| Schedule of Equity Investments without Readily Determinable Fair Value |
As of December 31, 2024 and 2025, the carrying amounts of the Group’s equity investments without readily determinable fair value were as follows:
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As of December 31, |
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2024 |
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2025 |
|
|
2025 |
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|
|
RMB |
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|
RMB |
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|
US$ |
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|
|
(In thousands) |
|
Initial cost basis |
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2,140,511 |
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|
1,908,526 |
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|
272,916 |
|
Cumulative unrealized gains |
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|
72,296 |
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|
79,224 |
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|
11,329 |
|
Cumulative unrealized losses (including impairment) |
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|
(1,108,262 |
) |
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(942,546 |
) |
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(134,782 |
) |
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|
|
|
|
|
|
|
|
Total carrying amount |
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|
1,104,545 |
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|
1,045,204 |
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|
149,463 |
|
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:
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For the year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
|
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RMB |
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|
RMB |
|
|
RMB |
|
|
US$ |
|
|
|
(In thousands) |
|
Gross unrealized gains (upward adjustments) |
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|
4,184 |
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|
|
— |
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|
|
19,489 |
|
|
|
2,787 |
|
Gross unrealized losses (downward adjustments excluding impairment) |
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|
(8,211 |
) |
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— |
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|
|
— |
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|
— |
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|
|
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|
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|
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|
Net unrealized gains/(losses) on equity securities held |
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|
(4,027 |
) |
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|
— |
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|
19,489 |
|
|
|
2,787 |
|
Net realized gains on equity securities sold |
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— |
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|
|
21,230 |
|
|
|
10,089 |
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|
1,443 |
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|
Total net gains/(losses) recognized |
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|
(4,027 |
) |
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|
21,230 |
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|
29,578 |
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|
4,230 |
|
|
| Schedule of Available-for-Sale Debt Investments Measured at Fair Value and Consist of Convertible Debt Instruments |
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.
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As of December 31, |
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2024 |
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2025 |
|
|
2025 |
|
|
|
RMB |
|
|
RMB |
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|
US$ |
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|
|
(In thousands) |
|
Cost or Amortized cost |
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|
819,790 |
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|
844,790 |
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|
120,803 |
|
Gross unrealized gains |
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|
35,062 |
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|
23,075 |
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|
3,300 |
|
Gross unrealized losses |
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|
(65,870 |
) |
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|
(265,205 |
) |
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(37,924 |
) |
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Fair value |
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|
788,982 |
|
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|
602,660 |
|
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|
86,179 |
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