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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2025
FAIR VALUE MEASUREMENT |
Schedule of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2024
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
Assets: | ​ | (in thousands)
Investments accounted for under readily determinable fair values |  | 1,020 |  | — |  | — |  | 1,020
Cryptocurrencies |  | 206,130 |  | — |  | — |  | 206,130
Call option assets |  | — |  | — |  | 15,843 |  | 15,843
Total |  | 207,150 |  | — |  | 15,843 |  | 222,993
Liabilities: |  | ​ |  | ​ |  | ​ |  | ​
Conversion Feature Derivative Liability |  | — |  | — |  | — |  | —
Put option liabilities |  | — |  | — |  | 1,923 |  | 1,923
Total |  | — |  | — |  | 1,923 |  | 1,923
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2025
​ | ​ | Level 1 | ​ | Level 2 | ​ | Level 3 | ​ | Total
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | USD
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
Assets: | ​ | (in thousands)
Investments accounted for under readily determinable fair values | ​ | 162 | ​ | — | ​ | — | ​ | 162 | ​ | 23
Cryptocurrencies | ​ | 252,206 | ​ | — | ​ | — | ​ | 252,206 | ​ | 36,065
Call option assets | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Total | ​ | 252,368 | ​ | — | ​ | — | ​ | 252,368 | ​ | 36,088
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Conversion Feature Derivative Liability | ​ | — | ​ | — | ​ | 24,589 | ​ | 24,589 | ​ | 3,516
Put option liabilities | ​ | — | ​ | — | ​ | 112 | ​ | 112 | ​ | 16
Total | ​ | — | ​ | — | ​ | 24,701 | ​ | 24,701 | ​ | 3,532
​

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 + Details
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