In June 2024, the Company committed to subscribe 4,416,000 ordinary shares of a listed company with a total consideration of USD20.0 million, or USD4.53 per share. The Group paid the subscription consideration and received the shares in July 2024. The investment was initially recorded at USD20.0 million (equivalent to RMB138.7 million) and subsequently measured at fair value. The Company recognized a loss of USD 11.9 million and USD2.2 million (equivalent to RMB15.9 million) in fair value change for the year ended December 31, 2024 and for the six months ended June 30, 2025, respectively.