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Long-term investments | 12 Months Ended
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Dec. 31, 2024
Long-term investments. |
Long-term investments | 9. Long-term investments The Group’s long-term investments primarily consist of equity investments accounted for using the measurement alternative, equity investments accounted for using the equity method and investments accounted for at fair value. The following sets forth the changes in the Group’s long-term investments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Equity |  | Equity |  | ​ |  | ​
​ | ​ | investments | ​ | investments | ​ | Investments | ​ | ​
​ | ​ | using the | ​ | using | ​ | accounted | ​ | ​
​ | ​ | measurement | ​ | the equity | ​ | for at fair | ​ | ​
​ | ​ | alternative(a) | ​ | method(b) | ​ | value(c) | ​ | Total
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
Balance at December 31, 2021 |  | 30,000 |  | 11,442 |  | — |  | 41,442
Investments made |  | 10,000 |  | — |  | 28,970 |  | 38,970
Income from equity investments using the equity method | ​ | — | ​ | 51 | ​ | — | ​ | 51
Disposal of a subsidiary in exchange of investment accounted for at fair value ((c)(i)) |  | — |  | — |  | 40,000 |  | 40,000
Fair value change through earnings (including adjustment of subsequent price changes) |  | 18,464 |  | — |  | (2,500) |  | 15,964
Currency translation adjustment |  | — |  | 930 |  | — |  | 930
Balance at December 31, 2022 |  | 58,464 |  | 12,423 |  | 66,470 |  | 137,357
Investments made |  | 9,500 |  | — |  | — |  | 9,500
Loss from equity investments using the equity method |  | — |  | (523) |  | — |  | (523)
Partially disposal of an equity investment using the equity method |  | — |  | (700) |  | — |  | (700)
Fair value change through earnings (including adjustment of subsequent price changes) |  | — |  | — |  | (8,079) |  | (8,079)
Changes from a subsidiary to equity investment using the equity method((b)) | ​ | — | ​ | 4,900 | ​ | — | ​ | 4,900
Currency translation adjustment | ​ | — | ​ | 144 | ​ | — | ​ | 144
Balance at December 31, 2023 |  | 67,964 |  | 16,244 |  | 58,391 |  | 142,599
Investments made |  | 100 |  | 3,950 |  | — |  | 4,050
Changes from a subsidiary to equity investment using the measurement alternative |  | 62 |  | — |  | — |  | 62
Loss from equity investments using the equity method |  | — |  | (3,726) |  | — |  | (3,726)
Disposal of equity investments using the measurement alternative ((a)(ii)) |  | (18,950) |  | — |  | — |  | (18,950)
Fair value change through earnings (including adjustment of subsequent price changes) ((a)(i)) |  | — |  | — |  | (4,811) |  | (4,811)
Impairment loss ((a)(i)) | ​ | (44,514) | ​ | — | ​ | — | ​ | (44,514)
Currency translation adjustment |  | — |  | 148 |  | — |  | 148
Balance at December 31, 2024 |  | 4,662 |  | 16,616 |  | 53,580 |  | 74,858
​ ​ 9. Long-term investments (Continued) (a) Equity investments using the measurement alternative The Group’s investment in private companies without readily determinable fair value were accounted for using the measurement alternative method. The following table summarizes the total carrying value of the equity investments using the measurement alternative as of December 31, 2022, 2023 and 2024, respectively, including cumulative upward adjustments made to the initial cost basis of the securities: ​
​ | ​ | ​
​ |  | Cumulative Results
​ |  | RMB’000
Initial cost basis (i) |  | 40,000
Upward adjustments (i) |  | 18,464
Total carrying value at December 31, 2022 |  | 58,464
Initial cost basis |  | 49,500
Upward adjustments (i) |  | 18,464
Total carrying value at December 31, 2023 |  | 67,964
Initial cost basis (i)(ii) |  | 31,730
Upward adjustments (i) | ​ | 17,446
Impairment loss (i) | ​ | (44,514)
Total carrying value at December 31, 2024 |  | 4,662
(i) In March 2021, the Group and three other investors entered into an investment agreement with Beijing Sharetimes Technology Co., Ltd.(“Sharetimes”), which primarily engages in operating of virtual intellectual property license of a series of cartoon images of movie stars. Pursuant to this agreement, the Group acquired 1.64% equity interests in Sharetimes, with a consideration of RMB 30.0 million. The Group has no significant influence over Sharetimes. Pursuant to ASC 321-10-35-2, as the investment in Sharetimes lacks readily determinable fair values, the Group elects to account for this investment using the measurement alternative. In May 2022, a re-measurement gain amounted to RMB 18.5 million has been made to the investment in Sharetimes according to the most recent transaction price which were deemed as observable price changes in orderly transactions for the identical or similar investment of the same issuer. For the year ended December 31, 2024, an impairment loss of RMB 44.5 million was recognized due to the liquidity difficulties encountered which led to the cease of Sharetimes’ operation. (ii) In July 2024, the Group disposed an equity investment using the measurement alternative of RMB 15 million to the controlling shareholder with a cash consideration of RMB 1.5 million due to the significant liquidity difficulty of this investee, resulting in a disposal loss of RMB 13.5 million. (b) Equity investments using the equity method RMB 0.1 million income, RMB 0.5 million loss and RMB 3.7 million loss of the Group’s proportionate share of equity investee’s net income/(loss), were recognized in “Share of income/(loss) from equity method investments” for the years ended December 31, 2022, 2023 and 2024, respectively. ​ 9. Long-term investments (Continued) (c) Investments accounted for at fair value The following table shows the carrying amount and fair value of the investments accounted for at fair value: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | Gross | ​ | ​
​ |  | Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair value
​ |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
Hangzhou Jialin (i) | ​ | 40,000 | ​ | — | ​ | — | ​ | 40,000
Company A | ​ | 5,000 | ​ | — | ​ | — | ​ | 5,000
Company B | ​ | 10,000 | ​ | — | ​ | — | ​ | 10,000
Company C | ​ | 8,470 | ​ | — | ​ | — | ​ | 8,470
Others | ​ | 5,500 | ​ | — | ​ | (2,500) | ​ | 3,000
December 31,2022 |  | 68,970 |  | — |  | (2,500) |  | 66,470
Hangzhou Jialin (i) | ​ | 40,000 | ​ | 964 | ​ | — | ​ | 40,964
Company A |  | 5,000 |  | — |  | (2,537) |  | 2,463
Company B |  | 10,000 |  | — |  | (6,342) |  | 3,658
Company C |  | 8,470 |  | 103 |  | — |  | 8,573
Others |  | 5,500 |  | — |  | (2,767) |  | 2,733
December 31, 2023 |  | 68,970 |  | 1,067 |  | (11,646) |  | 58,391
Hangzhou Jialin (i) |  | 40,000 |  | 87 |  | — |  | 40,087
Company A |  | 5,000 |  | — |  | (3,551) |  | 1,449
Company B |  | 10,000 |  | — |  | (10,000) |  | —
Company C |  | 8,470 |  | 72 |  | — |  | 8,542
Others |  | 5,500 |  | 502 |  | (2,500) |  | 3,502
December 31, 2024 |  | 68,970 |  | 661 |  | (16,051) |  | 53,580
​ The Group invested in the preferred shares of multiple private companies that provide the Group with redemption rights, the investment of which are accounted for at fair value. A loss of RMB 2.5 million, RMB 8.1 million and RMB 4.8 million resulted from the change in fair value were recognized in “Long-term investment income/(loss), net” for the years ended December 31, 2022, 2023 and 2024, respectively. Refer to Note 2(e) for the valuation approach and key inputs for the determination of the fair value of the Group’s investments accounted for at fair value. (i) In March 2022, the Group acquired 7.273% equity interest in Hangzhou Jialin, as one of the investors in its round B financing. Hangzhou Jialin is a fresh produce supply chain solution provider in China. In connection with the transaction, the Company has transferred its 100% equity interest in Beijing Dianqier Creative Interactive Media Culture Co., Ltd. (“Dianqier”), a subsidiary of the Company which primarily provides interactive marketing dispense services, as consideration for the acquired 7.273% equity interest in Hangzhou Jialin. The fair value of equity interests of Hangzhou Jialin the Group acquired is RMB 40 million. The Group recognized a gain amounted to RMB 38 million arising from disposal of Dianqier for the year ended December 31, 2022. The fair value of the investment in Hangzhou Jialin was RMB 40 million, RMB 41 million and RMB 40 million as of December 31, 2022, 2023 and 2024. Nil, RMB 1 million fair value gain and RMB 0.9 million fair value loss of investment in Hangzhou Jialin were recognized in “Long-term investment income/(loss), net” for the years ended December 31, 2022, 2023 and 2024, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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