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FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

22. FAIR VALUE MEASUREMENT

The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy on a recurring basis as of December 31, 2024 and 2025:

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Fair value measurement at reporting date using
​	​	​	​	Quoted prices	​	Significant	​	Significant
​	​	​	​	in active	​	other	​	other
​	​	​	​	markets for	​	observable	​	unobservable
​	​	​	​	identical assets	​	inputs	​	inputs
​	​	December 31,	​	​	​	​	​	​
​	​ ​ ​	2024	​ ​ ​	(Level 1)	​ ​ ​	(Level 2)	​ ​ ​	(Level 3)
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB
​	​	(in thousands)
Assets	​	​	​	​	​	​	​	​
Fair value disclosure	​	​	​	​	​	​	​	​
Short-term investments	​	​	​	​	​	​	​	​
Short-term time deposits	​	14,874,498	​	—	​	14,874,498	​	—
Held-to-maturity debt investments	​	5,420,043	​	—	​	5,420,043	​	—
Long-term investments	​	​	​	​	​	​	​	​
Long-term time deposits	​	15,568,643	​	—	​	15,568,643	​	—
Held-to-maturity debt investments		1,798,444	​	—	​	1,798,444	​	—
Fair value measurements on a recurring basis		​	​	​	​	​	​	​
Short-term investments		​	​	​	​	​	​	​
Wealth management products		20,474,093	​	—	​	19,224,772	​	1,249,321
Available-for-sale debt investments	​	551,348	​	—	​	551,348	​	—
Long-term investments	​	​	​	​	​	​	​	​
Equity investments without readily determinable fair value using the NAV practical expedient (i)	​	60,691	​	​	​	​	​	​
Investments accounted for at fair value	​	1,014,400	​	56,164	​	891,192	​	67,044
Available-for-sale debt investments		4,935,699	​	—	​	4,935,699	​	—
Total		64,697,859	​	56,164	​	63,264,639	​	1,316,365

​

​

22. FAIR VALUE MEASUREMENT (Continued)

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Fair value measurement at reporting date using
​	​	​	​	Quoted prices	​	Significant	​	Significant
​	​	​	​	in active	​	other	​	other
​	​	​	​	markets for	​	observable	​	unobservable
​	​	​	​	identical assets	​	inputs	​	inputs
​	​	December 31,	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	(Level 1)	​ ​ ​	(Level 2)	​ ​ ​	(Level 3)
​	​	RMB	​	RMB	​	RMB	​	RMB
​	​	(in thousands)
Assets	​	​	​	​	​	​	​	​
Fair value disclosure	​	​	​	​	​	​	​	​
Short-term investments	​	​	​	​	​	​	​	​
Short-term time deposits	​	7,057,770	​	—	​	7,057,770	​	—
Held-to-maturity debt investments	​	5,453,966	​	—	​	5,453,966	​	—
Long-term investments	​	​	​	​	​	​	​	​
Long-term time deposits	​	11,477,840	​	—	​	11,477,840	​	—
Held-to-maturity debt investments		1,079,884	​	—	​	1,079,884	​	—
Fair value measurements on a recurring basis		​	​	​	​	​	​	​
Short-term investments		​	​	​	​	​	​	​
Wealth management products		21,625,789	​	—	​	20,736,797	​	888,992
Available-for-sale debt investments		5,370,207	​	—	​	5,370,207	​	—
Long-term investments	​	​	​	​	​	​	​	​
Equity investments without readily determinable fair value using the NAV practical expedient (i)	​	59,446	​	​	​	​	​	​
Investments accounted for at fair value	​	5,717,276	​	53,674	​	5,580,750	​	82,852
Total		57,842,178	​	53,674	​	56,757,214	​	971,844

(i) Investments are measured at fair value using the NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

​

22. FAIR VALUE MEASUREMENT (Continued)

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

Short-term investments:

​

​	​	​
​	​	Amounts
​	​	RMB
​	​ ​ ​	(in thousands)
Fair value as of December 31, 2023	​	2,415,208
Addition	​	357,930
Change in fair value (i)	​	57,579
Exchange adjustment	​	30,163
Disposal	​	(1,611,559)
Fair value as of December 31, 2024	​	1,249,321
Addition		—
Change in fair value (i)		73,241
Exchange adjustment		(27,396)
Disposal		(406,174)
Fair value as of December 31, 2025		888,992

(i) Recognized as “Fair value changes in investments, net” on the consolidated statements of comprehensive income.

Long-term investments:

​

​	​	​
​	​	Amounts
​	​	RMB
​	​ ​ ​	(in thousands)
Fair value as of December 31, 2023	​	115,167
Addition	​	100
Change in fair value (i)	​	(43,196)
Disposal	​	(5,027)
Fair value as of December 31, 2024	​	67,044
Addition		12,088
Change in fair value (i)		3,820
Disposal		(100)
Fair value as of December 31, 2025		82,852

(i)Recognized as “Fair value changes in investments, net” on the consolidated statements of comprehensive income.

​

22. FAIR VALUE MEASUREMENT (Continued)

Assets Measured at Fair Value on a Non-Recurring Basis

Investments without readily determinable fair value

The Group measures equity method investments at fair value on a non-recurring basis only if an impairment charge is recognized.

For those equity investments without readily determinable fair value and accounted for other than under the equity method, the Group measures them at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. If this measurement alternative is elected, changes in the carrying value of the equity investments will be required to be made whenever there are observable price changes in transactions for identical or similar investments of the same issuer. The implementation guidance notes that an entity should make a “reasonable effort” to identify price changes that are known or that can reasonably be known.

As of December 31, 2024 and 2025, certain investments were assessed for impairment by considering factors, including but not limited to, the stage of development, the business plan, the financial condition, the sufficiency of funding and the operating performance of the investee companies. These investments were measured using unobservable inputs (Level 3) and written down from their respective carrying values to fair value,with impairment charges incurred and recorded in consolidated statements of comprehensive income for the years then ended.

Non-financial assets

The Group’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, would be measured at fair value only if they were determined to be impaired.

The Group reviews long-lived assets and certain identifiable intangible assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determination of recoverability is based on an estimate of undiscounted future cash flows resulting from the use of the asset and its eventual disposition. Impairment loss for those assets was recognized based on the impairment test using the discounted cash flow method. The impairment recognized on the intangible assets and long-lived assets based on management’s assessment amounted to nil, RMB53.4 million and nil for the years ended December 31, 2023, 2024 and 2025, respectively.

The Group has a policy to perform goodwill impairment testing at the reporting unit level on December 31 annually, and between annual tests whenever a triggering event occurs. When performing the quantitative impairment test at the reporting unit level, the Group considers a number of factors including but not limited to expected future cash flows, growth rates, discount rates, and comparable multiples from publicly traded companies in the industry. The impairment recognized on goodwill based on management’s assessment amounted to RMB93.4 million, RMB98.2 million and RMB116.3 million for the years ended December 31, 2023, 2024 and 2025, respectively. The fair value of reporting units was determined using Level 3 inputs.

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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.

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