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v3.26.1

Leases | 12 Months Ended
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Dec. 31, 2025
Leases |
Leases | 14. Leases The Group has entered into various non-cancellable operating and finance lease agreements for certain offices, warehouses, retail and service locations, equipment and vehicles worldwide. The Group determines if an arrangement is a lease, or contains a lease, at inception and record the leases in the financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. The balances for the operating and finance leases where the Group is the lessee are presented as follows within the consolidated balance sheet: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ ​ | 2025
Operating leases: |  | ​ | ​ | ​
Right-of-use assets - operating lease |  | 12,797,158 | ​ | 11,711,306
Current portion of operating lease liabilities |  | 1,945,987 | ​ | 2,163,768
Non-current operating lease liabilities |  | 11,260,735 | ​ | 10,092,039
Total operating lease liabilities |  | 13,206,722 | ​ | 12,255,807
Finance leases: |  | ​ | ​ | ​
Right-of-use assets - finance lease |  | 63,635 | ​ | 5,696,866
Current portion of finance lease liabilities |  | 13,498 | ​ | 263,203
Non-current finance lease liabilities |  | 35,145 | ​ | 4,769,972
Total finance lease liabilities |  | 48,643 | ​ | 5,033,175
​ The components of lease expenses were as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Lease cost: | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | 1,825,182 | ​ | 2,228,651
Interest of operating lease liabilities |  | 573,031 | ​ | 543,698
Expenses for short-term leases within 12 months and other non-lease component |  | 227,990 | ​ | 92,361
Total lease cost |  | 2,626,203 | ​ | 2,864,710
​ Other information related to leases where the Group is the lessee is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​ | As of December 31, | ​
​ | ​ ​ ​ | 2024 | ​ ​ ​ ​ | 2025 | ​
Weighted-average remaining lease term: |  | ​ | ​ | ​ | ​
Operating leases |  | 10.9 | years | 10.6 | years
Finance leases |  | 5.5 | years | 18.9 | years
​ | ​ | ​ | ​ | ​ | ​
Weighted-average discount rate: |  | ​ | ​ | ​ | ​
Operating leases |  | 4.45 | % | 4.39 | %
Finance leases |  | 4.14 | % | 4.20 | %
​ Supplemental cash flow information related to leases where we are the lessee is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Operating cash outflows from operating leases |  | 2,385,552 | ​ | 2,402,489
Operating cash outflows from finance leases (interest payments) |  | 2,208 | ​ | 90,864
Financing cash outflows from finance leases |  | 37,854 | ​ | 101,113
Right-of-use assets obtained in exchange for lease liabilities |  | 3,698,231 | ​ | 6,512,719
​ As of December 31, 2024 and 2025, the maturities of our operating and finance lease liabilities (excluding short-term leases) are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ | Operating | ​ | Finance | ​ | Operating | ​ | Finance
​ | ​ ​ ​ | Leases | ​ ​ ​ | Leases | ​ ​ ​ | Leases | ​ ​ ​ | Leases
2025 |  | 2,531,918 | ​ | 16,993 |  | — | ​ | —
2026 | ​ | 2,306,078 | ​ | 15,497 | ​ | 2,420,506 | ​ | 409,668
2027 |  | 1,899,976 | ​ | 13,352 |  | 2,079,015 | ​ | 400,900
2028 |  | 1,504,174 | ​ | 8,788 |  | 1,725,211 | ​ | 388,453
2029 | ​ | 1,228,528 | ​ | 4,237 | ​ | 1,474,031 | ​ | 379,880
2030 | ​ | — | ​ | — | ​ | 1,184,585 | ​ | 374,286
Thereafter |  | 7,388,703 | ​ | 8,485 |  | 7,480,193 | ​ | 5,249,953
Total minimum lease payments |  | 16,859,377 | ​ | 67,352 |  | 16,363,541 | ​ | 7,203,140
Less: Interest |  | (3,652,655) | ​ | (18,709) |  | (4,107,734) | ​ | (2,169,965)
Present value of lease obligations |  | 13,206,722 | ​ | 48,643 |  | 12,255,807 | ​ | 5,033,175
Less: Current portion |  | (1,945,987) | ​ | (13,498) |  | (2,163,768) | ​ | (263,203)
Long-term portion of lease obligations |  | 11,260,735 | ​ | 35,145 |  | 10,092,039 | ​ | 4,769,972
​ As of December 31, 2024 and 2025, the Group had future minimum lease payments for non-cancelable short-term operating leases of RMB497,773 and RMB24,467, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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