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INVESTMENTS (Tables)

12 Months Ended

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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- Definition

Tabular disclosure of investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/320/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 321
-Publisher FASB
-URI https://asc.fasb.org/321/tableOfContent

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Topic 325
-Publisher FASB
-URI https://asc.fasb.org/325/tableOfContent

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