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INVENTORIES | 12 Months Ended
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Dec. 31, 2025
INVENTORIES |
INVENTORIES | 5. INVENTORIES ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ | RMB | ​ | RMB
​ | ​ | (in thousands)
Real estate properties under development (i) |  | 1,090,661 |  | 2,234,114
Other inventories | ​ | 519,215 | ​ | 619,920
Total |  | 1,609,876 |  | 2,854,034
(i) | As of December 31, 2025, land use rights included in the real estate properties under development amounted to RMB1.8 billion (2024: RMB1.1 billion).
As of December 31, 2025, land use rights with an aggregate net book value of RMB1.8 billion (2024: nil) were pledged as collateral for corresponding project specific bank loans. As of December 31, 2025, capitalized interest costs included in the real estate properties under development amounted to RMB2.4 million (2024:nil).

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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