FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

11. FAIR VALUE MEASUREMENT

Measured at fair value on a recurring basis

As of December 31, 2024 and 2025, short-term and long-term investments measured at fair value are as follows:


	Fair value measurement as of December 31, 2025
	Quoted prices in active market for identical assets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)
	RMB		RMB		RMB		RMB
Short-term investments:
Available-for-sale debt investments
- Wealth management products		—		2,137,269		75,448		2,212,717
Investments elected to measure at fair value
- Wealth management products		—		—		249,033		249,033
Long-term investments:
Available-for-sale debt investments
- Wealth management products		—		62,393		275,101		337,494
Investments elected to measure at fair value
- Wealth management products		—		—		212,147		212,147
Total		—		2,199,662		811,729		3,011,391

11. FAIR VALUE MEASUREMENT - continued

Measured at fair value on a recurring basis - continued


	Fair value measurement as of December 31, 2024
	Quoted prices in active market for identical assets		Significant other observable inputs		Significant unobservable inputs		Total
	(Level 1)		(Level 2)		(Level 3)
	RMB		RMB		RMB		RMB
Short-term investments:
Available-for-sale debt investments
- Wealth management products		202,635		783,007		—		985,642
Investments elected to measure at fair value
- Wealth management products		—		712,672		—		712,672
Long-term investments:
Available-for-sale debt investments
- Wealth management products		—		863,625		—		863,625
Investments elected to measure at fair value
- Wealth management products		—		59,115		—		59,115
Total		202,635		2,418,419		—		2,621,054

The following table provides additional information about the reconciliation of the fair value measurements of assets using significant unobservable inputs (Level 3).


	Level 3 investments
	RMB
Balance as of December 31, 2024		—
Initial recognition		2,074,411
Unrealized gain		24,468
Disposals		(1,269,129	)
Foreign exchange difference		(18,021	)
Balance as of December 31, 2025		811,729

11. FAIR VALUE MEASUREMENT - continued

Measured at fair value on a recurring basis - continued

The Group’s available-for-sale debt investments and investments elected to measure at fair value as of December 31, 2024 and 2025 mainly consist of wealth management products purchased from banks. Those wealth management products with fair value which is determined based on the quoted market prices currently available on the website of the bank have been categorized as Level 1. Those wealth management products are valued using directly or indirectly observable inputs in the market place have been categorized as Level 2. The remaining wealth management products which are unobservable inputs to the valuation methodology have been categorized as Level 3.

A summary of available-for-sale investments during the years ended December 31, 2024 and 2025 is presented as below:


	As of December 31, 2025
	Original cost		Unrealized gains		Unrealized loss		Provision for decline in value		Fair value
	RMB		RMB		RMB		RMB		RMB
Short-term investments:
Available-for-sale debt investments
- Wealth management products		2,147,254		65,463		—		—		2,212,717
Long-term investments:
Available-for-sale debt investments
- Wealth management products		330,472		7,022		—		—		337,494
Total		2,477,726		72,485		—		—		2,550,211


	As of December 31, 2024
	Original cost		Unrealized gains		Unrealized loss		Provision for decline in value		Fair value
	RMB		RMB		RMB		RMB		RMB
Short-term investments:
Available-for-sale debt investments
- Wealth management products		966,011		19,631		—		—		985,642
Long-term investments:
Available-for-sale debt investments
- Wealth management products		824,015		39,610		—		—		863,625
Total		1,790,026		59,241		—		—		1,849,267

11. FAIR VALUE MEASUREMENT - continued

Measured at fair value on a recurring basis - continued

For the years ended December 31, 2024 and 2025, a gain of RMB12,860 and RMB36,838 resulting from changes in fair value of the products under fair value option was recorded in other income, respectively.

As of December 31, 2025, RMB2,212,717 available-for-sale investments and RMB249,033 investments elected to measure at fair value will mature within one year, RMB337,494 available-for-sale investments and RMB214,147 investments elected to measure at fair value will mature more than one year.

Measured at fair value on a non-recurring basis

The Group’s non-financial assets, such as property, equipment and software and acquired intangible assets, would be measured at fair value on a non-recurring basis whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group recorded nil, nil and RMB582 of impairment losses on intangible assets during the years ended December 31, 2023, 2024 and 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details