SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2025

Investments, All Other Investments [Abstract]

SHORT-TERM INVESTMENTS

3. SHORT-TERM INVESTMENTS

The Group’s short-term investments consisted of the following:

SCHEDULE OF SHORT TERM INVESTMENTS


		As of December 31,
		2024				2025
		RMB				RMB
Equity investments with readily determinable fair value
—Equity securities			—				45,842
—Open-ended funds			—				135,722
Debt investments using fair value option
—Wealth management products			153,910				100,201
—Bonds			—				57,510
—Trust products			—				51,078
Total			153,910				390,353

In 2025, the Group purchased equity securities issued by listed companies and open-ended funds of which the underlying investments are equity securities issued by listed companies from third party institutions. For the years ended December 31, 2024 and 2025, the Group recognized an unrealized gain of equity investments with readily determinable fair value were nil and RMB56,049 and recognized an unrealized gain of debt investments using fair value option were RMB142 and RMB2,644 which were recorded as investment income.

The following table summarized the Group’s short-term investments at fair value as of December 31, 2024 and 2025:

SCHEDULE OF INVESTMENT FAIR VALUE

		As of December 31, 2024
		Aggregate Cost				Unrealized Gain				Aggregate fair value
Debt investments using fair value option			153,768				142				153,910
Total			153,768				142				153,910

		As of December 31, 2025
		Aggregate Cost				Unrealized Gain				Foreign Currency Translation Adjustment				Aggregate fair value
Equity investments with readily determinable fair value			128,462				56,049				(2,947	)			181,564
Debt investments using fair value option			207,078				2,644				(933	)			208,789
Total			335,540				58,693				(3,880	)			390,353