5. Short-term Investments

The following is a summary of short-term investments:

 

The Group’s short-term investments primarily include financial products with variable interest rates referenced to the performance of underlying assets issued by well-known banks or shares of publicly traded companies, which the Group intends to sell within twelve months.

For the years ended December 31, 2023, 2024 and 2025, the Group recorded investment loss of RMB187.6 million, investment income of RMB69.5 million and RMB77.1 million related to short-term investments on the consolidated statements of operations and comprehensive (loss)/income, respectively.