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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Schedule Of Fair Value Of Assets And Liabilities On Recurring Basis

As of December 31, 2023 and 2024, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


As of December 31, 2023	Fair Value Measurement at Reporting Date Using
Description	Fair Value as of December 31		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments:
Wealth management products		434,006		—		434,006		—
Long-term investments:
Wealth management products		677,867		—		677,867		—
Available-for-sale debts securities		830,966		—		—		830,966


As of December 31, 2024	Fair Value Measurement at Reporting Date Using
Description	Fair Value as of December 31		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments:
Wealth management products		1,725,051		—		1,725,051		—
Long-term investments:
Wealth management products		1,389,779		—		1,389,779		—
Available-for-sale debts securities		640,645		—		—		640,645

Schedule of Reconciliations of Assets Categorized Within Level 3 Under The Fair Value Hierarchy

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:

Available-for sale debt investments:


	Amounts
	RMB
	(In thousands)
Balance at December 31, 2022		—
Additions		474,909
Reclassed from equity investment without readily determinable fair value		359,242
Foreign currency translation adjustments		(3,185	)

Balance at December 31, 2023		830,966

Additions		142,060
Net unrealized fair value change recognized in other comprehensive income		599
Accrued interest from convertible note (note 9)		11,013
Impairment loss		(352,742	)
Foreign currency translation adjustments		8,749

Balance at December 31, 2024		640,645

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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