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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES

Schedule of inventories

​

​	​	​	​	​
​	​ ​ ​	As of December 31,
​	​	2024	​	2025
​	​	RMB	​	RMB
​	​	(in thousands)
Real estate properties under development (i)		1,090,661		2,234,114
Other inventories	​	519,215	​	619,920
Total		1,609,876		2,854,034

(i) As of December 31, 2025, land use rights included in the real estate properties under development amounted to RMB1.8 billion (2024: RMB1.1 billion).

As of December 31, 2025, land use rights with an aggregate net book value of RMB1.8 billion (2024: nil) were pledged as collateral for corresponding project specific bank loans.

As of December 31, 2025, capitalized interest costs included in the real estate properties under development amounted to RMB2.4 million (2024:nil).

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- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

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-Topic 210
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