9.    Long-term investments, net

The Group’s long-term investments primarily consist of equity investments without readily determinable fair value and debt investments accounted for at fair value (Note 2(o)). The following table sets forth a breakdown of the categories of long-term investments (in thousands):

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The following table summarizes the changes in the Group’s equity investments accounted for using the measurement alternative for the years ended December 31, 2024 and 2025 (in thousands):

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During the year ended December 31, 2025, the Group identified an observable price change in the disposals of certain portion of its investments in a privately held company, which were deemed as orderly transactions for the identical or similar investment of the same issuer. Accordingly, the remaining investments held by the Group in that privately held company were re-measured at fair value as of the date that the observable transaction occurred. The Group recognized RMB101.4 million unrealized gains as a result of re-measuring the fair value, which is reported as investment income in the consolidated statements of operations and comprehensive loss.