Investments in equity method investees |
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| Investments in equity method investees | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in equity method investees |
Investments in equity method investees as of December 31, 2024 and 2025 were as follows:
During the years ended December 31, 2023, 2024 and 2025, the Group recognized gain on disposal of equity method investees at the amount of nil, nil and RMB259, respectively. During the years ended December 31, 2023, 2024 and 2025, the Group recognized its share of income of equity method investees at the amount of RMB80,301, RMB166,980 and RMB293,919, respectively. No impairment has been recorded on these investments accounted for under equity method for the years ended December 31, 2023, 2024 and 2025. During the year ended December 31, 2024, certain equity method investees which were fully impaired with accumulated impairment loss of RMB96,624 were written off as the Group has determined that it is not probable for the balance to be recovered or the investees are deregistered. During the year ended December 31, 2025, the Group’s additional capital contribution in VipFubon totaling RMB250.5 million, which was initially paid as a deposit during the year ended December 31, 2024, was approved by financial regulatory authorities, resulting in an increase in the equity interest in VipFubon held by the Group to 50.0%. As the Group does not have controlling interest in VipFubon, but can exercise significant influence over the investee, the Group continues to account for this investment using the equity method. During the year ended December 31, 2025, the Group, together with other third-party companies and limited partnerships, established Lishui Huilian Ruitong in PRC to engage in outlets investment business. The Group holds 41.88% equity interest in Lishui Huilian Ruitong for a total consideration of RMB651.2 million. As the Group does not have controlling interest in Lishui Huilian Ruitong, but can exercise significant influence over the investee, the Group accounts for this investment using the equity method.
The Group summarizes the condensed financial information of the Group’s equity investments under equity method as a group below in accordance with Rule 4-08 of Regulation S-X:
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