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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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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