n \n\nThe\noperating lease ROU assets also include any lease payments made prior to lease commencement and exclude lease incentives and initial\ndirect costs incurred if any. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the\nGroup will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.\n\n \n\nIf\nthere are lease agreements that contain both lease and non-lease components, they are accounted for separately based on their relative\nstandalone price.\n\n \n\nF-18\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**s)****Share-based\ncompensation**\n\n \n\nShare-based\ncompensation expenses arise from share-based awards, including share options for the purchase of ordinary shares and restricted shares.\nThe Company accounts for share-based awards granted to employees and nonemployee in accordance with ASC 718 *Compensation-Stock Compensation*.\nFor share options for the purchase of ordinary shares granted to employees determined to be equity classified awards, the related share-based\ncompensation expenses are recognized in the consolidated financial statements based on their grant date fair values which are calculated\nusing the binomial option pricing model. The determination of the fair value is affected by the share price as well as assumptions regarding\na number of complex and subjective variables, including the expected share price volatility, actual and projected employee share option\nexercise behavior, risk-free interest rates and expected dividends. The fair value of the ordinary shares is assessed using the income\napproach/discounted cash flow method, with a discount for lack of marketability, given that the shares underlying the awards were not\npublicly traded at the time of grant. Since November 21, 2018, when the Company’s ordinary shares were public traded, the fair\nvalue of the ordinary shares was determined at the closing price of the shares on the grant date. Share-based compensation expenses are\nrecorded net of actual forfeitures using straight-line method during the service period requirement, such that expenses are recorded\nonly for those share-based awards that are expected to ultimately vest.\n\n \n\nIf\na share-based award is modified after the grant date, the Group evaluates for such modifications in accordance with ASC 718 *Compensation—Stock\nCompensation,*additional compensation expenses are recognized in an amount equal to the excess of the fair value of the modified\nequity instrument over the fair value of the original equity instrument immediately before modification. The additional compensation\nexpenses are recognized immediately on the date of modification or over the remaining requisite service period, depending on the vesting\nstatus of the award.\n\n \n\n**t)****Taxation**\n\n \n\n*Income\ntaxes*\n\n \n\nCurrent\nincome taxes are provided on the basis of income/(loss) for financial reporting purposes, adjusted for income and expense items which\nare not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred\nincome tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial\nstatement carrying amounts of existing assets and liabilities and their respective tax bases and any tax loss and tax credit carry forwards.\nDeferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years\nin which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities\nof a change in tax rates or tax laws is recognized in the consolidated statements of operations and comprehensive loss in the period\nthe change in tax rates or tax laws is enacted. A valuation allowance is provided to reduce the amount of deferred income tax assets\nif it is considered more likely than not that some portion or all of the deferred income tax assets will not be realized.\n\n* *\n\n*Uncertain\ntax positions*\n\n \n\nIn\norder to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position\nmeasurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition\nby determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including\nresolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that\nis more than 50% likely of being realized upon settlement. The Group recognizes interest and penalties, if any, under accrued expenses\nand other current liabilities on its consolidated balance sheet and under other expenses in its consolidated statements of operations\nand comprehensive loss. The Group did not have any significant unrecognized uncertain tax positions as of December 31, 2024and 2025.\n\n \n\nF-19\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**u)****Net\nloss per share**\n\n \n\nBasic\nand diluted net loss per share is computed by dividing losses attributable to holders of ordinary shares by the weighted average number\nof ordinary shares outstanding during the period.\n\n \n\nDuring\nthe years ended December 31, 2023, 2024 and 2025, the Group has 3,880,000, 25,905,000 and nil ordinary shares issuable upon the vest\nof restricted shares as potentially dilutive ordinary shares and are excluded from the calculation for the three years, as their effects\nwould be anti-dilutive.\n\n \n\n**v)****Comprehensive\nloss**\n\n \n\nComprehensive\nloss is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances\nexcluding transactions resulting from investments by shareholders and distributions to shareholders. Other comprehensive (loss)/income,\nas presented on the consolidated balance sheets, consists only of accumulated foreign currency translation adjustments.\n\n \n\n**w)****Non-controlling\ninterests**\n\n \n\nNon-controlling\ninterests are recognized to reflect the portion of the equity of majority-owned subsidiary which is not attributable, directly or indirectly,\nto the controlling shareholder. Non-controlling interests are classified as a separate line item in the equity section of the Group’s\nconsolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive\nloss to distinguish the interests from that of the Company.\n\n \n\n**x)** **Treasury stock**\n\n \n\nThe\nCompany accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in\nthe treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is\ncharged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par\nvalue is allocated between additional paid-in capital (up to the amount credited to the additional paid-in capital upon original issuance\nof the shares) and retained earnings.\n\n \n\n**y)****Segment\nreporting**\n\n \n\nThe Group uses the management approach in determining reportable operating\nsegments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision\nmaker identified as the Chief Executive Officer for making operating decisions, allocating resources and assessing performance as the\nsource for determining the Group’s reportable segments. The Group’s CODM reviews consolidated results including revenue and\noperating income at a consolidated level. This resulted in two reportable segments in the Group: (1) the automotive electronics resale;\nand (2) the advertising business.\n\n \n\n  **z)** **Warrant liability**\n\n \n\nIn\nconnection with the issuance of ordinary shares, the Group issued warrants to purchase ordinary shares. The Group evaluates the warrants\nunder Accounting Standards Codification (“ASC”) 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity.\nWarrants recorded as liabilities are recorded at their fair value and remeasured on each reporting date with change in estimated fair\nvalue of warrant liability in the consolidated statement of operations and comprehensive loss.\n\n \n\nF-20\n\n \n\n \n\n**3.****Significant\nAccounting Policies (Continued)**\n\n \n\n**aa)****Concentrations\nand Risks**\n\n \n\n*Credit\nrisk*\n\n \n\nFinancial\ninstruments that potentially subject the Group to the concentration of credit risk consist of cash and cash equivalents, restricted cash,\naccounts receivable and prepayment and other current assets. As of December 31, 2024 and 2025, all of the Group’s cash and cash\nequivalents were held in large reputable financial institutions located in the United States of America or China, which management consider\nbeing of high credit quality. Accounts receivable is typically unsecured and is derived from revenue earned from the Company’s\nbusinesses.\n\n* *\n\n*Major\ncustomers*\n\n \n\nIn\n2025, we disposed our loss-making legacy business and expanded new business operations through a newly established subsidiary. As a result\nof the divestiture and related retrospective adjustments, we did not generate any revenue for the fiscal year ended December 31, 2024.\n\n \n\nIn 2025 and 2024, revenue derived from the Company’s top four\ncustomers accounted for 97.5% and nil of total revenue, respectively.\n\n \n\nDisclosure\nof details regarding the Company’s top four customers in respect of the concentration of sales revenues generated from third-party\ncustomers:\n\n \n\n  \nYear Ended \n\n  \nDecember 31, 2025  \nDecember 31, 2024 \n\n  \nRMB  \nRMB \n\n  \n   \n   \n   \n  \n\nCustomer A \n 1,984  \n 33.5% \n \n—\n  \n \n—\n \n\nCustomer B \n 1,966  \n 33.2% \n \n—\n  \n \n—\n \n\nCustomer C \n 1,012  \n 17.1% \n \n—\n  \n \n—\n \n\nCustomer D \n 809  \n 13.7% \n \n—\n  \n \n—\n \n\nTotal \n 5,771  \n 97.5% \n \n—\n  \n \n—\n \n\n \n\n**bb)****Recently\nissued accounting pronouncements**\n\n \n\nIn\nJuly 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (“Topic 326”). This ASU provides a\npractical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset\nin developing reasonable and supportable forecasts as part of estimating expected credit losses. For public business entities, ASU 2025-05\nwill be effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting\nperiods. The guidance will be applied on a prospective basis. Early adoption is permitted in both interim and annual reporting periods\nin which financial statements have not yet been issued or made available for issuance.\n\n** **\n\n**cc)****Inventory**\n\n \n\nInventories,\nwhich are primarily comprised of finished goods for sale, are stated at the lower of cost or net realizable value, using the first-in\nfirst-out method. We evaluate the need for reserves associated with obsolete, slow-moving and non-salable inventory by reviewing net\nrealizable values on a periodic basis. Only defects products can be return to our suppliers.\n\n \n\nF-21\n\n \n\n \n\n**4.****Discontinued\noperations**\n\n \n\nOn\nOctober 13, 2025, the Company held an extraordinary general meeting of the holders of the Company’s ordinary shares at which a\nresolution was approved authorizing the disposal of Long Ye International Limited, a Cayman Islands company (“Long Ye”),\nLong Ye Information Technology Limited, a Hong Kong company (“Long Ye HK”), Beijing Sangu Maolu Information Technology Co.,\nLtd., a PRC company (“Sangu Maolu”), TuanChe Information Limited, a Hong Kong company, (“Tuanche HK”), TuanYuan\nInternet Technology (Beijing) Co., Ltd., a PRC company (“TuanYuan”), TuanChe Group Inc., a Cayman Islands company, (“Tuanche\nCayman”), TuanChe Information Group Limited, a Hong Kong company (“Tuanche Info”), Chema Technology (Beijing) Co.,\nLtd., a PRC company (“Chema”,together with Long Ye, Long Ye HK, Beijing Sangu Maolu, Tuanche HK, TuanYuan, Tuanche Cayman\nand Tuanche Info, the “Targets”), for a nominal cash consideration of US$1.\n\n \n\nThe\nCompany’s primary business is operating an integrated automotive marketplace in China. The disposed entities (e.g., TuanChe Internet\nInformation Service (Beijing) Co., Ltd., Sangu Maolu, Chema Technology) are the primary vehicles through which the Company conducted\nits main operations, including organizing auto shows and providing marketing services.\n\n \n\nAs\nof October 31, 2025, the Company ceased to participate in the operations and management of the disposed business.\n\n \n\nIn accordance with ASU No. 2014-08, Reporting Discontinued Operations\nand Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity\nis required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect\non an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to\nbe classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority\nto approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and non-current\nliabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.\nAt the same time, the results of all discontinued operations, less applicable income taxes benefit, shall be reported as a component of\nnet loss separate from the net loss of continuing operations in accordance with ASC 205-20-45.Assets and liabilities related to the Discontinued\nBusiness to be transferred were reclassified as assets/liabilities of discontinued operations as of December 31, 2024, while results of\noperations related to the Discontinued Business, including comparatives, were reported as gain from discontinued operations for the year\nended December 31, 2023, 2024 and 2025. \n\n \n\nGain\non disposal\n\n \n\n  \nYear ended December 31,\n2025 \n\n  \nRMB \n\nTotal net liabilities of the Disposal Group \n 230,750 \n\nAdd: Writes-off of net amounts due from disposed subsidiaries - loss \n (125,016)\n\nLess: disposal proceeds \n \n—\n \n\nGain on disposal before reclassification of cumulative foreign currency translation differences of the Disposal Group to profit or loss \n 105,734 \n\nReclassification of cumulative foreign currency translation losses of the Disposal Group to profit or loss \n (56,748)\n\nGain on disposal \n 48,986 \n\n \n\nResults\nof discontinued operations:\n\n \n\n  \n   \nYear ended December 31, \nTen months ended October 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nNet revenues \n 162,367  \n 49,176  \n 25,571 \n\nCost of revenues \n (68,942) \n (15,596) \n (6,332)\n\nGross profit \n 93,425  \n 33,580  \n 19,239 \n\nOperating expenses: \n    \n    \n   \n\nSelling and marketing expenses \n (157,004) \n (54,476) \n (42,489)\n\nGeneral and administrative expenses \n (20,126) \n (15,530) \n (13,043)\n\nResearch and development expenses \n (11,267) \n (11,890) \n (1,551)\n\nImpairment of long-lived assets \n (1,515) \n (4,048) \n \n—\n \n\nTotal operating expenses \n (189,912) \n (85,944) \n (57,083)\n\nLoss from discontinued operations \n (96,487) \n (52,364) \n (37,844)\n\nOther income/(expenses): \n    \n    \n   \n\nInterest expenses, net \n (289) \n (999) \n (1,935)\n\nGain/(loss) from equity method investments \n 181  \n 532  \n (57)\n\nImpairment of goodwill \n    \n (45,561) \n \n—\n \n\nOther income, net \n 16,784  \n 4,673  \n (429)\n\nLoss from discontinued operations before income taxes \n (79,811) \n (93,719) \n (40,265)\n\nIncome tax benefit \n \n—\n  \n \n—\n  \n \n—\n \n\nNet loss from discontinued operations \n (79,811) \n (93,719) \n (40,265)\n\n \n\nF-22\n\n \n\n \n\n**4.**\n**Discontinued\noperations (Continued)**\n\n \n\nAssets\nand liabilities of the discontinued operations:\n\n \n\n  \nDecember 31,\n2024  \nOctober 31,\n2025 \n\n  \nRMB  \nRMB \n\nASSETS \n   \n  \n\nCurrent assets: \n   \n  \n\nCash and cash equivalents \n 1,697  \n 904 \n\nRestricted cash \n 4,044  \n 4,000 \n\nAccounts and notes receivable, net \n 12,756  \n 9,383 \n\nPrepayment and other current assets, net \n 14,951  \n 26,373 \n\nTotal current assets \n 33,448  \n 40,660 \n\nNon-current assets: \n    \n   \n\nLong-term investments \n 6,096  \n 6,039 \n\nTotal non-current assets \n 6,096  \n 6,039 \n\nTotal assets \n 39,544  \n 46,699 \n\nLIABILITIES AND SHAREHOLDERS’ EQUITY \n    \n   \n\nCurrent liabilities: \n    \n   \n\nAccounts payable \n 13,875  \n 2,807 \n\nAdvance from customers \n 8,874  \n 2,035 \n\nSalary and welfare benefits payable \n 4,707  \n 15,921 \n\nShort-term borrowings \n 31,734  \n 26,284 \n\nOther taxes payable \n 1,012  \n 751 \n\nCurrent portion of deferred revenue \n 798  \n \n—\n \n\nShort-term operating lease liabilities \n 3,378  \n 5,070 \n\nPayables due to related parties \n 10,354  \n \n—\n \n\nOther current liabilities \n 17,459  \n 214,581 \n\nTotal current liabilities \n 92,191  \n 267,449 \n\nLong-term borrowings \n 10,000  \n 10,000 \n\nLong-term operating lease liabilities \n 3,362  \n \n—\n \n\nTotal non-current liabilities \n 13,362  \n 10,000 \n\nTotal liabilities \n 105,553  \n 277,449 \n\n \n\nCash\nflows of the discontinued operations:\n\n \n\n  \nFor the year ended December 31,  \nFor the\nten months\nended\nOctober 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nNet cash used in discontinued operations \n   \n   \n  \n\nNet cash( used in) /generated from operating activities \n (78,967) \n (29,204) \n 534 \n\nNet cash generated from/(used in) investing activities \n \n—\n  \n (19) \n \n—\n \n\nNet cash generated from/(used in) financing activities \n 13,972  \n 23,047  \n (1,450)\n\n \n\nF-23\n\n \n\n \n\n**5.****Accounts\nreceivables, net**\n\n \n\nAccou**nt**s\n**r**eceivables are consisted of the following:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nAccounts receivable \n \n—\n  \n 6,522 \n\nLess: allowance for doubtful accounts \n \n—\n  \n \n—\n \n\nAccounts receivable, net \n \n      —\n  \n 6,522 \n\n \n\nThe\naccounts receivable has been fully collected subsequent to the end of the fiscal year.\n\n \n\n**6.****Prepayment\nand other current assets, net**\n\n \n\nThe\nfollowing is a summary of prepayments and other current assets:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nProcurement advance \n \n      —\n  \n 165,270 \n\nOthers \n \n—\n  \n 109 \n\nLess: provisions for prepayment and other current assets \n \n—\n  \n \n—\n \n\nTotal prepayment and other current assets, net \n \n—\n  \n 165,379 \n\n \n\nThe\naforementioned prepayment mainly occurred as the company sought to enhance its profitability by exploring and experimenting with new\nmethods such as live streaming and MCN business live streaming, in order to integrate with current new media. To better carry out the\nabove-mentioned business, the company externally procured relevant equipment and systems.\n\n \n\nDetails\nof prepayments owed to the Company’s major suppliers are summarized in the table below.\n\n \n\nNo.  Counterparty  Nature of Goods/Services  Total Contract Value   Prepaid\nAmount \n\n         RMB   RMB \n\n1  Beijing Fanyi Trading Co., Ltd.  Live-streaming equipment and platform technical support   35,761    28,609 \n\n2  Hangzhou Guihang Trading Co., Ltd.  Computing power equipment   170,541    136,661 \n\nTotal         206,302    165,270 \n\n \n\nAs of the financial statements\nauthorization date of May 8, 2026, the prepayment closing balance was RMB 165.3 million. \n\n \n\nF-24\n\n \n\n \n\n**7.****Taxation**\n\n \n\n**a)****Income\ntaxes**\n\n \n\n**Cayman\nIslands**\n\n \n\nUnder\nthe current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends\nby the Company in the Cayman Islands to their shareholders, no Cayman Islands withholding tax will be imposed.\n\n \n\n**New\nYork**\n\n \n\nCommencing\nfrom the year of assessment 2024, the New York’s statutory income tax rate is 8%.\n\n \n\n**Hong\nKong**\n\n \n\nCommencing\nfrom the year of assessment 2018/2019, the first HK$2.0 million of profits earned by the Group’s subsidiaries incorporated in Hong\nKong will be taxed at half the current tax rate (i.e., 8.25%) while the remaining profits will continue to be taxed at the existing 16.5%\ntax rate. Payments of dividends by the subsidiary to the Company are not subject to withholding tax in Hong Kong. The Ordinance only\nallows one entity within a group of “connected entities” to be eligible for the two-tier tax rate benefit. Under the Ordinance,\nit is an entity’s election to nominate an entity that will be subject to the two-tier profits tax rate on its Profits Tax Return.\nThe election is irrevocable. TuanChe Information elected the two-tier profits tax rate for its tax years of 2023 and 2024. TuanChe Information\napplies the two-tier profits tax rate for its provision for current income and deferred taxes. Other HK subsidiaries of the Company elected\n16.5% tax rate.\n\n** **\n\n**China**\n\n \n\nEffective\nfrom January 1, 2008, the PRC’s statutory income tax rate is 25%.\n\n \n\n**Singapore**\n\n \n\nThe\ncorporate income tax rate is 17%, applicable to both local and foreign companies.\n\n \n\n**Colorado**\n\n** **\n\nThe\ncorporate income tax rate is 4.4%, and the state sales tax rate is 2.9%. \n\n \n\nLoss\nbefore provision for income taxes is attributable to the following geographic locations:\n\n \n\n \n \n**For the year ended\n\nDecember 31,**\n \n\n \n \n**2024**\n \n \n**2025**\n \n\nPRC\n \n \n(93,714\n)\n \n \n (40,608\n)\n\nForeign\n \n \n(94,277\n)\n \n \n 42,878\n \n\n**Total\n(loss)/income before income taxes**\n \n \n**(187,991**\n**)**\n \n \n**2,270**\n \n\n** **\n\nF-25\n\n \n\n** **\n\n**7.****Taxation\n(Continued)**\n\n \n\n**a)****Income\ntaxes (Continued)**\n\n** **\n\n*Continuing\noperations*\n\n \n\n  \nFor the year ended\nDecember 31, \n\n  \n2024  \n2025 \n\nPRC \n \n—\n  \n (343)\n\nForeign \n (94,272) \n 42,878 \n\nTotal (loss)/income from continuing operations before income taxes \n (94,272) \n 42,535 \n\n \n\n*Discontinued\noperations*\n\n \n\n  \nFor the year ended\nDecember 31,  \nFor the ten months ended October 31, \n\n  \n2024  \n2025 \n\nPRC \n (93,714) \n (40,265)\n\nForeign \n (5) \n \n—\n \n\nTotal loss from discontinued operations before income taxes \n (93,719) \n (40,265)\n\n  \n    \n   \n\n \n\nThe\nfollowing table presents a reconciliation of the differences between the statutory income tax rate and the Company’s effective\nincome tax rate for the years ended December 31, 2023, 2024 and 2025:\n\n \n\n  \nFor the year ended \n\n  \nDecember 31, \n\n  \n2023  \n2024  \n2025 \n\n  \n%  \n%  \n% \n\nStatutory income tax rate of the PRC \n 25.0  \n 25.0  \n 25.0 \n\nPermanent differences \n 1.2  \n 6.9  \n 2.6 \n\nChange in valuation allowance \n (19.8) \n (17.7) \n (18.0)\n\nEffect of preferential tax rate \n (5.5) \n \n—\n  \n (5.9)\n\nEffect of different tax rates in other jurisdictions (offshore entities) \n (0.9) \n (14.2) \n (3.7)\n\nOthers \n \n—\n  \n \n—\n  \n \n—\n \n\nEffective income tax rate \n \n—\n  \n \n—\n  \n \n—\n \n\n \n\n*Continuing\noperations*\n\n* *\n\n  \nFor the year ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \n%  \n%  \n% \n\nStatutory income tax rate of the PRC  \n \n—\n  \n 25.0  \n 25.0 \n\nPermanent differences  \n \n—\n  \n \n—\n  \n (0.2)\n\nChange in valuation allowance  \n \n—\n  \n (0.4) \n (7.9)\n\nEffect of preferential tax rate  \n \n—\n  \n \n—\n  \n (0.8)\n\nEffect of different tax rates in other jurisdictions (offshore entities)  \n \n—\n  \n (24.6) \n (16.1)\n\nOthers  \n \n—\n  \n \n—\n  \n \n—\n \n\nEffective income tax rate  \n \n—\n  \n \n—\n  \n \n—\n \n\n* *\n\nF-26\n\n \n\n \n\n**7.****Taxation\n(Continued)**\n\n \n\n**a)****Income\ntaxes (Continued)**\n\n \n\n*Discontinued\noperations*\n\n \n\n  \nFor the year ended  \nFor the ten months ended \n\n  \nDecember 31,  \nOctober 31, \n\n  \n2023  \n2024  \n2025 \n\n  \n%  \n%  \n% \n\nStatutory income tax rate of the PRC \n 25.0  \n 25.0  \n 25.0 \n\nPermanent differences \n 1.2  \n 13.6  \n 2.9 \n\nChange in valuation allowance \n (19.8) \n (35.0) \n (20.5)\n\nEffect of preferential tax rate \n (5.5) \n \n—\n  \n (7.1)\n\nEffect of different tax rates in other jurisdictions (offshore entities) \n (0.9) \n (3.6) \n (0.3)\n\nOthers \n \n—\n  \n \n—\n  \n \n—\n \n\nEffective income tax rate \n \n—\n  \n \n—\n  \n \n—\n \n\n \n\n**b)****Deferred\ntax assets and liabilities**\n\n \n\nThe\nfollowing table presents the tax impact of significant temporary differences that give rise to the deferred tax assets as of December 31,\n2024 and 2025.\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nRMB  \nRMB \n\nDeferred tax assets: \n   \n  \n\nAdvertising expense in excess of deduction limit \n 65,460  \n 70,205 \n\nAccrued expense and other payables \n 1,785  \n 1,839 \n\nAllowance for doubtful accounts \n 8,526  \n 9,469 \n\nNet operating tax loss carry forwards \n 95,864  \n 97,771 \n\nDecrease due to disposal of subsidiaries \n \n—\n  \n (178,142)\n\nTotal deferred tax assets \n 171,635  \n 1,142 \n\nLess: valuation allowance \n (171,635) \n (1,142)\n\nNet deferred tax assets \n \n—\n  \n \n—\n \n\n \n\n*Continuing\noperations*\n\n \n\n  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nRMB  \nRMB \n\nDeferred tax assets: \n   \n  \n\nNet operating tax loss carry forwards \n 377  \n 1,142 \n\nTotal deferred tax assets \n 377  \n 1,142 \n\nLess: valuation allowance \n (377) \n (1,142)\n\nNet deferred tax assets \n \n—\n  \n \n—\n \n\n \n\n*Discontinued\noperations*\n\n \n\n  \nDecember 31,\n2024  \nFor the\n\nten months\n\nended\n\nOctober 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nDeferred tax assets: \n   \n  \n\nAdvertising expense in excess of deduction limit \n 65,460  \n 70,205 \n\nAccrued expense and other payables \n 1,785  \n 1,839 \n\nAllowance for doubtful accounts \n 8,526  \n 9,469 \n\nNet operating tax loss carry forwards \n 95,487  \n 96,629 \n\nDecrease due to disposal of subsidiaries \n \n—\n  \n (178,142)\n\nTotal deferred tax assets \n 171,258  \n \n—\n \n\nLess: valuation allowance \n (171,258) \n \n—\n)\n\nNet deferred tax assets \n \n—\n  \n \n—\n \n\n  \n\nF-27\n\n \n\n \n\n**7.****Taxation\n(Continued)**\n\n \n\n**b)****Deferred\ntax assets and liabilities (Continued)**\n\n \n\nThe Group does not\nbelieve that sufficient positive evidence exists to conclude that the recoverability of the above deferred tax assets of all\nentities of the Group is more likely than not to be realized. The Group considers positive and negative evidence to determine\nwhether some portion or all of the deferred tax assets will more likely than not be realized. This assessment considers, among other\nmatters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry\nforward periods, the Group’s experience with tax attributes expiring unused and tax planning alternatives. Valuation\nallowances have been established for deferred tax assets based on a more-likely-than-not threshold. Under the applicable accounting\nstandards, management has considered the Group’s history of losses and concluded that it is more likely than not that the\nGroup will not generate future taxable income prior to the expiration of the majority of net operating losses. Accordingly, as of\nDecember 31, 2023, 2024 and 2025, a nil, RMB377 and RMB1,142 valuation allowance from continuing operations has been established\nrespectively. Consequently, the Group has provided full valuation allowances on the related deferred tax assets.\n\n \n\nThe\nmovements of the valuation allowance are as follows:\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nDeferred tax assets valuation allowance movement: \n   \n   \n  \n\nBalance at the beginning of the year \n 145,788  \n 159,513  \n 171,635 \n\nAllowance made during the year \n 16,392  \n 32,703  \n 8,489 \n\nReduction due to unrealized NOLs and adjustments \n (2,667) \n (20,581) \n (840)\n\nDecrease due to disposal of subsidiaries \n \n—\n  \n \n—\n  \n (178,142)\n\nBalance at end of year \n 159,513  \n 171,635  \n 1,142 \n\n \n\n*Continuing\noperations*\n\n* *\n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nDeferred tax assets valuation allowance movement: \n   \n   \n  \n\nBalance at the beginning of the year \n \n—\n  \n \n—\n  \n 377 \n\nAllowance made during the year \n\n—\n  \n377  \n 765 \n\nBalance at end of year \n \n—\n  \n 377  \n 1,142 \n\n \n\n*Discontinued\noperations*\n\n \n\n  \nDecember 31,\n2023  \nDecember 31,\n2024  \nDecember 31,\n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nDeferred tax assets valuation allowance movement: \n   \n   \n  \n\nBalance at the beginning of the year \n 145,788  \n 159,513  \n 171,258 \n\nAllowance made during the year \n 16,392  \n 32,326  \n 7,724 \n\nReduction due to unrealized NOLs and adjustments \n (2,667) \n (20,581) \n (840)\n\nDecrease due to disposal of subsidiaries \n \n—\n  \n \n—\n  \n (178,142)\n\nBalance at end of year \n 159,513  \n 171,258  \n \n—\n \n\n \n\nF-28\n\n \n\n** **\n\n**7.****Taxation\n(Continued)**\n\n \n\n**b)****Deferred\ntax assets and liabilities (Continued)**\n\n \n\nAs\nof December 31, 2024 and 2025, certain entities of the Group had PRC net operating tax loss carry forwards of RMB855,071 and RMB392 respectively.\nAs of December 31, 2024, and 2025, the Company had Hong Kong losses of RMB332 and nil respectively.\n\n \n\nAs\nof December 31, 2025, net operating tax loss carry forwards in PRC is expected to expire is as follows:\n\n \n\n \n \n**RMB**\n \n\nLoss\nexpiring in 2026\n \n \n—\n \n\nLoss\nexpiring in 2027\n \n \n—\n \n\nLoss\nexpiring in 2028\n \n \n—\n \n\nLoss\nexpiring in 2029\n \n \n—\n \n\nLoss\nexpiring in 2030\n \n \n392\n \n\n \n \n \n**392**\n \n\n \n\n**c)****Withholding\nincome tax**\n\n  \n\nThe\nenterprise income tax (“EIT”) Law also imposes a withholding income tax of 10% on dividends distributed by a foreign-invested\nentity (“FIE”) to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident\nenterprise without any establishment or place within China or if the received dividends have no connection with the establishment or\nplace of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has\na tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company incorporated, does\nnot have such tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special Administrative Region\non the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in China to its immediate\nholding company in Hong Kong will be subject to withholding tax at a rate that may be lowered to 5% (if the foreign investor owns directly\nat least 25% of the shares of the FIE). The State Administration of Taxation (“SAT”) further promulgated Circular 601 on\nOctober 27, 2009, which provides that tax treaty benefits will be denied to “conduit” or shell companies without business\nsubstance and that a beneficial ownership analysis will be used based on a “substance-over-form” principle to determine whether\nor not to grant the tax treaty benefits. Further, the SAT promulgated the Notice on Issues Related to the “Beneficial Owner”\nin Tax Treaties in February 2018, which requires the “beneficial owner” to have ownership and the right to dispose of\nthe income or the rights and properties giving rise to the income and generally engage in substantive business activities and sets forth\ncertain detailed factors in determining the “beneficial owner” status.\n\n \n\nAs\nof December 31, 2024 and 2025, the Company did not record any such withholding tax of its subsidiaries in the PRC as they are still\nin accumulated deficit position.\n\n \n\nThe Company’s operating\nsubsidiaries in PRC are subject to examination by the relevant tax authorities. According to the PRC Tax Administration and Collection\nLaw, the statute of limitation is three years and extended to five years if the amount of tax underpaid is RMB 100,000 or more. For special\ntax adjustments, such as transfer pricing adjustments under CFC rules, adjustments under the general anti-avoidance rules, the statute\nof limitation is ten years. There is no statute of limitation for tax evasion, refusal to pay tax, or defrauding of tax payment.\n\n  \n\n**d)****Uncertain\ntax position**\n\n \n\nThe\nGroup evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits,\nand measure the unrecognized benefits associated with the tax positions. As of December 31, 2024 and 2025, the Group did not have any\nunrecognized uncertain tax positions and the Group does not believe that its unrecognized tax benefits will change over the next twelve\nmonths. For the years ended December 31, 2024 and 2025, the Company did not incur any interest and penalties related to potential underpaid\nincome tax expenses.\n\n \n\nAs\nof December 31, 2025, the tax years ended December 31, 2018 through 2024 for the Group’s subsidiaries in the PRC are generally\nsubject to examination by the PRC tax authorities. The tax years ended December 31, 2017 through 2024 for the Group’s subsidiaries\nin Hong Kong are generally subject to examination by the Hong Kong tax authorities.\n\n** **\n\nF-29\n\n \n\n** **\n\n**8.****Other\ntaxes payable**\n\n \n\nThe\nfollowing is a summary of other taxes payable as of December 31, 2024 and 2025:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nWithholding individual income taxes for employees \n 6,856  \n \n—\n \n\nVAT payables \n \n—\n  \n 3 \n\nOthers \n \n—\n  \n 1 \n\nTotal \n 6,856  \n 4 \n\n \n\n**9.****Payable\nthird-party loans**\n\n \n\nThe\nfollowing is a summary of payable third-party loans as of December 31, 2024 and 2025:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nThird-party loans \n 1,078  \n 6,208 \n\nTotal \n 1,078  \n 6,208 \n\n \n\nThe\nfollowing is a summary repayment term as of December 31, 2025:\n\n \n\n   Maturity date  Principal amount \n\n      RMB \n\nLoan 1  2026-8-26   1,054 \n\nLoan 2  2026-8-31   1,154 \n\nLoan 3  2026-3-31   903 \n\nLoan 4  2026-8-31   304 \n\nLoan 5  2026-11-30   98 \n\nLoan 6  2026-7-31   984 \n\nLoan 7  2026-9-30   252 \n\nLoan 8  2026-10-31   706 \n\nLoan 9  2026-11-30   753 \n\nTotal      6,208 \n\n \n\nThe loans are short-term loans without interest and are all used for\ndaily operating expenses.\n\n \n\n**10.****Other\ncurrent liabilities**\n\n \n\nThe\nfollowing is a summary of other current liabilities as of December 31, 2024 and 2025:\n\n \n\n  \nDecember 31,\n\n2024  \nDecember 31,\n\n2025 \n\n  \nRMB  \nRMB \n\nProfessional service fee \n 1,124  \n 897 \n\nOthers \n 406  \n 9 \n\nTotal \n 1,530  \n 906 \n\n  \n\nF-30\n\n \n\n \n\n**11.****Employee\nBenefits**\n\n \n\nThe\nfollowing table presents the Group’s employee welfare benefits expenses for the years ended December 31, 2023, 2024 and 2025:\n\n \n\n  \nFor the year ended \n\n  \nDecember 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB \n\nContinuing operations: \n   \n   \n  \n\nMedical and welfare defined contribution plan \n \n—\n  \n \n—\n  \n 27 \n\nOther employee benefits \n \n—\n  \n \n—\n  \n \n—\n \n\nTotal from continuing operations \n \n—\n  \n \n—\n  \n 27 \n\nDiscontinued operations: \n    \n    \n   \n\nMedical and welfare defined contribution plan \n 11,688  \n 8,381  \n 3,688 \n\nOther employee benefits \n 45  \n 31  \n 10 \n\nTotal from discontinued operations \n 11,733  \n 8,412  \n 3,698 \n\nTotal \n 11,733  \n 8,412  \n 3,725 \n\n  \n\n**12.****Share-based\nCompensation**\n\n** **\n\n**Description\nof stock option plan and Share option replacement**\n\n \n\nIn\nJuly 2012, the Group permits the grant of options of the Company to relevant directors, officers, other employees and consultants\nof the Company. Option awards are granted with an exercise price determined by the Board of Directors. Those option awards generally\nvest over a period of four years.\n\n \n\nThe\nGroup recognizes share-based compensation expenses in the consolidated statements of operations and comprehensive loss based on awards\nultimately expected to vest, after considering actual forfeitures.\n\n \n\nThe\nCompany has replaced these share options with restricted shares for all employees and nonemployees on June 15, 2018.\n\n \n\nIn\nJune 2018, the directors of the Company (the “Directors”) approved the TuanChe Limited Share Incentive Plan (the “Share\nIncentive Plan”). Under the Share Incentive Plan, 38,723,321 ordinary shares were issued to Best Cars for the restricted share\nawards at consideration of nil. Meanwhile, the incentive share options granted to employees and nonemployees of the Company were replaced\nby the restricted shares. As a result of the Share Incentive Plan, on June 15, 2018, a total of 15,473,653 share options of the\nCompany were replaced by 13,740,480 restricted shares. The restricted shares awards are subject to the original vesting schedule of the\nreplaced share options. The Company has recognized the incremental expenses immediately for those vested share options, the unvested\nportion will be recognized as expenses over the remaining vesting periods.\n\n \n\nOn\nMarch 13, 2023, Directors approved the 2023 Share Incentive Plan (the “2023 Plan”), to attract and retain the best available\npersonnel, provide additional incentives to employees, directors and consultants and promote the success of the Group’s business.\nThe Group grant restricted shares under the 2023 Plan to the Group’s employees, directors and consultants. Those restricted shares\ngenerally vest over a period of nil to 4 years. Under the 2023 Plan, a total of 169,172,564 Class A ordinary shares were initially reserved\nfor issuance. As of December 31, 2024, all restricted shares have been issued and granted under the 2023 Plan.\n\n \n\nFor\nyears ended December 31, 2023, 2024 and 2025, the Company has granted 20,900,000, 161,400,000 and nil restricted shares to its employees.\nThe total fair value of RMB5.4 million, RMB17.8 million and nil million for those granted restricted shares will be recognized as expenses\nover the vesting periods of nil to 4 years.\n\n \n\nA\nsummary of the restricted shares activities is presented below:\n\n \n\n \n \n**Number of\nrestricted\nshares**\n \n \n**Weighted-\nAverage\nGrant-Date\nFair Value**\n \n\n \n \n \n \n \n**US$**\n \n\n**Outstanding\nas of December 31, 2023**\n \n \n**3,880,000**\n \n \n \n**0.155**\n \n\nGranted\n \n \n161,400,000\n \n \n \n0.015\n \n\nVested\n \n \n(139,375,000\n)\n \n \n0.010\n \n\n**Outstanding\nas of December 31, 2024**\n \n \n**25,905,000**\n \n \n \n**0.065**\n \n\nGranted\n \n \n—\n \n \n \n—\n \n\nVested\n \n \n25,905,000\n \n \n \n0.065\n \n\n**Outstanding\nas of December 31, 2025**\n \n \n**—**\n \n \n \n**—**\n \n\n \n\nFor\nthe years ended December 31, 2023, 2024 and 2025, total share-based compensation expenses recognized by the Group for the restricted\nshares granted were RMB9.5 million, RMB28.4 million and RMB24.6 million, respectively.\n\n \n\nF-31\n\n \n\n \n\n**13.****Equity**\n\n** **\n\n**Ordinary\nshares and Pre-funded Warrant**\n\n \n\nOn\nNovember 23, 2022, the Company issued 58,472,736 ordinary shares for a registered direct offering of approximately $15.0 million. The\naggregate proceeds the Company received from this offering, net of commissions and other offering expenses, were $13.7 million. The offering\nconsisted of (1) 3,654,546 ADSs and 1,800,000 pre-funded warrants to purchase ADSs (“Pre-Funded Warrant”) and (2) 5,454,546\nADSs warrants to purchase ADSs(“Warrant”). Each Warrant is exercisable to purchase one ADS for $2.75 and each Pre-Funded\nWarrant is exercisable to purchase one ADS for $0.001. Each ADS represents sixteen (16) Class A ordinary shares of the Company. The Pre-Funded\nWarrant became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-Funded Warrant are exercised\nin full. The Warrant has a term of five years from the issuance date. On November 25, 2022, 800,000 pre-funded warrants had been exercised,\n12,800,000 ordinary shares were issued upon such exercise.\n\n \n\nThe\nCompany determined that the Pre-Funded Warrant meet the requirements for equity classification. The Pre-Funded warrants were recorded\nat their fair value on the date of issuance as a component of total equity. In addition, since these Pre-Funded warrants are exercisable\nfor a nominal amount, they have been shown as exercised when issued and as outstanding common stock in the consolidated financial statements\nand earnings per share calculations. 1,000,000 pre-funded warrants had been exercised on January 30, 2024.\n\n \n\nOn\nOctober 24, 2024, the Company issued 58,024,480 ordinary shares for a registered direct offering of approximately $1.1 million. The aggregate\nproceeds the Company received from this offering, net of commissions and other offering expenses, were $0.9 million. The offering consisted\nof (1) 241,677 ADSs and 520,042 pre-funded warrants to purchase ADSs (“Pre-Funded Warrant”) and (2) 761,719 ADSs warrants\nto purchase ADSs(“Warrant”). Each Warrant is exercisable to purchase one ADS for $1.45 and each Pre-Funded Warrant is exercisable\nto purchase one ADS for $0.001. Each ADS represents two hundred and forty (240) Class A ordinary shares of the Company. The Pre-Funded\nWarrant became immediately exercisable upon issuance and may be exercised at any time until all of the Pre-Funded Warrant are exercised\nin full. The Warrant has a term of five years from the issuance date. In October 2024, 520,042 pre-funded warrants had been exercised,\n124,810,080 ordinary shares were issued upon such exercise.\n\n \n\n On\nFebruary 10, 2025, the Company held an annual general meeting of shareholders. Passing the resolutions that the authorized share capital\nbe increased from US$100,000 divided into 1,000,000,000 shares comprising of (i) 800,000,000 Class A Ordinary Shares of a par value of\nUS$0.0001 each, (ii) 60,000,000 Class B Ordinary Shares of a par value of US$0.0001 each and (iii) 140,000,000 shares of a par value\nof US$0.0001 each to US$3,000,000 divided into 30,000,000,000 shares comprising of (i) 24,000,000,000 Class A Ordinary Shares of a par\nvalue of US$0.0001 each, (ii) 1,800,000,000 Class B Ordinary Shares of a par value of US$0.0001 each, and (iii) 4,200,000,000 shares\nof a par value of US$0.0001 each of such class or classes as the Board may determine, by the creation of (i) 23,200,000,000 Class A Ordinary\nShares of a par value of US$0.0001 each, (ii) 1,740,000,000 Class B Ordinary Shares of a par value of US$0.0001 each and (iii) 4,060,000,000\nshares of a par value of US$0.0001 each of such class or classes as the Board may determine.\n\n \n\nOn\nMarch 3, 2025, the Company entered into certain securities purchase agreement with certain “non-U.S. Persons” (the “Purchasers”)\nas defined in Regulation S of the Securities Act of 1933, as amended pursuant to which the Company agreed to sell up to an\naggregate of 7,357,500,000 Class A ordinary shares, par value $0.0001 per share, at a price of $0.0031317 per Share, for an aggregate\npurchase price of approximately $23.0 million. Upon satisfying all closing conditions, the Offering was consummated on June 27, 2025.\nThe Company issued an aggregate of 7,357,500,000 Class A Ordinary Shares to the Purchasers.\n\n \n\nOn\nSeptember 11, 2025, the company issued 183,801,600 Class A Ordinary Shares due to the exercise of warrants issued on November 23,\n2022.\n\n \n\nOn\nNovember 17, 2025, Directors approved the 2025 Equity Incentive Plan (the “2025 Plan”), to attract and retain the best available\npersonnel, provide additional incentives to employees, directors and consultants and promote the success of the Group’s business.\nThe Group grant restricted shares under the 2025 Plan to the Group’s employees, directors and consultants. Those restricted shares\ngenerally vest over a period of nil to 5 years. On December 15, 2025, a total of 1,237,314,316 Class A ordinary shares were issued. As\nof December 31, 2025, there are no shares granted under the 2025 Plan.\n\n \n\n**Warrant**\n\n \n\nOn\nNovember 23, 2022, the Warrant are classified as a liability and the fair value allocated to the Warrant was RMB36.8 million. On October\n28, 2024, the Warrant are classified as a liability and the fair value allocated to the Warrant was RMB6.9 million. The warrant liability\nwill be re-measured at each reporting period until the warrant are exercised or expire and any changes will be recognized in the statement\nof operations and comprehensive loss. The fair value of Warrant was RMB24.4 million as of December 31, 2025.\n\n \n\nF-32\n\n \n\n** **\n\n**14.****Net\nLoss Per Share**\n\n \n\nAs\nthe Group incurred losses for the years ended December 31, 2023, 2024 and 2025, the potential ordinary shares including unvested restricted\nshares of 3,880,000, 25,905,000 and nil were anti-dilutive and excluded from the calculation of diluted net loss per share of the Company.\n\n \n\nEffective\non January 26, 2024, the Company changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to sixteen\n(16) Class A ordinary shares to a new ADS ratio of one ADS representing two hundred and forty (240) Class A ordinary shares.\n\n \n\nEffective\non August 19, 2025, the Company changed the ratio of the ADSs to Class A ordinary shares from the then ADS ratio of one ADS to two hundred\nand forty (240) Class A ordinary shares to a new ADS ratio of one ADS representing four thousand and eight hundred (4,800) Class A ordinary\nshares.\n\n \n\nThe\nfollowing table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2023, 2024\nand 2025:\n\n \n\n  \nFor the year ended\nDecember 31 \n\n  \n2023  \n2024  \n2025 \n\nNumerator: \n   \n   \n  \n\nNet (loss)/income from continuing operations attributable to Token Cat Limited’s shareholders \n (3,160) \n (94,272) \n 42,535 \n\nNet loss from discontinued operations attributable to Token Cat Limited’s shareholders \n (79,811) \n (93,719) \n (40,265)\n\nNet (loss)/income attributable to Token Cat Limited’s shareholders \n (82,971) \n (187,991) \n 2,270 \n\nDenominator: \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding, basic and diluted \n 406,802,365  \n 520,221,825  \n 569,105,909 \n\nBasic and diluted net (loss)/income per share from continuing operations attributable to Token Cat Limited’s shareholders \n (0.01) \n (0.18) \n 0.07 \n\nBasic and diluted net loss per share from discontinued operations attributable to Token Cat Limited’s shareholders \n (0.19) \n (0.18) \n (0.07)\n\nBasic and diluted net (loss)/income per share attributable to Token Cat Limited’s shareholders \n (0.20) \n (0.36) \n \n\n—\n\n \n\n \n\n**15.****Commitments\nand contingencies**\n\n** **\n\n**Litigation**\n\n \n\nFrom\ntime to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. Based on currently\navailable information, management does not believe that the ultimate outcome of any unresolved matters, individually and in the aggregate,\nis reasonably possible to have a material adverse effect on the Group’s financial position, results of operations or cash flows.\nHowever, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. The Group\nrecords a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.\nThe Group reviews the need for any such liability on a regular basis. The Group has not recorded any material liabilities in this regard\nas of December 31, 2024 and 2025.\n\n \n\n**16.****Related\nparty transactions and balance**\n\n \n\nFor the years ended December\n31, 2025, the Company received RMB397 from CEO, Mr. Liu, which was used for operations of the company. The other current liabilities balance\ndue to CEO are nil and RMB397 as of December 31, 2024 and 2025.\n\n \n\nF-33\n\n \n\n \n\n**17.****Fair\nValue Measurement**\n\n** **\n\n**Assets\nmeasured at fair value on a nonrecurring basis**\n\n \n\nThe\nCompany measured its property, equipment and software, equity investments, intangible assets and goodwill at fair value on a nonrecurring\nbasis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable.\n\n** **\n\n**Assets\nand liabilities measured at fair value on a recurring basis**\n\n \n\nThe\nCompany measured its warrant at fair value on a recurring basis. As the Company’s warrant is not traded in an active market with\nreadily observable prices, the Company uses significant unobservable inputs to measure the fair value of warrant. This instrument is\ncategorized in the Level 3 valuation hierarchy based on the significance of unobservable factors in the overall fair value measurement.\nThe Company did not transfer any assets or liabilities in or out of level 3 during the years ended December 31, 2025.\n\n \n\nThe\nfollowing table presents the fair value hierarchy for the Group’s liabilities that are measured and recorded at fair value as of\nDecember 31, 2024 and 2025:\n\n \n\n \n \n**For\nthe year ended December 31,**\n \n\n \n \n**2024**\n \n \n**2025**\n \n\n \n \n**Level\n1\nInputs**\n \n \n**Level\n2\nInputs**\n \n \n**Level\n3\nInputs**\n \n \n**Level\n1\nInputs**\n \n \n**Level\n2\nInputs**\n \n \n**Level\n3\nInputs**\n \n \n**Balance\nat fair value**\n \n\n \n \n**RMB**\n \n \n**RMB**\n \n \n**RMB**\n \n \n**RMB**\n \n \n**RMB**\n \n \n**RMB**\n \n \n**US$**\n \n\nWarrant\nliability\n \n \n—\n \n \n \n—\n \n \n \n68,556\n \n \n \n—\n \n \n \n—\n \n \n \n24,377\n \n \n \n3,486\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\nOn\nNovember 23, 2022, October 28, 2024, the Group issued 5,454,546 and 761,719 ADSs warrants, respectively. The warrants entitle the holder\nto purchase one ADS of our common stock at an exercise price equal to US$2.75 and US$1.45 per ADS at any time on or after their issuance\ndate and on or prior to the close of business 5 years after the issuance date (the “Termination Date”). The Group determined\nthat these warrants are free standing financial instruments that are legally detachable and separately exercisable from the common stock\nincluded in the public share offering. The Group evaluates the warrants under Accounting Standards Codification (“ASC”) 815-40,\nDerivatives and Hedging—Contracts in Entity’s Own Equity. Warrants recorded as liabilities are recorded at their fair value\nand remeasured on each reporting date with change in estimated fair value of warrant liability in the consolidated statement of operations\nand comprehensive loss.\n\n \n\nOn October 24, 2024, the Group pursuant to Section 3(b) of the ADS\nWarrant, the number of ADSs issued on November 23, 2022 has been adjusted from 5,454,546 to10,349,111 ADSs warrants with US$1.45 strike.\nOn February 28, 2025,the Group pursuant to Section 3(a) and 3(c) of the ADS Warrant, the number of ADSs issued on November 23, 2022 has\nbeen adjusted from 10,349,111 to19,957,214 ADSs warrants with US$0.75161 strike. On September 11, 2025, the warrants issued on November\n23, 2022 had 2,946,220 ADSs warrants exercised.\n\n \n\n On\nFebruary 28, 2025,the Group pursuant to Section 3(a) and 3(c) of the ADS Warrant, the number of ADSs issued on October 28, 2024 has been\nadjusted from 761,719 to1,468,898 ADSs warrants with US$0.75161 strike.\n\n \n\nThe\nCompany adopted Black Scholes model to assess the warrant’s fair value. Management is responsible for determining the fair value\nand assessing a number of factors. The valuation involves complex and subjective judgements as well as the Company’s best estimates\non the valuation date. Key inputs related to the Black Scholes model for the valuation of the fair value of warrants are as follows:\n\n \n\n  \nIssuance date\nNovember 23,\n2022  \nAs of\nDecember 31,\n\n2023  \nAs of\nDecember 31,\n\n2024  \nAs of\nDecember 31,\n\n2025 \n\nExpiration of warrant (years) \n 5  \n 3.9  \n 2.9  \n 1.9 \n\nStock price per ADS (US$) \n 1.17  \n 0.20  \n 1.13  \n 0.35 \n\nExercise price per ADS (US$) \n 2.75  \n 2.75  \n 1.45  \n 0.75 \n\nRisk-free rate \n 3.96% \n 3.92% \n 4.27% \n 3.73%\n\nDividend yield \n \n—\n  \n \n—\n  \n \n—\n  \n \n—\n \n\nStandard derivation in the value of stock \n 132.3% \n 132.8% \n 140.7% \n 135.7%\n\nCalculated fair value per ADS (US$) \n 0.95  \n 0.10  \n 0.85  \n 0.18 \n\n \n\nF-34\n\n \n\n \n\n**17.****Fair\nValue Measurement (Continued)**\n\n** **\n\n  \nIssuance date\nOctober 28,\n\n2024  \nAs of\nDecember 31,\n\n2024  \nAs of\nDecember 31,\n\n2025 \n\nExpiration of warrant (years) \n 5  \n 4.8  \n 3.8 \n\nStock price per ADS (US$) \n 1.48  \n 1.13  \n 0.35 \n\nExercise price per ADS (US$) \n 1.45  \n 1.45  \n 0.75 \n\nRisk-free rate \n 4.11% \n 4.37% \n 3.73%\n\nDividend yield \n \n—\n  \n \n—\n  \n \n—\n \n\nStandard derivation in the value of stock \n 125.4% \n 127.8% \n 135.7%\n\nCalculated fair value per ADS (US$) \n 1.27  \n 0.95  \n 0.26 \n\n \n\nThe\nwarrants outstanding and fair values at each of the respective valuation dates of the warrants issued on November 23, 2022 are summarized\nbelow:\n\n \n\n \n \n**Warrants\nOutstanding\nIssued on\nNovember 23,\n2022**\n \n \n**Calculated\nFair\nValue per ADS**\n \n \n**Fair\n\nValue**\n \n\n \n \n** **\n \n \n**US$**\n \n \n**RMB**\n \n\n**Fair\nValue as of November 23, 2022**\n \n \n**5,454,546**\n \n \n \n**0.95**\n \n \n \n**36,838**\n \n\nGain\non change in fair value of warrant liability\n \n \n—\n \n \n \n—\n \n \n \n(11,219\n)\n\nEffect\nof exchange rate changes\n \n \n—\n \n \n \n—\n \n \n \n(1,243\n)\n\n**Fair\nValue as of December 31, 2022**\n \n \n**5,454,546**\n \n \n \n**0.64**\n \n \n \n**24,376**\n \n\nGain\non change in fair value of warrant liability\n \n \n—\n \n \n \n—\n \n \n \n(20,732\n)\n\nEffect\nof exchange rate changes\n \n \n—\n \n \n \n—\n \n \n \n308\n \n\n**Fair\nValue as of December 31, 2023**\n \n \n**5,454,546**\n \n \n \n**0.10**\n \n \n \n**3,952**\n \n\nModification\nof warrants\n \n \n4,894,565\n \n \n \n—\n \n \n \n—\n \n\nLoss\non change in fair value of warrant liability\n \n \n—\n \n \n \n—\n \n \n \n58,818\n \n\nEffect\nof exchange rate changes\n \n \n—\n \n \n \n—\n \n \n \n610\n \n\n**Fair\nValue as of December 31, 2024**\n \n \n**10,349,111**\n \n \n \n**0.85**\n \n \n \n**63,380**\n \n\nModification\nof warrants\n \n \n9,608,103\n \n \n \n—\n \n \n \n—\n \n\nLoss\non change in fair value of warrant liability\n \n \n—\n \n \n \n—\n \n \n \n (25,630\n) \n\nExercised\n \n \n(2,946,220\n)\n \n \n—\n \n \n \n (15,080\n)\n\nEffect\nof exchange rate changes\n \n \n—\n \n \n \n—\n \n \n \n (998\n) \n\n**Fair\nValue as of December 31, 2025**\n \n \n**17,010,994**\n \n \n \n**0.18**\n \n \n \n** 21,672**\n \n\n \n\nThe\nwarrants outstanding and fair values at each of the respective valuation dates of the warrants issued on October 28, 2024 are summarized\nbelow:\n\n \n\n  \nWarrants\nOutstanding\nIssued on\nOctober 28,\n2024  \nCalculated Fair\nValue per ADS  \nFair\nValue \n\n  \n   \nUS$  \nRMB \n\nFair Value as of October 28, 2024 \n 761,719  \n 1.27  \n 6,888 \n\nGain on change in fair value of warrant liability \n \n—\n  \n \n—\n  \n (1,752)\n\nEffect of exchange rate changes \n \n—\n  \n \n—\n  \n 40 \n\nFair Value as of December 31, 2024 \n 761,719  \n 0.95  \n 5,176 \n\nModification of warrants \n 707,179  \n \n—\n  \n \n—\n \n\nGain on change in fair value of warrant liability \n \n—\n  \n \n—\n  \n (2,394)\n\nEffect of exchange rate changes \n \n—\n  \n \n—\n  \n (77)\n\nFair Value as of December 31, 2024 \n 1,468,898  \n 0.26  \n 2,705 \n\n \n\nF-35\n\n \n\n \n\n**17.****Fair\nValue Measurement (Continued)**\n\n \n\nThe\nfollowing table summarizes the activities related to fair value of the warrants issued on November 23, 2022 and October 28,\n2024:\n\n \n\n  \nFor the Year Ended\nDecember 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB \n\nFair value of warrants at beginning of the year (Level 3) \n 3,952  \n 68,556 \n\nIssuances \n 6,888  \n \n—\n \n\nExercised \n \n—\n  \n (15,080)\n\nChange in fair value \n 57,066  \n (28,024)\n\nEffect of exchange rate changes \n 650  \n (1,075)\n\nFair value of warrants at end of the year (Level 3) \n 68,556  \n 24,377 \n\n \n\n**18.****Restricted\nNet Assets**\n\n \n\nRelevant\nPRC laws and regulations permit PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance\nwith PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries can only distribute dividends upon\napproval of the shareholders after they have met the PRC requirements for appropriation to the general reserve fund and the statutory\nsurplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax\nincome should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations,\nthe PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends,\nloans or advances, which restricted portion amounted to nil as of December 31, 2025 including the paid-in capital, additional paid-in\ncapital and the statutory reserves of the Company’s PRC subsidiaries. Even though the Company currently does not require any such\ndividends, loans or advances from the PRC subsidiaries for working capital and other funding purposes, the Company may in the future\nrequire additional cash resources from its PRC subsidiaries due to changes in business conditions, to fund future acquisitions and developments,\nor merely declare and pay dividends to or distributions to the Company’s shareholders.\n\n \n\n**19.****Subsequent\nevent**\n\n \n\nOn\nMarch 17, 2026, the Group adopted the 2026 Share Incentive Plan (the “2026 Plan”), to attract and retain the best available\npersonnel, provide additional incentives to employees, directors and consultants and promote the success of our business. The Group may\ngrant options, restricted shares, restricted share units and other equity-based awards under the 2026 Plan to its employees, directors\nand consultants. Under the 2026 Plan, a total of 21,139,467,404 Class A ordinary shares were initially reserved for issuance. As of the\ndate of these consolidated financial statements, there were nil restricted shares issued and nil restricted shares outstanding under\nthe 2026 Plan.\n\n \n\nOn February 12, 2026,\nthe Company entered into certain securities purchase agreement with certain non-U.S. investors pursuant to which the Company agreed\nto sell to the purchasers an aggregate of 96,000,000,001 Class A ordinary shares, par value US$0.0001 per share, at a price of\n$0.0012457 per share to purchase an aggregate of 96,000,000,001 class A Ordinary Shares, for the aggregate purchase price of\napproximately $119,590,000, which purchase price should be paid by the purchasers in fiat money or in cryptocurrencies, in the sole\ndiscretion of the Company. On February 18, the Company has issued an aggregate of 96,000,000,001 Class A Ordinary Shares to the\nPurchasers.\n\n \n\nEffective\nFebruary 6, 2026, Mr. Jintao Lin resigned as a director of the Company. Effective February 6, 2026, the Board appointed Ms.Furong Tian\nas a director of the Company and the chair of the Audit Committee.\n\n \n\nOn\nFebruary 24 and 28, 2026, the company issued 60,000,000 and 96,000,000 Class A Ordinary Shares due to the exercise of warrants issued\non November 23, 2022.\n\n \n\nThe\nGroup evaluated subsequent events through May 8, 2026, the date on which the consolidated financial statements were issued, the\nGroup did not identify any other subsequent events that require recognition and disclosure in the consolidated financial statements.\n\n \n\nF-36\n\n \n\nU.S. 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