v3.26.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Financial instruments measured at fair value on 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 (in thousands):

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

Carrying
Value
on Balance
Sheets

 

 

Quote Prices
in Active
Market for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

RMB

 

As of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Term deposits and short-term investments

 

 

428,343

 

 

 

—

 

 

 

428,343

 

 

 

—

 

Restricted cash

 

 

9,761

 

 

 

9,761

 

 

 

—

 

 

 

—

 

Available-for-sale debt investments

 

 

313

 

 

 

—

 

 

 

—

 

 

 

313

 

As of December 31, 2025:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Term deposits and short-term investments

 

 

464,226

 

 

 

—

 

 

 

464,226

 

 

 

—

 

Restricted cash

 

 

16,102

 

 

 

16,102

 

 

 

—

 

 

 

—

 

Available-for-sale debt investments

 

 

306

 

 

 

—

 

 

 

—

 

 

 

306

 

Reconciliation of fair value measurements of available-for-sale debt investments

The following table sets forth the reconciliation of the fair value measurements of available-for-sale debt investments from January 1, 2023 to December 31, 2025 (in thousands):

 

 

Fair Value
Measurements of
Available-for-sale
Debt Investments

 

 

 

RMB

 

Ending balance as of January 1, 2023

 

 

304

 

Currency translation adjustment

 

 

5

 

Ending balance as of December 31, 2023

 

 

309

 

Currency translation adjustment

 

 

4

 

Ending balance as of December 31, 2024

 

 

313

 

Currency translation adjustment

 

 

(7

)

Ending balance as of December 31, 2025

 

 

306

 

 

Key inputs used in valuation of available-for-sale investments in particle

The key inputs used in valuation of available-for-sale debt investments in Particle as of December 31, 2023, 2024 and 2025 were as follow:

 

 

As of December 31,

 

 

2023

 

2024

 

2025

Lack of marketability discount (“DLOM”)

 

20%

 

20%

 

20%

Volatility

 

50.0%

 

50.0%

 

50.0%