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FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

25. FAIR VALUE MEASUREMENT

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value:

Level 1 — Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets.

Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated.

Level 3 — Valuations based on unobservable inputs reflecting assumptions, consistent with reasonably available assumptions made by other market participants.

Fair value of call option assets and put option liabilities categorized within Level 3 of the fair value hierarchy involves using unobservable inputs. These inputs are typically based on the entity’s own assumptions about market participant behavior, as observable market data is not available. The significant unobservable inputs and valuation techniques used are as follows: 1) Valuation Techniques: (i) Monte Carlo Simulation: the fair value of the call option related to Beijing Naonao and the fair value of put option liabilities of Shenma and Beijing Naonao are estimated using a Monte Carlo simulation model (see Note 17. Put Option Liabilities). The fair value of the call option related to Kuaijin was estimated using the Black-Scholes option pricing model as of December 31, 2024 (as of December 31, 2025, see Note 12. Call Option Assets). 2) Significant unobservable inputs: Both models incorporate key assumptions, including expected volatility (69.22% - 96.74%) and (53.87% - 81.73%), risk-free interest rates (1.10% - 1.15%) and (1.22% - 1.37%), the contractual term of the options (1.33 – 2.34 years) and (0.33 - 1.5 years), and dividend yield (0%) and (0%) as of December 31, 2024 and 2025, respectively.

Fair value of conversion feature derivative liability categorized within Level 3 of the fair value hierarchy involves using unobservable inputs. The fair value of conversion feature derivative liability are estimated using the Black-Scholes option pricing model (see Note 23. Convertible Notes for the key assumptions used).

A rollforward of Level 3 fair value measurements for call option assets and put option liabilities is presented in Note 12 and Note 17, respectively.

The following table summarizes the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy:

​

​	​	​	​	​	​	​	​	​
​	​	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

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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