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TAXATION (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the income tax exemptions and reductions which have been granted by taxing authorities for a specified period, applicable term of the exemptions and reductions, estimated dollar value of tax benefits, and per share benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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