v3.26.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2025
Schedule of assets and liabilities measured or disclosed at fair value

Assets and liabilities measured on a recurring basis or disclosed at fair value are summarized below:

 

 

Total Fair
Value

 

Total Fair
Value

 

Quoted prices in
active markets
for identical
assets (Level 1)

 

Significant
other
observable
inputs (Level 2)

 

Significant
unobservable
inputs (Level 3)

 

Total (losses) gains from fair value changes

 

RMB

 

US$

 

RMB

 

RMB

 

RMB

 

RMB

Fair value measurement—Recurring:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management products

 

 

 

 

 

 

 

 

142

Long-term Investment

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale debt securities

 

72,670

 

10,392

 

 

 

 

 

72,670

 

(31,741)

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Short-term investment

 

 

 

 

 

 

 

 

 

 

 

 

Wealth management products

 

17

 

2

 

 

 

17

 

 

 

848

Long-term Investment

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale debt securities

 

95,249

 

13,049

 

 

 

 

 

95,249

 

2,642

Investments accounted for using fair value option

 

8,626

 

1,182

 

 

 

8,626

 

 

 

(35,354)

The following table summarizes the Group’s assets held as of December 31, 2024 and 2025 for which a non-recurring fair value measurement was recorded during the years ended December 31, 2024 and 2025:

 

 

Total
Balance

 

Total Balance

 

Quoted prices in
active markets
for identical
assets (Level 1)

 

Significant
other observable
inputs (Level 2)

 

Significant
unobservable
inputs (Level 3)

 

Total losses

 

RMB

 

US$

 

RMB

 

RMB

 

RMB

 

RMB

Fair value measurement—Non-Recurring:

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments accounted for using the measurement alternative

 

42,823

 

6,124

 

 

 

 

 

42,823

 

(46,394)

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Equity investments accounted for using the measurement alternative

 

158,890

 

21,768

 

 

 

 

 

158,890

 

(64,441)

Goodwill

 

424,099

 

58,101

 

 

 

 

 

424,099

 

(152,890)

Reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:

 

 

Amounts

 

RMB

Balance as of January 1, 2023

 

412,533

Addition

 

111,697

Fair value change

 

(378,415)

Foreign exchange translation adjustments

 

9,215

Balance as of December 31, 2023

 

155,030

Addition

 

43,954

Reduction

 

(71,670)

Fair value change

 

(32,712)

Foreign exchange translation adjustments

 

647

Balance as of December 31, 2024

 

95,249

Addition

 

10,051

Fair value change

 

1,121

Credit loss

 

(32,862)

Foreign exchange translation adjustments

 

(889)

Balance as of December 31, 2025

 

72,670

Balance as of December 31, 2025 in US$

 

10,392

Fair Value, Measurements, Recurring [Member]  
Schedule of significant unobservable inputs used in the fair value measurement

Significant unobservable inputs used in the recurring fair value measurement for long-term available-for-sale debt securities and investments accounted for using fair value option (level 3) are presented below:

Fair value

Valuation technique

Unobservable

inputs

Range

Available-for-sale debt securities

72,670

 Market approach

• Volatility

55.1%~58.2%

Fair Value, Measurements, Nonrecurring [Member]  
Schedule of significant unobservable inputs used in the fair value measurement The significant unobservable inputs used in the fair value measurement and the corresponding impacts to the fair values are presented below:

 

 

 

 

 

Fair value

Valuation technique

Unobservable

inputs

Range

Equity investments accounted for using measurement alternative

42,823

Back-Solve method

• Volatility

69.4%~70.3%

Market Approach

• Volatility

58.2%