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v3.26.1

LEASES (Tables) | 12 Months Ended
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Dec. 31, 2025
LEASES |
Schedule of components of lease cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ |  | 2023 |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Operating lease cost |  | 7,785,841 |  | 14,221,894 |  | 19,039,544
Short‑term lease cost |  | 50,659 |  | 83,665 |  | 84,296
Total |  | 7,836,500 |  | 14,305,559 |  | 19,123,840
​
Schedule of supplemental cash flows information related to leases | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ |  | 2023 |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows payment from operating leases |  | 7,965,277 | ​ | 14,896,620 | ​ | 19,486,006
Right‑of‑use assets obtained in exchange for lease liabilities: |  | ​ |  | ​ |  | ​
Total right‑of‑use assets obtained in exchange for new operating lease liabilities |  | 15,489,351 | ​ | 18,507,830 | ​ | 14,105,484
Schedule of right-of-use assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Right‑of‑use assets obtained in exchange for lease liabilities |  | ​ |  | ​ |  | ​
Store leases |  | 3,262,410 |  | 2,730,509 |  | 1,795,943
Administrative office leases |  | 273,088 |  | 487,708 |  | 171,385
Leases of rental property management services |  | 11,953,853 |  | 15,289,613 |  | 12,138,156
Total |  | 15,489,351 |  | 18,507,830 |  | 14,105,484
Schedule of supplemental balance sheet information related to leases | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2024 |  | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ |  | (in thousands)
Operating leases | ​ | ​ | ​ | ​
Store leases |  | 5,825,835 | ​ | 4,475,510
Administrative office leases |  | 755,707 | ​ | 704,252
Leases of rental property management services |  | 16,393,250 |  | 13,582,195
Land use rights |  | 392,087 |  | 382,172
Total operating lease assets |  | 23,366,879 |  | 19,144,129
Operating lease liabilities, current |  | 13,729,701 |  | 10,658,576
Operating lease liabilities, non‑current |  | 8,636,770 |  | 6,969,571
Total operating lease liabilities |  | 22,366,471 |  | 17,628,147
Schedule of weighted-average remaining lease term and discount rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, |
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted‑average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | 2.43 |  | 2.38 |  | 2.08 | ​
Land use rights |  | 43.18 |  | 39.68 |  | 38.68 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted‑average discount rate |  | ​ |  | ​ |  | ​ | ​
Operating leases |  | 4.3 | % | 3.8 | % | 3.4 | %
Land use rights |  | 4.7 | % | 4.0 | % | 4.0 | %
Schedule of maturities of lease liabilities | ​
​ | ​ | ​
​ | ​ | As of
​ | ​ | December 31,
​ |  | 2025
​ | ​ ​ ​ | RMB
​ |  | (in thousands)
2026 |  | 11,054,303
2027 | ​ | 4,171,509
2028 |  | 1,608,921
2029 |  | 749,959
2030 | ​ | 318,772
Thereafter | ​ | 448,208
Total undiscounted lease payments | ​ | 18,351,672
Less: imputed interest |  | (723,525)
Total lease liabilities |  | 17,628,147
​
Schedule of lease income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | (in thousands)
Operating lease income | ​ ​ ​ | 5,533,035 | ​ ​ ​ | 12,977,296 | ​ ​ ​ | 18,515,803
Total lease income |  | 5,533,035 |  | 12,977,296 |  | 18,515,803
Schedule of maturities of undiscounted lease receivables | ​
​ | ​ | ​
​ | ​ | As of
​ | ​ | December 31,
​ |  | 2025
​ | ​ ​ ​ | RMB
​ |  | (in thousands)
2026 | ​ | 14,087,999
2027 | ​ | 1,219,097
2028 | ​ | 281,162
2029 |  | 15,270
2030 |  | 9,592
Thereafter |  | 18,190
Total undiscounted lease receivables |  | 15,631,310
​

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