| Other Non-Current Assets,net |
(9) Other Non-Current Assets, net Other non-current assets, net consist of the following: | | | As of
December 31,
2025 | | | As of
June 30,
2026 | | | | | RMB | | | RMB | | | Equity investments without readily determinable fair value (Note 2(k)) | | | 236,819 | | | | 41,228 | | | Long-term hybrid instrument (Note 2(k)) (i) | | | 125,000 | | | | 125,000 | | | Amount due from a third party (ii) | | | 33,063 | | | | 33,062 | | | Others | | | 667 | | | | 442 | | | Less: Allowance for expected credit losses | | | (33,074 | ) | | | (33,070 | ) | | Less: Impairment loss | | | (125,000 | ) | | | (125,000 | ) | | | | | 237,475 | | | | 41,662 | | The following table summarizes the movement of the Group’s allowance for expected credit losses of other non-current assets: | | | For the six months ended, | | | | | June 30,
2025 | | | June 30,
2026 | | | | | RMB | | | RMB | | | Balance at the beginning of the period | | | 4,032 | | | | 33,074 | | | Current period allowance for expected credit losses | | | 492 | | | | (4 | ) | | Balance at the end of the period | | | 4,524 | | | | 33,070 | | | (i) | Amount represented a two-year-term debt security valued at RMB125,000 with a fixed return rate of 6% and an additional earning right contingently upon certain conditions met within the contract term. The Group recorded impairment loss on investment in debt securities of RMB125,000 as of December 31, 2025 in the consolidated statements of income (loss) and comprehensive (loss) income. | | (ii) | Amount represented a term-loan (matures in September 2028) to a third party of RMB30,000 and corresponding interest receivable RMB3,063 as of June 30,2026. The loan bears interest rate 4.5% per annum and is guaranteed by the ultimate controlling owner of the borrower, whom is jointly liable. |
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