| Summary of assets 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:
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fair value measurement as of December 31, 2025 |
|
|
|
Quoted prices
in active
market for
identical
assets |
|
|
Significant
other
observable
inputs |
|
|
Significant
unobservable
inputs |
|
|
Total |
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|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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|
|
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
Short-term investments: |
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|
|
|
|
|
|
|
|
|
|
Available-for-sale debt investments |
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|
|
|
|
|
|
|
|
|
|
|
- Wealth management products |
|
|
— |
|
|
|
2,137,269 |
|
|
|
75,448 |
|
|
|
2,212,717 |
|
Investments elected to measure at fair value |
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|
|
|
|
|
|
|
|
|
|
- Wealth management products |
|
|
— |
|
|
|
— |
|
|
|
249,033 |
|
|
|
249,033 |
|
Long-term investments: |
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|
|
|
|
|
|
|
|
|
|
|
Available-for-sale debt investments |
|
|
|
|
|
|
|
|
|
|
|
|
- Wealth management products |
|
|
— |
|
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|
62,393 |
|
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|
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
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|
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|
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: |
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|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| Summary of reconciliation of fair value measurements of assets using significant unobservable inputs |
The following table provides additional information about the reconciliation of the fair value measurements of assets using significant unobservable inputs (Level 3).
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|
Level 3 investments |
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|
RMB |
|
Balance as of December 31, 2024 |
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|
— |
|
Initial recognition |
|
|
2,074,411 |
|
Unrealized gain |
|
|
24,468 |
|
Disposals |
|
|
(1,269,129 |
) |
Foreign exchange difference |
|
|
(18,021 |
) |
Balance as of December 31, 2025 |
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|
811,729 |
|
|
| Summary of available-for-sale investments |
A summary of available-for-sale investments during the years ended December 31, 2024 and 2025 is presented as below:
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|
|
|
|
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 |
|
|