| Schedule of financial instruments measured at fair value |
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 |
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