The Group’s long-term investments primarily consist of equity investments without readily determinable fair value, equity method investments and available-for-sale debt investments.

As of December 31, 2024 and 2025, the carrying amounts of the Group’s equity investments without readily determinable fair value were as follows:


	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
	(In thousands)
Initial cost basis		2,140,511			1,908,526			272,916
Cumulative unrealized gains		72,296			79,224			11,329
Cumulative unrealized losses (including impairment)		(1,108,262	)		(942,546	)		(134,782	)

Total carrying amount		1,104,545			1,045,204			149,463

Impairment charges recognized on equity investments measured using the measurement alternative were RMB280.6 million, RMB146.5 million and RMB37.9 million (US$5.4 million) for the years ended December 31, 2023, 2024 and 2025, respectively.

Total realized and unrealized gains and losses for equity securities without readily determinable fair values for the years ended December 31, 2023, 2024 and 2025 are as follows:


	For the year ended December 31,
	2023			2024		2025		2025
	RMB			RMB		RMB		US$
	(In thousands)
Gross unrealized gains (upward adjustments)		4,184			—		19,489		2,787
Gross unrealized losses (downward adjustments excluding impairment)		(8,211	)		—		—		—

Net unrealized gains/(losses) on equity securities held		(4,027	)		—		19,489		2,787
Net realized gains on equity securities sold		—			21,230		10,089		1,443

Total net gains/(losses) recognized		(4,027	)		21,230		29,578		4,230

As of December 31, 2024 and 2025, the Group held several equity method investments through its subsidiaries or VIEs, all of which the Group can exercise significant influence but does not own a majority equity interest in or has control over. There was no individually significant equity method investment. The carrying amounts of the Group’s equity method investments in aggregate were RMB205.5 million and RMB115.7 million (US$16.6 million) as of December 31, 2024 and 2025, respectively.

Available-for-sale debt investments are measured at fair value and consist of convertible debt instruments issued by private companies and investments in preferred shares that are redeemable at the Company’s option with no contractual maturity date.


	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
	(In thousands)
Cost or Amortized cost		819,790			844,790			120,803
Gross unrealized gains		35,062			23,075			3,300
Gross unrealized losses		(65,870	)		(265,205	)		(37,924	)

Fair value		788,982			602,660			86,179