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SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS.

Schedule of short-term investments

​

​	​	​	​	​
​	​	As of December 31,
​		2024		2025
​	​ ​ ​	RMB	​ ​ ​	RMB
​		(in thousands)
Short‑term investments:	​	​	​	​
Bank time deposits		14,874,498		7,057,770
Wealth management products		20,474,093		21,625,789
Held-to-maturity debt investments	​	5,417,761	​	5,526,195
Available-for-sale debt investments	​	551,348	​	5,370,207
Total		41,317,700		39,579,961

Schedule of held-to-maturity and available-for-sale debt investments

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2025
​	​	Cost or	​	Gross	​	Gross	​	​ ​ ​	​	​ ​ ​
​	​	amortized cost	​	unrecognized	​	unrecognized	​	​	​	​
​	​	less allowance	​	holding	​	​holding	​	​	​	​
​	​	for credit losses	​	​gains	​	losses	​	Fair value
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	US$
​	​	(in thousands)
Held-to-maturity debt investments	​	5,526,195	​	3,176	​	(75,405)	​	5,453,966	​	779,907
Available-for-sale debt investments	​	5,405,275		—		(35,068)		5,370,207		767,929

​

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- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and debt security measured at amortized cost (held-to-maturity).

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Tabular disclosure of the components of short-term investments.

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