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TAXATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
TAXATION |
Schedule of component of profit before income tax expenses | ​
​ | ​ | ​
​ | ​ ​ ​ | For the Years Ended
​ | ​ | December 31,
​ | ​ | 2025
​ | ​ | RMB
PRC |  | 2,214,170
Others |  | (596,084)
​ |  | 1,618,086
Schedule of component of enterprise income tax expenses of the group | ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ | 2023 | ​ | 2024
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
Current income tax expense |  | 299,533 |  | 654,380
Deferred income tax benefit |  | (95,772) |  | (126,873)
Income tax expense |  | 203,761 |  | 527,507
​
​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended
​ | ​ | December 31,
​ | ​ | 2025
​ | ​ | RMB
Current income tax expense | ​ | ​
- PRC |  | 560,956
- Others |  | 20,396
Deferred income tax benefit |  | ​
- PRC |  | (52,791)
- Others |  | (96,820)
Income tax expense |  | 431,741
Schedule of income tax reconciliation | ​
​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2023 | ​ | 2024
​ | ​ | % | ​ | %
PRC statutory income tax rate | ​ | 25.00 | ​ | 25.00
Effect of tax rate differential in other jurisdictions |  | — | ​ | 0.47
Tax effect of preferential tax treatments |  | (6.80) | ​ | (9.55)
Tax effect of permanent differences |  | 2.05 | ​ | 0.16
Changes in valuation allowance |  | — | ​ | 1.26
Effective income tax rate |  | 20.25 | ​ | 17.34
​
​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31, 2025
​ | ​ | Amount | ​ | Percent
​ | ​ ​ ​ | RMB | ​ ​ ​ | %
PRC statutory income tax rate | ​ ​ ​ | 404,521 | ​ ​ ​ | 25.00
Tax effect of PRC preferential tax treatments | ​ | (293,247) | ​ | (18.12)
Tax effect of permanent differences | ​ | ​ | ​ | ​
Share-based compensation expenses | ​ | 161,128 | ​ | 9.96
Others | ​ | 18,999 | ​ | 1.17
Changes in valuation allowance | ​ | 53,803 | ​ | 3.33
Foreign tax effects | ​ | ​ | ​ | ​
the U.S. | ​ | ​ | ​ | ​
Effect of tax rate differential in other jurisdictions | ​ | (13,129) | ​ | (0.81)
Non-deductible expenses | ​ | 7,308 | ​ | 0.45
Changes in valuation allowance | ​ | 71,520 | ​ | 4.42
Singapore | ​ | ​ | ​ | ​
Effect of tax rate differential in other jurisdictions | ​ | 25,131 | ​ | 1.55
Non-deductible expenses | ​ | 20,122 | ​ | 1.24
Changes in valuation allowance | ​ | (24,008) | ​ | (1.48)
Other tax jurisdictions | ​ | (407) | ​ | (0.03)
Effective income tax rate | ​ | 431,741 | ​ | 26.68
Schedule of significant components of deferred taxes | ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB
Deferred tax assets: | ​ | ​ | ​ | ​
Contract liabilities |  | 43,794 |  | 46,691
Net operating tax losses carried forward |  | 126,368 |  | 353,148
Accrued expenses |  | 15,968 |  | 18,166
Advertising expenses in excess of deduction limit |  | 102,621 |  | 125,605
Expected credit loss |  | 1,548 |  | 2,291
Lease liabilities |  | 127,026 |  | 272,614
Others |  | — |  | 5,567
Subtotal |  | 417,325 |  | 824,082
Less: valuation allowance |  | (38,201) |  | (142,520)
Less: deferred tax liabilities in relation to property and equipment-(accelerated depreciation) | ​ | — | ​ | (5,957)
Less: deferred tax liabilities in relation to right-of-use asset |  | (125,914) |  | (272,784)
Total deferred tax assets, net |  | 253,210 |  | 402,821
Schedule of movement of valuation allowance for deferred tax assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Years Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ | 2025
​ | ​ | RMB | ​ | RMB | ​ | RMB
​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at the beginning of the year |  | — |  | — |  | 38,201
Increase during the year |  | — |  | 38,201 |  | 104,319
Balance at the end of the year |  | — |  | 38,201 |  | 142,520
Schedule of net operating tax losses carried forward | ​
​ | ​ | ​
​ | ​ ​ ​ | RMB
Loss expiring for the year ending December 31, 2026 | ​ | 5,582
Loss expiring for the year ending December 31, 2027 |  | 6,986
Loss expiring for the year ending December 31, 2028 |  | 46,884
Loss expiring for the year ending December 31, 2029 |  | 276,462
Loss expiring for the year ending December 31, 2030 |  | 472,413
Thereafter |  | 662,970
Subtotal |  | 1,471,297

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