Our exposure to interest rate risk primarily relates to the interest income generated by excess cash, which is mostly held in interest-bearing bank deposits. We generated interest income of RMB436.3 million, RMB511.0 million and RMB374.5 million (US$53.6 million) for the years ended December 31, 2023, 2024 and 2025, respectively. We had cash, cash equivalents, restricted cash, short-term investment, short-term deposits and long-term deposits in total of RMB8,677.6 million (US$1,240.9 million) as of December 31, 2025. Assuming such amount of cash, cash equivalents, restricted cash, short-term investment and term deposits were held entirely in 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 RMB86.8 million (US$12.4 million). Interest-earning instruments carry a degree of interest rate risk. 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. Foreign Exchange Risk Our revenues and costs are mostly denominated in RMB, while a portion of our revenues, costs, financial assets and liabilities are denominated in foreign currencies, including U.S. dollars. Changes in foreign exchange rates may materially affect our cash flows, revenues, earnings and financial position, and the value of our ADS in U.S. dollars. See “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in Chinese Mainland—Fluctuations in exchange rates could have a material and adverse effect on our results of operations and the value of your investment.” The conversion of RMB into foreign currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The RMB has fluctuated against the U.S. dollar, at times significantly and unpredictably. It is difficult to predict how market forces or Chinese mainland or U.S. government policy may impact the exchange rate between RMB and the U.S. dollar in the future. To the extent that we need to convert U.S. dollars into RMB for our operations, appreciation of the RMB 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 RMB 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 RMB would have a negative effect on the U.S. dollar amounts available to us. In 2023, 2024 and 2025, we incurred foreign currency translation adjustment of a gain of RMB20.4 million, a gain of RMB132.2 million and a loss of RMB245.6 million (US$35.1 million), respectively. 134 Table of Contents As of December 31, 2025, we had U.S. dollar-denominated cash and cash equivalents, restricted cash and short-term deposits of US$269.9 million. If the U.S. dollar had appreciated or depreciated by 10% against the RMB, our U.S. dollar-denominated cash and cash equivalents and time deposits as of December 31, 2025 would have increased or decreased by RMB188.8 million in RMB terms.