​

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

For the Year Ended December 31, 

​

​

Note

​

2023

​

2024

​

2025

​

  ​ ​ ​

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

​

​

​

​

​

​

​

Net fair value gain on treasury investments measured at FVTPL

  ​

84,350

160,240

223,402

Net fair value gain (loss) on other financial investments measured at FVTPL

(i)

(262,370)

295,243

118,087

Net fair value loss on contingent consideration assets

(ii)

(18,416)

(127,227)

(1,170)

Net fair value gain (loss) on financial liabilities measured at FVTPL

(iii)

320,618

(514,692)

20,101

Impairment provision for investments

(iv)

(29,885)

(662,722)

(8,738)

Others, net

​

​

​

(2,235)

​

(46,153)

​

128,108

Total

  ​

92,062

(895,311)

479,790

(i)

The net fair value gain on other financial investments measured at FVTPL primarily resulted from changes in the share prices of listed companies as well as changes in the valuations of investment-related financial instruments.

(ii)

The net fair value loss on contingent consideration assets primarily reflected the fluctuations in the share price of XPeng.

(iii)

The net fair value gain (loss) on financial liabilities measured at FVTPL primarily resulted from changes in the valuations of certain derivative liabilities.

(iv)

The impairment provisions for investments primarily arose from the impairment of investments accounted for using the equity method and debt investments at amortized cost.