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LEASES (Tables)

12 Months Ended

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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Tabular disclosure of right of use assets obtained in exchange for operating lease liabilities.

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Tabular disclosure of weighted average remaining lease term and discount rate.

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Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6

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Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Tabular disclosure of components of income from operating lease.

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-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479773/842-30-50-5

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