Long-term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Investments [Abstract]

Schedule of Equity Investments without Readily Determinable Fair Value

As of December 31, 2024 and 2025, the carrying amounts of the Group’s equity investments without readily determinable fair value were as follows:

	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
	(In thousands)
Initial cost basis		2,140,511			1,908,526			272,916
Cumulative unrealized gains		72,296			79,224			11,329
Cumulative unrealized losses (including impairment)		(1,108,262	)		(942,546	)		(134,782	)
Total carrying amount		1,104,545			1,045,204			149,463

Total realized and unrealized gains and losses for equity securities without readily determinable fair values for the years ended December 31, 2023, 2024 and 2025 are as follows:

	For the year ended December 31,
	2023			2024		2025		2025
	RMB			RMB		RMB		US$
	(In thousands)
Gross unrealized gains (upward adjustments)		4,184			—		19,489		2,787
Gross unrealized losses (downward adjustments excluding impairment)		(8,211	)		—		—		—
Net unrealized gains/(losses) on equity securities held		(4,027	)		—		19,489		2,787
Net realized gains on equity securities sold		—			21,230		10,089		1,443
Total net gains/(losses) recognized		(4,027	)		21,230		29,578		4,230

Schedule of Available-for-Sale Debt Investments Measured at Fair Value and Consist of Convertible Debt Instruments

Available-for-sale debt investments are measured at fair value and consist of convertible debt instruments issued by private companies and investments in preferred shares that are redeemable at the Company’s option with no contractual maturity date.

	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
	(In thousands)
Cost or Amortized cost		819,790			844,790			120,803
Gross unrealized gains		35,062			23,075			3,300
Gross unrealized losses		(65,870	)		(265,205	)		(37,924	)
Fair value		788,982			602,660			86,179