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As of December 31, 2023, 2024 and 2025, the fair value of the Investment in Investee A was RMB4,709,290, RMB2,035,755 and RMB526,106, respectively. For the years ended December 31, 2023, 2024 and 2025, the Group disposed of a certain number of ordinary shares of Investee A, resulting in a realized other comprehensive income, with amounts of RMB799,978, RMB1,800,823 and RMB748,897 transferred to accumulated deficit, respectively.

Given the changes in the quoted prices of Investee A’s ordinary shares, the Group recognized an unrealized gain of RMB337,052, an unrealized gain of RMB576,205 and an unrealized loss of RMB48,953 in other comprehensive income, for the years ended December 31, 2023, 2024 and 2025, respectively.

On November 13, 2023, the Group received 58,164,217 XPeng Class A ordinary shares in connection with the transaction with XPeng. In August 2024, upon completion of the start of production milestone, the Group received an additional 4,636,447 XPeng Class A ordinary shares. For the years ended December 31, 2023, 2024 and 2025, the Group recognized a fair value loss of RMB219,663, a fair value loss of RMB494,270 and a fair value gain of RMB1,898,625, respectively, in other comprehensive income in the consolidated statements of comprehensive income (loss).