Foreign Exchange Risk Our revenues and expenses are generally denominated in RMB. We do not believe that we currently have significant foreign exchange risk and have not used any derivative financial instruments to hedge exposure to such risk. Although our exposure to foreign exchange risks should be limited in general, the value of your investment in our ADSs is affected by the exchange rate between U.S. dollar and Renminbi because the value of our business is effectively denominated in RMB, while our ADSs are traded in U.S. dollars. The conversion of Renminbi into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or mainland China or U.S. government policy may impact the exchange rate between Renminbi and the U.S. dollar in the future. To the extent that we need to convert U.S. dollars into Renminbi for our operations, appreciation of the Renminbi against the U.S. dollar would have an adverse effect on the RMB amount we receive from the conversion. Conversely, if we decide to convert Renminbi into U.S. dollars for the purpose of making payments for dividends on our ordinary shares or ADSs or for other business purposes, appreciation of the U.S. dollar against the Renminbi would have a negative effect on the U.S. dollar amounts available to us. As of December 31, 2025, we had U.S. dollar-denominated cash and cash equivalents, and short-term deposits of US$24.9 million and US$200.0 million, respectively. A 10% depreciation of U.S. dollar against the Renminbi based on the foreign exchange rate on December 31, 2025 would result in a decrease of RMB17.5 million in cash and cash equivalents and a decrease of RMB140.6 million in short-term deposits. A 10% appreciation of U.S. dollar against the Renminbi based on the foreign exchange rate on December 31, 2025 would result in an increase of RMB17.5 million in cash and cash equivalents and an increase of RMB140.6 million in short-term deposits. Interest Rate Risk Our exposure to interest rate risk primarily relates to interest income which consists of interest earned on bank deposits, short-term wealth management products with maturities of less than one year. We generated interest income of RMB479.7 million, RMB391.4 million and RMB190.8 million (US$27.3 million) in 2023, 2024 and 2025, respectively. We had cash and cash equivalents of RMB692.7 million (US$99.0 million) and short-term deposits of RMB3,125.8 million (US$447.0 million) as of December 31, 2025. Assuming such amount of cash and cash equivalents and term deposits were held entirely in the form of interest-bearing bank deposits, a hypothetical one percentage point (100 basis-point) decrease in interest rates would decrease our interest income from these interest-bearing bank deposits for one year by approximately RMB38.2 million (US$5.5 million). We have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in market interest rates. However, our future interest income may fall short of expectations due to changes in market interest rates. ​