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INCOME PER SHARE
 12 Months Ended
Dec. 31, 2025
INCOME PER SHARE  
INCOME PER SHARE

19.INCOME PER SHARE

Basic net income per share is the amount of net income available to each share of ordinary shares outstanding during the reporting period. Diluted net income per share is the amount of net income available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary equivalent shares.

As a result of the Restructuring the Company retrospectively adjusted the number of ordinary shares as if the Restructuring occurred at the beginning of the period presented, for details of Restructuring, please refer to Note 1(b).

Basic and diluted income per share for the periods presented are calculated as follows:

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For the Years Ended December 31, 

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  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

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​

RMB

​

RMB

​

RMB

Numerator:

 

  ​

 

  ​

 

  ​

Net income

 

802,566

 

2,514,591

 

1,186,345

Less: Net income attributable to non-controlling interests

 

(1,663)

 

(17,368)

 

(15,196)

Add: Net loss attributable to redeemable non-controlling interests

 

—

 

18,891

 

—

Less: accretion to redemption value of convertible redeemable preferred shares

 

(43,330)

 

(62,000)

 

(20,082)

Less: accretion to redemption value of redeemable non-controlling interests

 

—

 

(18,891)

 

—

Less: cumulative undeclared dividends on convertible redeemable preferred shares

 

(32,081)

 

(51,032)

 

(15,702)

Less: Net income attributable to preferred shareholders based on their participating rights

 

(198,548)

 

(949,041)

 

(116,785)

Net earnings available for distribution – basic

 

526,944

 

1,435,150

 

1,018,580

Reversal of accretion on redemption value of Series A and Series B convertible redeemable preferred shares

 

34,484

 

—

 

—

Reversal and reallocation of net income attributable to preferred shareholders

 

199,331

 

—

 

—

Net earnings available for distribution – diluted

 

760,759

 

1,435,150

 

1,018,580

Denominator:

 

  ​

 

  ​

 

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Denominator for basic income per share calculation

 

104,465,049

 

100,628,189

 

162,470,727

Effects of dilutive securities − convertible redeemable preferred shares

 

48,266,743

 

—

 

—

Effects of dilutive securities − outstanding share options and RSUs

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—

​

—

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2,243,939

Denominator for diluted income per share calculation

 

152,731,792

 

100,628,189

 

164,714,666

Basic income per share

 

5.04

 

14.26

 

6.27

Dilutive income per share

 

4.98

 

14.26

 

6.18

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For the years ended December 31, 2023, 2024 and 2025, the Company had potential ordinary shares, including preferred shares, share options and RSUs. On a weighted average basis,6,283,388, 70,122,009 and 21,132,660 preferred shares were excluded from the computation of diluted earning per ordinary share because including them would have had an anti-dilutive effect; and 10,632,274, 14,088,184 and nil share options were excluded from the calculation of diluted income per ordinary share as their vesting is contingent upon the satisfaction of a performance condition (i.e. completion of a Qualified IPO), which is not considered probable until the event occurs.