v3.26.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurement [Abstract]  
Schedule of Fair Value Measurement Hierarchy

The following tables illustrate the fair value measurement hierarchy of the Company’s financial instruments:

 

   Quoted prices
in active markets
   Significant
observable inputs
   Significant
unobservable inputs
 
   (Level 1)   (Level 2)   (Level 3) 
For the Year Ended December 31, 2024  RMB   RMB   RMB 
Financial assets at fair value through            
Fair value gains from financial assets at fair value through profit or loss-Chengdu Fish Bubble Technology Co, Ltd., net   
       -
    
        -
    (21,248)
Schedule of Financial Assets at Fair Value

The movements of financial assets at fair value through profit or loss are set out as below:

 

   As of December 31, 
   2023   2024   2025* 
   RMB   RMB   RMB   USD 
At the beginning of year   69,129    105,629    
-
    
-
 
Exchange difference of beginning balance   
-
    
-
    
-
    
-
 
Total gains recognized in profit or loss   36,500    (21,248)   3,524    504 
Disposals   
-
    (84,381)   
-
    
-
 
At the end of year   105,629    
-
    3,524    504 

 

*Fair value measurement was RMB3,524 (USD504) for the year ended December 31, 2025. The Group elected the NAV practical expedient under ASC 820-10-15-4 to measure this investment. The investment is excluded from the Level 1/2/3 fair value hierarchy. The fund’s NAV as of December 31, 2025 was HKD 8,027.23 per share (confirmed by third- party valuation). The investment has a 10-year lock-up period. The Group subscribed in May 2025 for HKD 103,950.
Schedule of Inputs to the Valuation Model The following table lists the inputs to the model used:
   As of December 31, 
   2024   2025 
   %   % 
Risk-free interest rate   4.48%   
-
 
Discounts for lack of marketability   5%-22%   
-