Financial Instruments

12 Months Ended

Dec. 31, 2025

Financial Instruments

Financial Instruments

26.

Financial Instruments

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2024 (in thousands):


		Fair Value Measurements
		RMB
				Quoted Prices in
				Active Market		Significant Other		Significant
				for Identical		Observable		Unobservable
				Assets		Inputs		Inputs
		Total		(Level 1)		(Level 2)		(Level 3)
Equity investments with readily determinable fair values		2,375,785		2,375,785		—		—
Short-term investments		10,756,143		—		10,756,143		—
Investments accounted for at fair values		241,570		—		—		241,570
Total		13,373,498		2,375,785		10,756,143		241,570

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy as of December 31, 2025 (in thousands):


		Fair Value Measurements
		RMB
				Quoted Prices in
				Active Market		Significant Other		Significant
				for Identical		Observable		Unobservable
				Assets		Inputs		Inputs
		Total		(Level 1)		(Level 2)		(Level 3)
Equity investments with readily determinable fair values		5,636,797		5,636,797		—		—
Short-term investments		22,803,503		—		22,803,503		—
Investments accounted for at fair values		153,304		—		—		153,304
Total		28,593,604		5,636,797		22,803,503		153,304

The rates of interest under the loan agreements with the lending banks were determined based on the prevailing interest rates in the market. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements of short-term bank loans. For other financial assets and liabilities with carrying values that approximate fair value, if measured at fair value in the financial statements, these financial instruments would be classified as Level 3 in the fair value hierarchy.

As of December 31, 2024 and 2025, certain equity investments without determinable fair value (Note 9) were measured using significant unobservable inputs (Level 3) and written down from their respective carrying value to fair value, with impairment charges of RMB1.0 billion and RMB2.4 billion incurred and recorded in earnings for the years then ended.