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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
SHARE-BASED COMPENSATION |
Schedule of compensation expenses recognized for share-based awards granted | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Included in: | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenues | ​ | 502,523 | ​ | 521,293 | ​ | 446,120
Sales and marketing expenses | ​ | 180,465 | ​ | 197,320 | ​ | 181,877
General and administrative expenses | ​ | 2,345,895 | ​ | 1,821,817 | ​ | 1,111,415
Research and development expenses | ​ | 186,666 | ​ | 185,645 | ​ | 165,512
Total |  | 3,215,549 | ​ | 2,726,075 | ​ | 1,904,924
Share‑based compensation related to share options (a) |  | 771,151 | ​ | 541,956 | ​ | 138,456
Share‑based compensation related to restricted share units (b) |  | 813,294 | ​ | 1,097,177 | ​ | 1,250,460
Share-based compensation related to restricted shares (c) | ​ | 1,631,104 | ​ | 1,086,942 | ​ | 516,008
Total |  | 3,215,549 | ​ | 2,726,075 | ​ | 1,904,924
Schedule of activities of company's share options | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | average | ​ | ​
​ | ​ | Number of | ​ | average | ​ | remaining | ​ | Aggregate
​ | ​ | options | ​ | exercise | ​ | contractual | ​ | intrinsic
​ | ​ ​ ​ | outstanding | ​ ​ ​ | price | ​ ​ ​ | life | ​ ​ ​ | value
​ | ​ ​ ​ | ​ ​ ​ | ​ ​ ​ | US$ | ​ ​ ​ | In Years | ​ ​ ​ | US$ (in thousands)
Outstanding as of December 31, 2022 |  | 59,822,418 | ​ | 0.00002 | ​ | 7.30 | ​ | 278,373
Exercised | ​ | (17,029,713) | ​ | 0.00002 | ​ | ​ | ​ | ​
Forfeited or Cancelled | ​ | (2,443,122) | ​ | 0.00002 | ​ | ​ | ​ | ​
Outstanding as of December 31, 2023 |  | 40,349,583 | ​ | 0.00002 | ​ | 6.39 | ​ | 218,022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2023 |  | 40,349,583 | ​ | 0.00002 | ​ | 6.39 | ​ | 218,022
Exercised |  | (14,183,427) | ​ | 0.00002 | ​ | ​ | ​ | ​
Forfeited or Cancelled |  | (322,209) | ​ | 0.00002 | ​ | ​ | ​ | ​
Outstanding as of December 31, 2024 |  | 25,843,947 | ​ | 0.00002 | ​ | 5.47 | ​ | 158,682
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2024 |  | 25,843,947 | ​ | 0.00002 | ​ | 5.47 | ​ | 158,682
Exercised |  | (15,577,452) | ​ | 0.00002 | ​ | ​ | ​ | ​
Forfeited or Cancelled |  | (89,151) | ​ | 0.00002 | ​ | ​ | ​ | ​
Outstanding as of December 31, 2025 |  | 10,177,344 | ​ | 0.00002 | ​ | 4.76 | ​ | 53,465
Vested and exercisable as of December 31, 2023 |  | 7,610,018 | ​ | 0.00002 | ​ | 5.81 | ​ | 41,119
Vested and exercisable as of December 31, 2024 |  | 6,682,319 | ​ | 0.00002 | ​ | 5.30 | ​ | 41,029
Vested and exercisable as of December 31, 2025 |  | 6,653,786 | ​ | 0.00002 | ​ | 4.45 | ​ | 34,954
​
Schedule of activities of the company's restricted share units | The following table summarizes activities of the Company’s restricted share units under the 2020 Share Incentive Plan: ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Number of RSU | ​ ​ ​ | Weighted average grant-date
​ | ​ | outstanding | ​ | fair value
​ | ​ | ​ | ​ | US$
Outstanding as of December 31, 2022 | ​ | 41,502,498 | ​ | 6.08
Granted | ​ | 46,425,615 |  | 6.03
Vested | ​ | (5,963,517) |  | 5.90
Forfeited or Cancelled | ​ | (2,002,524) |  | 6.21
Outstanding as of December 31, 2023 | ​ | 79,962,072 | ​ | 6.07
​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2023 | ​ | 79,962,072 | ​ | 6.07
Granted |  | 29,718,591 | ​ | 5.08
Vested |  | (22,936,809) | ​ | 5.85
Forfeited or Cancelled |  | (2,466,456) | ​ | 5.48
Outstanding as of December 31, 2024 | ​ | 84,277,398 |  | 5.80
​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2024 | ​ | 84,277,398 |  | 5.80
Granted | ​ | 25,371,822 | ​ | 6.06
Vested | ​ | (28,080,498) | ​ | 5.84
Forfeited or Cancelled | ​ | (4,543,773) | ​ | 5.58
Outstanding as of December 31, 2025 |  | 77,024,949 |  | 5.88
Schedule of activities of the company's restricted share | ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Number of | ​ ​ ​ | ​
​ | ​ | restricted shares | ​ | Weighted average grant-date
​ | ​ | outstanding | ​ | fair value
​ |  | ​ | ​ | US$
Outstanding as of December 31, 2022 | ​ | 170,008,293 |  | 4.38
Vested | ​ | (13,292,404) |  | 4.29
Outstanding as of December 31, 2023 | ​ | 156,715,889 | ​ | 4.39
​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2023 |  | 156,715,889 | ​ | 4.39
Vested |  | (13,297,108) | ​ | 4.29
Outstanding as of December 31, 2024 | ​ | 143,418,781 |  | 4.40
​ | ​ | ​ | ​ | ​
Outstanding as of December 31, 2024 | ​ | 143,418,781 |  | 4.40
Vested | ​ | (26,726,342) | ​ | 4.33
Outstanding as of December 31, 2025 |  | 116,692,439 |  | 4.41
​

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