v3.26.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement
3.
FAIR VALUE MEASUREMENT

Assets measured at fair value on a recurring basis or disclosed at fair value

 

 

Fair Value Measurement or Disclosure at
December 31, 2025 Using

 

 

 

 

 

 

 

 

Quoted Prices
in Active Market
for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Fair Value at
December 31, 2025

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

US$

 

 

(in thousands)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

—

 

 

 

12,838,137

 

 

 

—

 

 

 

12,838,137

 

 

 

1,835,829

 

Adjustable-rate financial products

 

 

—

 

 

 

4,264,781

 

 

 

—

 

 

 

4,264,781

 

 

 

609,856

 

Equity investments with readily
   determinable fair value

 

 

8,093

 

 

 

—

 

 

 

—

 

 

 

8,093

 

 

 

1,157

 

Other long-term investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustable-rate financial products

 

 

—

 

 

 

2,124,783

 

 

 

—

 

 

 

2,124,783

 

 

 

303,840

 

 

 

8,093

 

 

 

19,227,701

 

 

 

—

 

 

 

19,235,794

 

 

 

2,750,682

 

 

 

Fair Value Measurement or Disclosure at
December 31, 2024 Using

 

 

 

 

 

Quoted Prices
in Active Market
for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Unobservable
Inputs
(Level 3)

 

 

Fair Value at
December 31,
2024

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

 

(in thousands)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

—

 

 

 

7,188

 

 

 

—

 

 

 

7,188

 

Short-term investments

 

 

 

 

 

 

 

 

 

 

 

 

Time deposits

 

 

—

 

 

 

15,196,867

 

 

 

—

 

 

 

15,196,867

 

Adjustable-rate financial products

 

 

—

 

 

 

6,471,968

 

 

 

—

 

 

 

6,471,968

 

Equity investments with readily
   determinable fair value

 

 

5,479

 

 

 

—

 

 

 

—

 

 

 

5,479

 

 

 

5,479

 

 

 

21,676,023

 

 

 

—

 

 

 

21,681,502

 

 

Other financial instruments

Financial assets other than disclosed above, including accounts receivable, amounts due from related parties, prepaid expenses and other current assets excluding prepayments and staff advances, and other non-current assets excluding operating lease right-of-use assets, are not measured at fair value in the consolidated balance sheets, and the carrying values excluding other non-current assets approximated fair value due to their short-term maturity. Financial liabilities, including accrued expense and other payables, and amounts due to related parties, are also not measured at fair value in the consolidated balance sheets, and the carrying values approximated fair value due to their short-term maturity.

Assets and liabilities measured at fair value on a non-recurring basis

The Company measures certain assets, including long-term equity investments, goodwill and intangible assets, at fair value on a non-recurring basis when they are deemed to be impaired (Level 3). The fair values of these assets are determined based on valuation techniques using the best information available, and may include management judgments, future performance projections, etc. An impairment charge to these investments is recorded when the cost of the investment exceeds its fair value and this condition is determined to be other-than-temporary.