Long-Term Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

10. LONG-TERM INVESTMENTS


	As of December 31,
	2023							2024
	RMB									RMB
	Initial cost		Net cumulative fair value adjustments			Carrying value		Initial cost		Net cumulative fair value adjustments			Carrying value
Available-for-sale debt securities
Shanghai Jiayang Information System Co., Ltd (1)		55,000		8,071			63,071		55,000		6,426			61,426
Guangzhou Tale Base Technology Co., Ltd (2)		31,400		776			32,176		31,400		(1,636	)		29,764
Beijing Lingdai (3)		31,980		(6,507	)		25,473		31,980		(13,999	)		17,981
Others (4)		15,400		(9,779	)		5,621		20,376		(15,115	)		5,261

		133,780		(7,439	)		126,341		138,756		(24,324	)		114,432

The Company’s AFS debt investments all include substantive liquidation preference and redemption provision and is redeemable at the option of the investor.

(1)

On September 28, 2021,

Jiangsu Radnova

entered into a share purchase agreement and a share transfer agreement to acquire 10% equity interest of Shanghai Jiayang Information System Co., Ltd (“Shanghai Jiayang”), which is principally engaged in human resource management software, at a cash consideration of RMB 55,000 (“Jiayang Investment”), and the investment is legally settled on October 13, 2021. The Company recognized unrealized gains of RMB 2,130, RMB 5,941 and an unrealized loss of RMB 1,645 in Accumulated Other Comprehensive Income for the years ended December 31, 2022, 2023 and 2024, respectively. Dividend of nil, nil and RMB 500 were declared and paid by Shanghai Jiayang during the years ended December 31, 2022, 2023 and 2024, respectively.

(2)

Jiangsu Radnova

entered into a share purchase agreement and a share transfer agreement to acquire 10.02% equity interest of Guangzhou Tale Base Technology Co., Ltd (“Tale Base”), which is principally engaged in human resource management software, at a cash consideration of RMB 31,400 (“Tale Base Investment”), and the investment was legally closed on February 28, 2022. The Company recognized an unrealized loss of RMB 271

unrealized gain of RMB 1,047

and unrealized loss of RMB 776

in Accumulated Other Comprehensive Income for the year ended December 31, 2022, 2023 and 2024, respectively. In addition, the Company recognized an impairment loss of

RMB 1,636

for the

difference between the

fair value

and amortized cost basis

for the year ended December 31, 2024

as the Company has the intent to sell the impaired securities before recovery of its amortized cost basi

(3)

On July 1, 2021,

Jiangsu Radnova

entered into a share purchase agreement and a share transfer agreement to acquire 19% equity interest of Beijing Lingdai, which is principally engaged in online and offline training in finance, at a cash consideration of RMB 31,980

(“Lingdai Investment”). The Company recognized an unrealized loss of

RMB 3,509

in Accumulated Other Comprehensive Income for the year ended December 31, 2022. The Company recognized an impairment loss of

RMB 3,365 and RMB 7,492

in available-for-sale debt securities

for

the decline in fair value

compared to amortized cost basis

for the year ended December 31, 2023 and 2024, respectively

, as the Company has the intent to sell the impaired securities before recovery of its amortized cost basis

(4)

The Company assesses the unrealized losses of the other investments and determines that the Company

has the intent

to sell the impaired

securities

before recovery of its amortized cost basis. Thus, the Company recognized an impairment loss of

RMB 9,779 and RMB 5,336

in available-for-sale debt securities as the decline in fair value for the year ended December 31, 2023 and 2024, respectively.