$LGCL

Lucas GC Ltd

CIK:0001954694|SEC Filings

Consolidated Statements of Income and Comprehensive Income ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Revenues
Total revenues	$ 149,043	¥ 1,042,274	¥ 1,063,409	¥ 1,473,958
Cost of revenues	(98,702)	(690,232)	(706,007)	(1,055,406)
Gross profit	50,341	352,042	357,402	418,552
Operating expenses
Selling and marketing expenses	(9,406)	(65,776)	(74,514)	(84,917)
General and administrative expenses	(13,034)	(91,150)	(86,261)	(108,376)
Research and development expenses	(25,087)	(175,434)	(168,616)	(157,543)
Total operating expenses	(47,527)	(332,360)	(329,391)	(350,836)
Income from operations	2,814	19,682	28,011	67,716
Other income (expenses)
Financial expenses, net	(264)	(1,848)	(1,624)	(893)
Other income, net	(762)	(5,332)	3,531	3,478
Total other income, net	(1,026)	(7,180)	1,907	2,585
Income before income tax benefit	1,788	12,502	29,918	70,301
Income tax benefit (expenses)	(379)	(2,647)	10,167	7,880
Net income	1,409	9,855	40,085	78,181
Less: Net income attributable to non-controlling interests	(10)	(73)	(296)	(513)
Net income attributable to Lucas GC Limited's ordinary shareholders	1,399	9,782	39,789	77,668
Other comprehensive income, net of tax of nil:
Foreign currency translation difference, net of tax of nil	(210)	(1,470)	483	1
Total comprehensive income	1,199	8,385	40,568	78,182
Less: total comprehensive income attributable to non-controlling interests	(10)	(73)	(296)	(513)
Comprehensive income attributable to the Lucas GC Limited	1,189	8,312	40,272	77,669
Recruitment Service [Member]
Revenues
Total revenues	15,943	111,490	216,083	659,049
Outsourcing Service [Member]
Revenues
Total revenues	128,391	897,853	785,096	713,957
Product and Service, Other [Member]
Revenues
Total revenues	$ 4,709	¥ 32,931	¥ 62,230	¥ 100,952

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	$ 1,409	¥ 9,855	¥ 40,085	¥ 78,181
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,892	13,229	8,515	4,308
Amortization of right-of-use assets	47	332	332	700
Provision/(Reversal) for credit losses	254	1,775	(3,587)	11,713
Gain on disposal of subsidiaries			(971)
Fair vale gains on short-term investments		(1)	(23)
Changes in operating assets and liabilities:
Accounts receivable	4,083	28,553	(28,563)	63,697
Advance to suppliers	1,052	7,357	809	(125,425)
Prepaid expenses and other current assets	(151)	(1,056)	(346)	(13)
Deferred tax assets, net	353	2,470	(10,167)	(7,880)
Accounts payable	(1,612)	(11,270)	12,093	(51,767)
Contract liabilities	(1,879)	(13,142)	2,355	(11,154)
Income tax payables	(2)	(16)		(6)
Amounts due to related parties			603	940
Operating lease liabilities	(63)	(438)	(352)	(742)
Accrued expenses and other current liabilities	(313)	(2,187)	(597)	1,040
Net cash provided by/ (used in) operating activities	5,070	35,461	20,186	(36,408)
Cash flows from investing activities:
Purchases of software and equipment	(11,903)	(83,236)	(44,653)	(12,101)
Maturities of short-term investments				4
Purchases of development expenditures	(329)	(2,301)	(32,515)
Purchases of short-term investments	(287)	(2,008)	(2,780)
Deposit for investment in joint venture	(2,820)	(19,721)
Net cash (used in)/ provided by investing activities	(15,339)	(107,266)	(79,948)	(12,097)
Cash flows from financing activities:
Proceeds from short-term borrowings	15,038	105,161	90,299	63,256
Repayments of short-term borrowings	(11,121)	(77,770)	(62,210)	(29,796)
Payments of offering costs related to initial public offering ("IPO")	(187)	(1,307)	(2,705)	(4,038)
Payments of offering costs related to followed-on offering			(2,302)
Payment for purchase of treasury stock			(856)
Advances from a related party	264	1,848
Sale of public shares through public offering	6,241	43,644	38,520
Net cash provided by financing activities	10,235	71,576	60,746	29,422
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(159)	(1,127)	454	(8)
Net (decrease)/increase in cash, cash equivalents and restricted cash:	(193)	(1,356)	1,438	(19,091)
Cash, cash equivalents and restricted cash at the beginning of year	4,527	31,661	30,223	49,314
Cash, cash equivalents and restricted cash at the end of year	4,334	30,305	31,661	30,223
Supplemental disclosure of cash flow information:
Income tax paid	27	192	169	6
Interest paid	384	2,683	1,817	919
Supplemental disclosure of non-cash flow information:
Obtaining right-of-use assets in exchange for operating lease liabilities and prepaid expenses			¥ 907

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	$ 4,334	¥ 30,305	¥ 30,380
Restricted cash			1,281
Short-term investments	688	4,813	2,803
Accounts receivable, net	4,394	30,730	61,059
Advance to suppliers	22,349	156,289	163,647
Deferred offering costs	15	104	2,302
Prepaid expenses and other current assets	429	3,010	1,955
Total current assets	32,209	225,251	263,427
Non-current assets
Software and equipment, net	22,040	154,125	84,465
Development expenditures	4,979	34,816	32,515
Operating lease right-of-use assets, net	18	124	575
Deferred tax assets	2,831	19,800	22,270
Deposit for investment in joint venture	2,820	19,721
Total non-current assets	32,688	228,586	139,825
TOTAL ASSETS	64,897	453,837	403,252
Current liabilities
Short-term borrowings	13,565	94,861	67,470
Accounts payable	5,081	35,530	46,800
Contract liabilities	395	2,764	15,906
Income tax payables	8	55	71
Operating lease liability, current			458
Accrued expenses and other current liabilities	139	977	3,170
Total current liabilities	19,981	139,734	137,575
Operating lease liability, non-current			99
Total non-current liabilities			99
TOTAL LIABILITIES	19,981	139,734	137,674
Commitments and contingencies (Note 18)
Shareholders’ equity
Subscription receivables		(3)	(3)
Treasury stock	(122)	(856)	(856)
Additional paid-in capital	26,164	182,968	142,828
Statutory reserve	3,694	25,836	23,271
Retained earnings	14,920	104,335	97,118
Accumulated other comprehensive loss	(143)	(998)	472
Total Lucas GC Limited shareholders' equity	44,513	311,285	262,833
Non-controlling interests	403	2,818	2,745
Total shareholders' equity	44,916	314,103	265,578
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	64,897	453,837	403,252
Common Class A [Member]
Shareholders’ equity
Ordinary shares value		3	3
Common Class B [Member]
Shareholders’ equity
Ordinary shares value
Related Party [Member]
Current liabilities
Amounts due to related parties	$ 793	¥ 5,547	¥ 3,700