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TAXATION (Tables) | 12 Months Ended
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Dec. 31, 2025
TAXATION |
Schedule of components of income (loss) before tax for the years | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Income (loss) before income tax expense |  | ​ |  | ​ |  | ​
Income from Mainland China operations |  | 10,550,583 | ​ | 9,143,316 | ​ | 5,905,159
Loss from non‑Mainland China operations |  | (2,666,588) | ​ | (2,273,247) | ​ | (1,228,056)
Total income before income tax expense |  | 7,883,995 | ​ | 6,870,069 | ​ | 4,677,103
​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expense (benefit) from Mainland China operations |  | ​ | ​ | ​ | ​ | ​
Current income tax expense |  | 2,243,600 | ​ | 2,595,844 | ​ | 1,892,115
Deferred tax expense (benefit) |  | (273,191) | ​ | 223,235 | ​ | (224,991)
Income tax expense from Mainland China operations |  | 1,970,409 | ​ | 2,819,079 | ​ | 1,667,124
Income tax expense (benefit) from non-Mainland China operations | ​ | ​ | ​ | ​ | ​ | ​
Current income tax expense | ​ | 60,313 | ​ | 46,482 | ​ | 45,374
Deferred tax benefit | ​ | (36,331) | ​ | (73,672) | ​ | (26,409)
Income tax expense (benefit) from non-Mainland China operations |  | 23,982 | ​ | (27,190) | ​ | 18,965
Total income tax expense |  | 1,994,391 | ​ | 2,791,889 | ​ | 1,686,089
Schedule of reconciliation between the Mainland China statutory income rate and the effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, | ​
​ | ​ ​ ​ | 2023 | ​ | 2024 | ​
Statutory income tax rate | ​ | 25.0 | % | 25.0 | %
Tax effect of preferential treatments | ​ | (3.7) | % | (3.0) | %
Tax effect of tax-exempt entities | ​ | 8.4 | % | 8.3 | %
Effect on tax rates in different tax jurisdictions | ​ | 0.3 | % | (0.4) | %
Tax effect of permanent difference | ​ | (4.1) | % | (0.7) | %
Tax effect of R&D deduction and others | ​ | (2.0) | % | (2.3) | %
Change in valuation allowance | ​ | 1.4 | % | 13.7 | %
Effective tax rates | ​ | 25.3 | % | 40.6 | %
​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31, 2025 | ​
​ | ​ ​ ​ | Amount | ​ ​ ​ | Percent | ​
​ | ​ | (RMB in thousands) | ​ | ​ | ​
Mainland China statutory tax rate |  | 1,169,276 |  | 25.0 | %
Foreign tax effects |  | ​ |  | ​ | ​
Statutory tax rate difference between Cayman Island and Mainland China |  | (192,363) |  | (4.1) | %
Statutory tax rate difference between Hong Kong, China and Mainland China |  | (2,278) |  | 0.0 | %
Pillar II impact for Hong Kong, China |  | 43,988 |  | 0.9 | %
Other foreign jurisdictions |  | 401 |  | 0.0 | %
Changes in valuation allowances |  | 185,516 |  | 4.0 | %
Nontaxable or nondeductible items |  | ​ |  | ​ | ​
Share-based compensation |  | 476,231 |  | 10.2 | %
Preferential tax benefits | ​ | (65,016) | ​ | (1.4) | %
Research and development super deduction | ​ | (143,723) | ​ | (3.1) | %
Others |  | 214,057 |  | 4.5 | %
Effective tax rates |  | 1,686,089 |  | 36.0 | %
Schedule of income taxes paid (net of refunds received) | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31, 2025 | ​
​ | ​ ​ ​ | Amount | ​ ​ ​ | Percent | ​
​ | ​ | (RMB in thousands) | ​ | ​ | ​
Mainland China |  | 2,346,102 |  | 99.9 | %
Others |  | 1,386 |  | 0.1 | %
Total |  | 2,347,488 |  | 100.0 | %
Schedule of the effect of tax holiday related to Mainland China operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands, except for per share data)
Tax holiday effect |  | 294,698 | ​ | 209,494 | ​ | 65,016
Effect on basic net income per share |  | 0.08 | ​ | 0.06 | ​ | 0.02
Effect on diluted net income per share | ​ | 0.08 | ​ | 0.06 | ​ | 0.02
Denominator for basic net income per share-weighted average ordinary shares outstanding | ​ | 3,521,380 | ​ | 3,409,773 | ​ | 3,326,150
Denominator for diluted net income per share-weighted average ordinary shares outstanding |  | 3,611,653 | ​ | 3,537,408 | ​ | 3,472,076
Schedule of tax effects of temporary differences to the deferred income tax assets and liabilities | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Deferred tax assets |  | ​ |  | ​
Net operating loss carrying forward |  | 3,412,316 | ​ | 3,611,291
Asset impairment |  | 916,690 | ​ | 914,823
Deferred rental cost |  | 19,280 | ​ | 30,187
Unrealized profits |  | 252,024 | ​ | 217,117
Accrual expense |  | 463,523 | ​ | 352,620
Others |  | 89,840 | ​ | 136,640
Less: Valuation Allowance |  | (4,127,927) | ​ | (3,924,466)
Deferred tax assets, net of valuation allowance |  | 1,025,746 | ​ | 1,338,212
​ | ​ | ​ | ​ | ​
Deferred tax liabilities |  | ​ | ​ | ​
Fair value change of certain investments |  | (69,263) | ​ | (67,246)
Intangible assets |  | (213,183) | ​ | (172,891)
Deferred revenue |  | (55,870) | ​ | (157,689)
Total deferred tax liabilities |  | (338,316) | ​ | (397,826)
Schedule of movements of the valuation allowance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
​ | ​ | (in thousands)
Balance at the beginning of the year | ​ | (3,310,975) | ​ | (3,385,876) | ​ | (4,127,927)
Remeasurement due to application of preferential tax rate | ​ | (17,011) | ​ | (1,839) | ​ | —
Additions |  | (794,643) | ​ | (1,280,549) | ​ | (687,555)
Reversals |  | 687,180 |  | 282,244 |  | 549,598
Write-offs | ​ | 49,573 | ​ | 258,093 | ​ | 341,418
Balance at the end of the year |  | (3,385,876) | ​ | (4,127,927) | ​ | (3,924,466)

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