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Investments | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Investments | 8. INVESTMENTS The following sets forth the Group's investments:
|  | As of December 31,
|  | 2022 |  | 2023
|  | RMB |  | RMB
Equity method investments (a) |  | 436,536 |  | 532,314
Equity investments without readily determinable fair values (b) |  | 72,592 |  | 74,544
Available-for-sale debt investments (c) |  | - |  | 13,404
Total |  | 509,128 |  | 620,262
Less: impairment on investments |  | (6,549) |  | (1,510)
Investment, net |  | 502,579 |  | 618,752
(a) As at December 31, 2023 and 2022 the balances represented the Group’s investments made in five and six private entities respectively. (b) As at December 31, 2023 and 2022, the balances represented the Group’s investments made in three private entities. (c) As at December 31, 2023, the balances represented the Group’s investments made in two private entities. For the year ended December 31, 2023, equity method investments held by the Group in aggregate have met the significance criteria as defined under Rule 4-08 (g) of Regulation S-X. Set out below is the summary of combined financial information for all the equity method investments of the Group:
| As of December 31, |
| 2022 |  | 2023 |
| RMB |  | RMB |
Statements of Balance Sheet |  |  |  |
Current assets |  | 246,352 |  |  | 434,906 |
Non-current assets |  | 1,460,018 |  |  | 2,283,127 |
Current liabilities |  | 77,564 |  |  | 101,483 |
Non-current liabilities |  | 19,159 |  |  | 168,272 |
| Year ended December 31, |
| 2021 |  | 2022 |  | 2023 |
| RMB |  | RMB |  | RMB |
Statements of Operation |  |  |  |  |  |
Total revenues |  | 52 |  |  | 153,086 |  |  | 386,856 |
Costs and expenses applicable to net sales or gross revenues |  | (5,167 | ) |  | (75,502 | ) |  | (213,386 | )
Income (loss) from operations |  | (5,115 | ) |  | 77,584 |  |  | 173,469 |
Net income (loss) |  | 16,655 |  |  | 77,593 |  |  | 173,462 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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