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CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets      
Cash and cash equivalents ¥ 7,607,270 $ 1,087,825 ¥ 4,754,783
Restricted cash 26,156 3,740 13,898
Time deposits 259,000 37,037 100,000
Short-term investments 100,093 14,313  
Accounts receivable, net 145,903 20,864 121,967
Inventories 228,009 32,605 132,069
Prepayments and other current assets, net 481,913 68,913 315,404
Amounts due from related parties ¥ 2,085 $ 298 ¥ 1,547
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration] Related party Related party Related party
Total current assets ¥ 8,850,429 $ 1,265,595 ¥ 5,439,668
Non-current assets      
Long-term investments 2,109 302 2,403
Property and equipment, net 583,670 83,464 249,003
Deferred tax assets, net 402,821 57,603 253,210
Right-of-use assets, net 1,275,805 182,438 542,202
Goodwill 97,985 14,012 11,837
Intangible assets 12,078 1,727 8,440
Other non-current assets 238,086 34,044 89,343
Total non-current assets 2,612,554 373,590 1,156,438
Total assets 11,462,983 1,639,185 6,596,106
Current liabilities      
Accounts payable 629,789 90,059 597,091
Contract liabilities, current 293,706 41,999 265,341
Taxes payable 174,746 24,988 217,387
Operating lease liabilities, current 424,363 60,683 195,438
Accrued expenses and other liabilities 1,327,348 189,810 1,022,671
Total current liabilities 2,849,952 407,539 2,297,928
Non-current liabilities      
Contract liabilities, non-current 185,996 26,597 257,305
Operating lease liabilities, non-current 849,936 121,539 352,618
Total non-current liabilities 1,035,932 148,136 609,923
Total liabilities 3,885,884 555,675 2,907,851
Commitments and contingencies (Note 21)
Mezzanine equity      
Convertible redeemable preferred shares     933,780
Total mezzanine equity     933,780
Shareholders' equity      
Treasury stock (210,082) (30,041) (210,082)
Additional paid-in capital 3,696,445 528,585 90,853
Statutory reserve 34,913 4,992 18,437
Retained earnings 3,886,242 555,725 2,752,024
Accumulated other comprehensive income/(loss) (65,858) (9,418) 2,597
Total shareholders' equity of the Company 7,341,802 1,049,863 2,653,905
Non-controlling interests 235,297 33,647 100,570
Total shareholders' equity 7,577,099 1,083,510 2,754,475
Total liabilities, mezzanine equity and shareholders' equity 11,462,983 1,639,185 6,596,106
Series A preferred stock      
Mezzanine equity      
Convertible redeemable preferred shares     231,944
Series B preferred stock      
Mezzanine equity      
Convertible redeemable preferred shares     234,715
Series B+ Preferred Shares      
Mezzanine equity      
Convertible redeemable preferred shares     467,121
Class A Ordinary shares      
Shareholders' equity      
Ordinary shares 93 13 27
Class B Ordinary shares      
Shareholders' equity      
Ordinary shares ¥ 49 $ 7 ¥ 49