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CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net income ¥ 1,186,345 $ 169,645 ¥ 2,514,591 ¥ 802,566
Adjustments to reconcile net income to net cash provided by operating activities        
Fair value change of forward contract related to Series B+ preferred shares       105,483
Depreciation and amortization 146,377 20,932 60,904 10,370
Share-based compensation 723,538 103,465 603 10,516
Inventories provisions 1,851 265 143 869
Deferred income tax (149,611) (21,394) (126,873) (95,772)
Loss/(gains) on disposal of property and equipment 3,083 441 (312) 865
Provision for other current assets 17,185 2,457    
Provision for expected credit losses 29 4 6,958 4,101
Loss from disposal of subsidiaries 4,556 651    
Loss from disposal of investments 373 53   228
Fair value changes of short-term investments (9,796) (1,401)   (944)
Unrealized exchange (gains)/loss 14,915 2,133 5 (911)
Equity in earnings from equity method investments (1,969) (282) (403)  
Changes in operating assets and liabilities, net of effects from business combination and disposal of subsidiaries        
Accounts receivable (35,745) (5,111) (31,290) (75,561)
Inventories (119,012) (17,018) (69,422) (9,176)
Prepayments and other current assets (170,811) (24,426) (213,999) (55,427)
Amount due from related parties (536) (77) (1,547) 91
Right-of-use assets, net (735,716) (105,206) (427,979) (47,573)
Other non-current assets (96,534) (13,804) (59,424) (9,800)
Accounts payable 47,195 6,749 127,801 384,016
Contract liabilities (22,738) (3,251) 175,503 295,386
Taxes payable (42,003) (6,006) (63,495) 231,412
Operating lease liabilities 727,440 104,023 439,218 45,385
Accrued expenses and other liabilities 155,685 22,261 506,674 337,483
Net cash provided by operating activities 1,644,101 235,103 2,837,656 1,933,607
Cash flows from investing activities:        
Purchase of short-term investments (4,391,000) (627,905)   (236,480)
Maturity of short-term investments 4,300,703 614,992   238,335
Placements of time deposits (159,000) (22,737) (300,000) (100,000)
Maturity of time deposits     300,000  
Bridge loans to shareholders related to the restructuring       (305,000)
Repayment of bridge loans from shareholders related to the restructuring       305,000
Purchases of property and equipment (417,099) (59,644) (225,504) (31,861)
Proceeds from disposal of property and equipment 11 2 2,593 78
Investment in an investee       (2,000)
Proceeds from disposal of a subsidiary, net of cash disposed (7,968) (1,139)    
Proceeds from disposal of long-term investments       717
Loans to related parties       (34,000)
Loans to third parties       (20,500)
Repayments of loans from a third party     20,000 1,000
Repayments of loans from related parties       38,000
Prepayments for the purpose of intangible assets (35,231) (5,038) (15,755)  
Cash paid for business combinations, net of cash acquired (115,432) (16,507) (10,813)  
Net cash used in investing activities (825,016) (117,976) (229,479) (146,711)
Cash flows from financing activities:        
Proceeds from issuance of Series B+ Preferred Shares, net of issuance costs       331,422
Proceeds from short-term borrowings 200,000 28,600 24,956  
Repayment of short-term borrowings (200,000) (28,600) (27,110)  
Repurchase of ordinary shares     (210,082)  
Payments for offering expenses (36,272) (5,186) (10,091)  
Capital injection from non-controlling interests and redeemable non-controlling interests 175,103 25,039 49,677 14,540
Dividends to non-controlling shareholders (168) (24) (1,282) (1,765)
Purchase of non-controlling interests (40,704) (5,821)    
Dividends to the Company's ordinary shareholders (1,233,069) (176,327)    
Proceeds from the IPO, net of underwriting discounts and commissions 3,181,762 454,986    
Net cash provided by/(used in) financing activities 2,046,652 292,667 (173,932) 344,197
Effect of exchange rate changes on cash and cash equivalents and restricted cash (992) (141) 11,756 (9,159)
Net increase in cash and cash equivalents and restricted cash 2,864,745 409,653 2,446,001 2,121,934
Cash and cash equivalents and restricted cash at the beginning of the year 4,768,681 681,912 2,322,680 200,746
Cash and cash equivalents and restricted cash at the end of the year 7,633,426 1,091,565 4,768,681 2,322,680
Supplemental disclosures of cash flow information:        
Income taxes paid (630,243) (90,124) (644,267) (206,970)
Interests paid (1,061) (152) (12)  
Supplemental schedule of non-cash financing activities:        
Accretion of convertible redeemable preferred shares to redemption value 20,082 2,872 62,000 43,330
Accretion of redeemable non-controlling interests to redemption value     18,891  
Increase in accrued expenses and other liabilities related to purchases of property and equipment 76,134 10,887 ¥ 45,202 2,034
Increase in accrued expenses and other liabilities related to acquisition of non-controlling interests in subsidiaries       820
Preferred shares exchanged for ordinary shares and the related share-based compensation expense       39,173
Ordinary shares exchanged for preferred shares (Note 17)       ¥ (32,181)
Automatic conversion of preferred shares to Class A ordinary shares upon the IPO ¥ 953,862 $ 136,400