v3.26.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Measurement  
Schedule of financial instruments, measured at fair value on a recurring basis, by level within the fair value hierarchy

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measurement at

​

​

​

​

reporting date using

​

​

​

​

Quoted Prices

​

​

​

​

​

​

Fair Value as of

​

in Active Market

​

Significant Other

​

Unobservable

​

​

December 31, 

​

for Identical

​

Observable

​

inputs

Items

  ​ ​ ​

2025

  ​ ​ ​

Assets (Level 1)

  ​ ​ ​

Inputs (Level 2)

  ​ ​ ​

(Level 3)

​

​

RMB

​

RMB

​

RMB

​

RMB

Assets

​

​

​

​

​

​

​

​

Short-term investments

​

840,938

​

—

​

840,938

​

—

Debt investments accounted for at fair value

 

17,521

 

—

 

—

 

17,521

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair value measurement at

​

​

​

​

reporting date using

​

​

​

​

Quoted Prices

​

​

​

​

​

​

Fair Value as of

​

in Active Market

​

Significant Other

​

Unobservable

​

​

December 31,

​

for Identical

​

Observable

​

inputs

Items

  ​ ​ ​

2024

  ​ ​ ​

Assets (Level 1)

  ​ ​ ​

Inputs (Level 2)

  ​ ​ ​

(Level 3)

​

​

RMB

​

RMB

​

RMB

​

RMB

Assets

​

​

​

​

​

​

​

​

Short-term investments

 

538,816

 

—

 

538,816

 

—