Long-Term Investments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Schedule of Long-Term Investments |
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|
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As of December 31, |
|
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
US$ |
Equity investments accounted for using Equity Method |
|
210,119 |
|
205,841 |
|
29,435 |
Equity investments accounted for using the measurement alternative |
|
503,336 |
|
409,948 |
|
58,621 |
Investment accounted for under fair value option |
|
8,626 |
|
— |
|
— |
Available-for-sale debt securities under fair value |
|
95,249 |
|
72,670 |
|
10,392 |
Total |
|
817,330 |
|
688,459 |
|
98,448 |
|
| Summary of unaudited condensed financial information of the Group's equity investments |
The summarized financial information of the Group’s equity method investees, presented in aggregate as required by Regulation S-X Rule 4-08(g), is as follows:
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|
|
|
|
|
|
|
|
|
|
|
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As of December 31, |
|
|
|
2024 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
Balance sheet data: |
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|
|
|
|
|
|
|
|
Current assets |
|
|
195,615 |
|
|
|
147,042 |
|
|
|
21,027 |
|
Non-current assets |
|
|
1,155,477 |
|
|
|
1,050,780 |
|
|
|
150,260 |
|
Current liabilities |
|
|
48,443 |
|
|
|
74,784 |
|
|
|
10,694 |
|
Non-current liabilities |
|
|
8,632 |
|
|
|
4,341 |
|
|
|
621 |
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Operating data: |
|
|
|
|
|
|
|
|
Revenues |
|
156,948 |
|
75,805 |
|
30,650 |
|
4,383 |
Gross profit |
|
19,206 |
|
(12,085) |
|
22,956 |
|
3,283 |
Operating loss |
|
(64,535) |
|
(150,914) |
|
(28,623) |
|
(4,093) |
Net loss |
|
(60,929) |
|
(148,523) |
|
(28,462) |
|
(4,070) |
|
| Schedule of Unrealized and Realized Gains and Losses of Equity Securities |
Total unrealized and realized gains and losses of equity securities accounted for using the measurement alternative for the years ended December 31, 2023, 2024 and 2025 were as follows:
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|
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
2023 |
|
2024 |
|
2025 |
|
|
RMB |
|
RMB |
|
RMB |
|
US$ |
Gross unrealized gains (upward adjustments) |
|
501 |
|
23,279 |
|
— |
|
— |
Gross unrealized losses (downward adjustment and impairment) |
|
(168,759) |
|
(94,930) |
|
(77,390) |
|
(11,067) |
Net unrealized losses on equity securities held |
|
(168,258) |
|
(71,651) |
|
(77,390) |
|
(11,067) |
Net gains on equity securities sold |
|
6,117 |
|
2,627 |
|
27,102 |
|
3,876 |
Total net losses recognized in other income, net |
|
(162,141) |
|
(69,024) |
|
(50,288) |
|
(7,191) |
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