Short-Term Investments

12 Months Ended

Dec. 31, 2025

4.	SHORT-TERM INVESTMENTS

As of December 31, 2025, the carrying amounts of short-term investments were as follows:


	As of December 31, 2025
	Quantity(i)		Cost Basis		Fair Value		Exchange difference			Cumulative gain or loss
			RMB		RMB		RMB			RMB
Paper gold		3,349		94,393		101,408		(114	)		7,129
Crypto assets of Bitcoin and Ethereum		137		24,693		23,305		19			(1,407	)

				119,086		124,713		(95	)		5,722

(i)	Actual paper gold and crypto assets quantity held. Quantities of paper gold are expressed in ounces, and quantities of crypto assets are expressed in number of coins.

The Group recorded a net gain of RMB5,722 on these investments due to changes in fair value for the year ended December 31, 2025.