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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

Schedule of commitments and contingencies

​

​	​	​
​	​ ​ ​	As of
​	​	December 31, 2025
​	​	RMB
​	​	(in thousands)
Operating leases commitments(i)		771,354
Investment commitments(ii)	​	240,000
Capital commitments (iii)	​	232,009
Purchase of services		1,307
Total		1,244,670

​

​	​	​
​	​ ​ ​	Amounts
​	​	RMB
​	​	(in thousands)
2026		544,667
2027		312,016
2028	​	249,266
2029	​	90,934
2030	​	38,981
Thereafter	​	8,806
Total		1,244,670

(i) Lease commitment represents future minimum payments under non-cancelable agreements for operating leases that have not commenced or with lease terms of 12 months or less as of December 31, 2025. Future minimum lease payments for operating lease liabilities as of December 31, 2025 are disclosed in Note 11.

(ii) Investment commitments primarily relate to capital contributions obligation pursuant to one investment arrangement related to Beihaojia business.

(iii) Capital commitments primarily relate to commitment on construction of office buildings.

​

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- References

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- Definition

Tabular disclosure of unconditional purchase obligation recognized as liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482648/440-10-50-6

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 470
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-1

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