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SHARE BASED COMPENSATION EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

SHARE BASED COMPENSATION EXPENSES

Summary of stock options

​

​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​ ​ ​	Weighted-	​ ​ ​	Weighted-	​ ​ ​	​
​	​	​	​	average	​	average	​	Aggregate
​	​	Number of	​	exercise	​	remaining contractual	​	intrinsic
​	​	shares	​	price	​	term	​	Value
​	​	​	​	US$	​	​	​	​
​	​	​	​	per share	​	Years	​	RMB
Outstanding, January 1, 2025	​	16,447,636		1.2316		​		​
Granted		3,260,697		3.6414		​		​
Exercised		(12,011,093)		0.3329		​		​
Forfeited		(506,183)		3.6980		​		​
Outstanding, December 31, 2025		7,191,057		3.6518		8.85		406,622
Vested and expected to be vested as of December 31, 2025		7,191,057		3.6518		8.85		406,622
Exercisable as of December 31, 2025		1,161,113		2.6700		8.63		73,125

Summary of share options activity

​

​	​	​	​	​
​	​ ​ ​	Number of	​ ​ ​	Weighted-average
​	​	restricted shares	​	grant day fair value
​	​ ​ ​	​	​ ​ ​	US$ per share
Unvested, January 1, 2025		—		—
Granted		483,274		20.73
Vested		(6,772)		26.54
Forfeited		(90,940)		26.80
Unvested, December 31, 2025		385,562		19.19

Summary of fair value of employee share options

​

​	​	​	​	​	​	​	​
​	​	For the year ended December 31,
​	​ ​ ​	2023	​ ​ ​	2024	​ ​ ​	2025
​	​	RMB	​	RMB	​	RMB
Risk-free interest rate (per annum)	​ ​ ​	2.80	%	2.21% – 4.57	%	4.32% – 4.57	%
Expected volatility		36.82	%	38.00% – 39.91	%	38.00% – 39.90	%
Expected dividend yield		0.00	%	0.00	%	0.00	%
Expected post-vesting forfeiture rate		0.97	%	0.00	%	0.00	%
Fair value of the underlying shares on the date of option grants		9.78		57.05 – 102.21		102.21 – 203.08	​

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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