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Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair value measurements

Summary of financial instruments measured at fair value on recurring basis

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	As of December 31, 2024
​	​	Level 1	​ ​ ​	Level 2	​ ​ ​	Level 3	​ ​ ​	Total
​	​	RMB	​	RMB	​	RMB	​	RMB
Assets	​	​	​	​	​	​	​	​
Available-for-sale debt investments (i)		—		—		283,054		283,054

​

​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2025
​	​ ​ ​	Level 1	​ ​ ​	Level 2	​ ​ ​	Level 3	​ ​ ​	Total
​	​	RMB	​	RMB	​	RMB	​	RMB
Assets		​		​		​		​
Available-for-sale debt investments (i)		—		—		163,027		163,027

(i) Available-for-sale debt investments are investments made by the Group without readily determinable fair values as set out in Note 9, which were categorized as Level 3 in the fair value hierarchy. These investments were valued based on a model utilizing unobservable inputs requiring significant management judgment and estimation. The Company uses a combination of valuation methodologies, including income approaches based on the Company’s best estimate, which is determined by using information including but not limited to future cash flow forecasts, liquidity factors and multiples of a selection of comparable companies.

Summary of roll forward of Level 3 investments

​

​	​	​
​	​ ​ ​	Total
Fair value of Level 3 investments as at December 31, 2023		428,512
New additions		—
Recognised in net loss	​	(66,339)
Recognised in other comprehensive income (loss)	​	(79,119)
Fair value of Level 3 investments as at December 31, 2024		283,054
New additions		—
Recognised in net loss	​	(76,458)
Recognised in other comprehensive income (loss)	​	(43,569)
Fair value of Level 3 investments as at December 31, 2025		163,027

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 101
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-101

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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