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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2025
INVESTMENTS |
Schedule of Investments in equity investees | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Share | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ownership as of | ​
​ | ​ ​ ​ | December 31, | ​ ​ ​ | December 31, | ​ ​ ​ | December 31, | ​ ​ ​ | December 31, |
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​ ​ ​ | 2025 | ​ ​ ​ | 2025 |
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$ | ​ ​ ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | (Note 3) | ​ | ​ |
​ | ​ | ​ | ​ | (in thousands) | ​ | ​ | ​ | ​ | ​
Investments accounted for under equity method: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Maxline Holdings Limited (“Maxline”) <1> |  | — | ​ | — | ​ | — | ​ | 29.00 | %**
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments accounted for under cost method: |  | ​ |  | ​ |  | ​ | ​ | ​ | ​
Nanyang Biologics Pte Ltd. (“Nanyang Biologics”) <2> | ​ | — | ​ | — | ​ | — | ​ | 14.54 | %
Beijing Weiming Naonao Technology Co., Ltd. (“BeijingNaonao”) <3> | ​ | 58,474 | ​ | — | ​ | — | ​ | 8.30 | %
ZTE9 Network Technology Co., Ltd., Wuxi (“ZTE9”) <16> |  | — | ​ | — | ​ | — | ​ | 5.00 | %
Shanghai Ronglei Culture Communication Co., Ltd. (“Shanghai Ronglei”) <11> |  | 5,000 | ​ | — | ​ | — | ​ | 12.92 | %
Shanghai The9 Education Technology Co., Ltd. (“The9 Education Technology”) | ​ | — | ​ | — | ​ | — | ​ | 19.20 | %
Dragonfly Ventures II, L.P. (“Dragonfly”) <9> | ​ | 19,520 | ​ | 19,520 | ​ | 2,791 | ​ | 1.19 | %
Redblock Inc. (“Redblock”) <4> |  | 1,943 | ​ | 1,943 | ​ | 278 | ​ | 1.00 | %**
Gameway Pte. Ltd. (“Gameway”) <12> | ​ | 635 | ​ | — | ​ | — | ​ | 1.25 | %**
Zhenjiang Kexin Power System Design and Research Co., Ltd. (“Zhenjiang Kexin”) <17> | ​ | — | ​ | — | ​ | — | ​ | 9.90 | %
Hangzhou Lianfang Technology Co., Ltd. (“Hangzhou Lianfang”) <6> | ​ | — | ​ | — | ​ | — | ​ | 4.00 | %
Skychain Technologies Inc. (“Skychain”) <18> | ​ | — | ​ | — | ​ | — | ​ | 15.11 | %**
Shanghai Institute of Visual Art of Fudan University (“SIVA”) <10> | ​ | — | ​ | — | ​ | — | ​ | 1.28 | %
Kuaijin Shidai (Xiamen) Technology Co., Ltd. (“KuaiJin”) <13> | ​ | 67,360 | ​ | 67,360 | ​ | 9,632 | ​ | 15 | %
Shenma Limited (“Shenma”) <14> | ​ | 82,573 | ​ | 82,573 | ​ | 11,808 | ​ | 19 | %
Wuhan Weixiang Science And Technology Co., Ltd. (“WeiXiang”) <15> | ​ | 60,698 | ​ | — | ​ | — | ​ | 3.33 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investments accounted for under readily determinable fair values | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nano Labs, Ltd. (“Nano Labs”) <8> | ​ | 469 | ​ | 162 | ​ | 23 | ​ | * | ​
SMI Vantage(“SMI”) <5> | ​ | 550 | ​ | — | ​ | — | ​ | 7.4 | %
FF Intelligent Mobility Global Holdings Ltd. (“FF Intelligent”) <7> | ​ | 1 | ​ | — | ​ | — | ​ | * | ​
Total | ​ | 297,223 | ​ | 171,558 | ​ | 24,532 | ​ | ​ | ​
* Less than 1% ​ ** Ownership percentage represent the Company’s interest at the acquisition date.

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