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LONG-TERM INVESTMENTS, NET - Investments accounted for at fair values (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
LONG-TERM INVESTMENTS, NET |  |
Cost basis | ¥ 5,879,424 | ¥ 1,226,856
Gross unrealized gains | 80,750 | 31,766
Gross unrealized losses | (247,395) | (249,964)
Exchange adjustments | 4,497 | 5,742
Fair value | 5,717,276 | 1,014,400
Marketable securities |  |
LONG-TERM INVESTMENTS, NET |  |
Cost basis | 96,848 | 96,848
Gross unrealized gains | 0 | 0
Gross unrealized losses | (47,671) | (46,420)
Exchange adjustments | 4,497 | 5,736
Fair value | 53,674 | 56,164
Unlisted equity securities and loan receivables measured at fair value |  |
LONG-TERM INVESTMENTS, NET |  |
Cost basis | 245,076 | 233,088
Gross unrealized gains | 0 | 0
Gross unrealized losses | (196,696) | (200,516)
Exchange adjustments | 0 | 0
Fair value | 48,380 | 32,572
Wealth management products |  |
LONG-TERM INVESTMENTS, NET |  |
Cost basis | 5,537,500 | 896,920
Gross unrealized gains | 80,750 | 31,766
Gross unrealized losses | (3,028) | (3,028)
Exchange adjustments | 0 | 6
Fair value | ¥ 5,615,222 | ¥ 925,664

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