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FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of the financial instruments, measured at fair value, by level within the fair value hierarchy on recurring basis

​

​	​	​	​	​	​	​	​	​
​	​	​	​	Fair value measurement at reporting date using
​	​	​	​	Quoted prices	​	Significant	​	Significant
​	​	​	​	in active	​	other	​	other
​	​	​	​	markets for	​	observable	​	unobservable
​	​	​	​	identical assets	​	inputs	​	inputs
​	​	December 31,	​	​	​	​	​	​
​	​ ​ ​	2024	​ ​ ​	(Level 1)	​ ​ ​	(Level 2)	​ ​ ​	(Level 3)
​	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB	​ ​ ​	RMB
​	​	(in thousands)
Assets	​	​	​	​	​	​	​	​
Fair value disclosure	​	​	​	​	​	​	​	​
Short-term investments	​	​	​	​	​	​	​	​
Short-term time deposits	​	14,874,498	​	—	​	14,874,498	​	—
Held-to-maturity debt investments	​	5,420,043	​	—	​	5,420,043	​	—
Long-term investments	​	​	​	​	​	​	​	​
Long-term time deposits	​	15,568,643	​	—	​	15,568,643	​	—
Held-to-maturity debt investments		1,798,444	​	—	​	1,798,444	​	—
Fair value measurements on a recurring basis		​	​	​	​	​	​	​
Short-term investments		​	​	​	​	​	​	​
Wealth management products		20,474,093	​	—	​	19,224,772	​	1,249,321
Available-for-sale debt investments	​	551,348	​	—	​	551,348	​	—
Long-term investments	​	​	​	​	​	​	​	​
Equity investments without readily determinable fair value using the NAV practical expedient (i)	​	60,691	​	​	​	​	​	​
Investments accounted for at fair value	​	1,014,400	​	56,164	​	891,192	​	67,044
Available-for-sale debt investments		4,935,699	​	—	​	4,935,699	​	—
Total		64,697,859	​	56,164	​	63,264,639	​	1,316,365

​

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Fair value measurement at reporting date using
​	​	​	​	Quoted prices	​	Significant	​	Significant
​	​	​	​	in active	​	other	​	other
​	​	​	​	markets for	​	observable	​	unobservable
​	​	​	​	identical assets	​	inputs	​	inputs
​	​	December 31,	​	​	​	​	​	​
​	​ ​ ​	2025	​ ​ ​	(Level 1)	​ ​ ​	(Level 2)	​ ​ ​	(Level 3)
​	​	RMB	​	RMB	​	RMB	​	RMB
​	​	(in thousands)
Assets	​	​	​	​	​	​	​	​
Fair value disclosure	​	​	​	​	​	​	​	​
Short-term investments	​	​	​	​	​	​	​	​
Short-term time deposits	​	7,057,770	​	—	​	7,057,770	​	—
Held-to-maturity debt investments	​	5,453,966	​	—	​	5,453,966	​	—
Long-term investments	​	​	​	​	​	​	​	​
Long-term time deposits	​	11,477,840	​	—	​	11,477,840	​	—
Held-to-maturity debt investments		1,079,884	​	—	​	1,079,884	​	—
Fair value measurements on a recurring basis		​	​	​	​	​	​	​
Short-term investments		​	​	​	​	​	​	​
Wealth management products		21,625,789	​	—	​	20,736,797	​	888,992
Available-for-sale debt investments		5,370,207	​	—	​	5,370,207	​	—
Long-term investments	​	​	​	​	​	​	​	​
Equity investments without readily determinable fair value using the NAV practical expedient (i)	​	59,446	​	​	​	​	​	​
Investments accounted for at fair value	​	5,717,276	​	53,674	​	5,580,750	​	82,852
Total		57,842,178	​	53,674	​	56,757,214	​	971,844

(i) Investments are measured at fair value using the NAV as a practical expedient. These investments have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

Short-term investment

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of reconciliations of assets categorized within Level 3 under the fair value hierarchy

​

​	​	​
​	​	Amounts
​	​	RMB
​	​ ​ ​	(in thousands)
Fair value as of December 31, 2023	​	2,415,208
Addition	​	357,930
Change in fair value (i)	​	57,579
Exchange adjustment	​	30,163
Disposal	​	(1,611,559)
Fair value as of December 31, 2024	​	1,249,321
Addition		—
Change in fair value (i)		73,241
Exchange adjustment		(27,396)
Disposal		(406,174)
Fair value as of December 31, 2025		888,992

(i) Recognized as “Fair value changes in investments, net” on the consolidated statements of comprehensive income.

Long-term investments

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of reconciliations of assets categorized within Level 3 under the fair value hierarchy

​

​	​	​
​	​	Amounts
​	​	RMB
​	​ ​ ​	(in thousands)
Fair value as of December 31, 2023	​	115,167
Addition	​	100
Change in fair value (i)	​	(43,196)
Disposal	​	(5,027)
Fair value as of December 31, 2024	​	67,044
Addition		12,088
Change in fair value (i)		3,820
Disposal		(100)
Fair value as of December 31, 2025		82,852

(i)Recognized as “Fair value changes in investments, net” on the consolidated statements of comprehensive income.

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