Short-Term Investments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-Term Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term investments |
Short-term investments include the following:
During the years ended December 31, 2023, 2024 and 2025, , and RMB7,779,811 unrealized loss from investment in equity securities were included in other expenses.
During the years ended December 31, 2023, 2024 and 2025, , and RMB1,294,144 unrealized loss from investment in warrants were included in other expenses.
The Company’s investment in warrants is measured on a recurring basis and carried on the balance sheets at an estimated fair value at the end of the year. The valuation of investment in warrants is determined using the Monte Carlo simulation model. The following table summarizes the inputs to the model used to estimate the fair value of the investment in warrants as of December 31, 2025:
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