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Fair Value Measurement

12 Months Ended

Dec. 31, 2024

Fair Value Measurement

Fair Value Measurement

7. Fair Value Measurement

Recurring

The following table presents the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis subsequent to initial recognition:

​

​	​	​	​	​	​	​	​	​
December 31, 2023		Level 1		Level 2		Level 3		Fair Value
​	​	RMB	​	RMB	​	RMB	​	RMB
Assets
Investments under fair value option		—		1,668,550		—		1,668,550
Total Assets		—		1,668,550		—		1,668,550

​

​	​	​	​	​	​	​	​	​
December 31, 2024	​	Level 1	​	Level 2	​	Level 3	​	Fair Value
​		RMB		RMB		RMB		RMB
Assets
Investments under fair value option		—		584,773		—		584,773
Available-for-sale investments	​	—	​	332,489	​	—	​	332,489
Total Assets		—		917,262		—		917,262

​

The Group elected the fair value option to record wealth management products with variable interest rates and deposits indexed to foreign exchange with maturities less than one year and accounted them at fair value.

For the available-for-sale investments, the Group estimates their fair value using the expected yield on similar instruments in the market, and classifies the valuation techniques that use these inputs as Level 2.

Non-recurring

Certain assets, such as prepayment, intangible asset, long-term equity investment are measured at fair value only if they were determined to be impaired. The fair values were measured under income approach, based on the Company’s best estimation. Significant inputs (level 3) used in the income approach primarily included future estimated cash flows and discount rate.

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- Definition

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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