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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Schedule of compensation expenses recognized for share-based awards granted

​

​	​	​	​	​	​	​
​	​	For the Year Ended December 31,
​	​	2023	​	2024	​	2025
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB
​	​	(in thousands)
Included in:	​	​	​	​	​	​
Cost of revenues	​	502,523	​	521,293	​	446,120
Sales and marketing expenses	​	180,465	​	197,320	​	181,877
General and administrative expenses	​	2,345,895	​	1,821,817	​	1,111,415
Research and development expenses	​	186,666	​	185,645	​	165,512
Total		3,215,549	​	2,726,075	​	1,904,924
Share‑based compensation related to share options (a)		771,151	​	541,956	​	138,456
Share‑based compensation related to restricted share units (b)		813,294	​	1,097,177	​	1,250,460
Share-based compensation related to restricted shares (c)	​	1,631,104	​	1,086,942	​	516,008
Total		3,215,549	​	2,726,075	​	1,904,924

Schedule of activities of company's share options

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	Weighted	​	​
​	​	​	​	Weighted	​	average	​	​
​	​	Number of	​	average	​	remaining	​	Aggregate
​	​	options	​	exercise	​	contractual	​	intrinsic
​	​ ​ ​	outstanding	​ ​ ​	price	​ ​ ​	life	​ ​ ​	value
​	​ ​ ​	​ ​ ​	​ ​ ​	US$	​ ​ ​	In Years	​ ​ ​	US$ (in thousands)
Outstanding as of December 31, 2022		59,822,418	​	0.00002	​	7.30	​	278,373
Exercised	​	(17,029,713)	​	0.00002	​	​	​	​
Forfeited or Cancelled	​	(2,443,122)	​	0.00002	​	​	​	​
Outstanding as of December 31, 2023		40,349,583	​	0.00002	​	6.39	​	218,022
​	​	​	​	​	​	​	​	​
Outstanding as of December 31, 2023		40,349,583	​	0.00002	​	6.39	​	218,022
Exercised		(14,183,427)	​	0.00002	​	​	​	​
Forfeited or Cancelled		(322,209)	​	0.00002	​	​	​	​
Outstanding as of December 31, 2024		25,843,947	​	0.00002	​	5.47	​	158,682
​	​	​	​	​	​	​	​	​
Outstanding as of December 31, 2024		25,843,947	​	0.00002	​	5.47	​	158,682
Exercised		(15,577,452)	​	0.00002	​	​	​	​
Forfeited or Cancelled		(89,151)	​	0.00002	​	​	​	​
Outstanding as of December 31, 2025		10,177,344	​	0.00002	​	4.76	​	53,465
Vested and exercisable as of December 31, 2023		7,610,018	​	0.00002	​	5.81	​	41,119
Vested and exercisable as of December 31, 2024		6,682,319	​	0.00002	​	5.30	​	41,029
Vested and exercisable as of December 31, 2025		6,653,786	​	0.00002	​	4.45	​	34,954

​

Schedule of activities of the company's restricted share units

The following table summarizes activities of the Company’s restricted share units under the 2020 Share Incentive Plan:

​

​	​	​	​	​
​	​ ​ ​	Number of RSU	​ ​ ​	Weighted average grant-date
​	​	outstanding	​	fair value
​	​	​	​	US$
Outstanding as of December 31, 2022	​	41,502,498	​	6.08
Granted	​	46,425,615		6.03
Vested	​	(5,963,517)		5.90
Forfeited or Cancelled	​	(2,002,524)		6.21
Outstanding as of December 31, 2023	​	79,962,072	​	6.07
​	​	​	​	​
Outstanding as of December 31, 2023	​	79,962,072	​	6.07
Granted		29,718,591	​	5.08
Vested		(22,936,809)	​	5.85
Forfeited or Cancelled		(2,466,456)	​	5.48
Outstanding as of December 31, 2024	​	84,277,398		5.80
​	​	​	​	​
Outstanding as of December 31, 2024	​	84,277,398		5.80
Granted	​	25,371,822	​	6.06
Vested	​	(28,080,498)	​	5.84
Forfeited or Cancelled	​	(4,543,773)	​	5.58
Outstanding as of December 31, 2025		77,024,949		5.88

Schedule of activities of the company's restricted share

​

​	​	​	​	​
​	​ ​ ​	Number of	​ ​ ​	​
​	​	restricted shares	​	Weighted average grant-date
​	​	outstanding	​	fair value
​		​	​	US$
Outstanding as of December 31, 2022	​	170,008,293		4.38
Vested	​	(13,292,404)		4.29
Outstanding as of December 31, 2023	​	156,715,889	​	4.39
​	​	​	​	​
Outstanding as of December 31, 2023		156,715,889	​	4.39
Vested		(13,297,108)	​	4.29
Outstanding as of December 31, 2024	​	143,418,781		4.40
​	​	​	​	​
Outstanding as of December 31, 2024	​	143,418,781		4.40
Vested	​	(26,726,342)	​	4.33
Outstanding as of December 31, 2025		116,692,439		4.41

​

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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