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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
FAIR VALUE MEASUREMENTS |
Summary of assets and liabilities measured at fair value on a recurring basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value measurement using: | ​ | ​
​ | ​ | Quoted prices in | ​ | Significant other | ​ | ​ | ​ | ​
​ | ​ | active markets for | ​ | observable | ​ | Unobservable | ​ | ​
​ | ​ | identical assets | ​ | inputs | ​ | inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2023
​ |  | RMB |  | RMB |  | RMB |  | RMB
Convertible Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- 2026 Convertible Notes |  | 3,381,686 |  | — |  | — |  | 3,381,686
- 2027 Convertible Notes |  | — |  | — |  | 1,421,600 |  | 1,421,600
Liabilities |  | 3,381,686 |  | — |  | 1,421,600 |  | 4,803,286
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value measurement using: | ​ | ​
​ | ​ | Quoted prices in | ​ | Significant other | ​ | ​ | ​ | ​
​ | ​ | active markets for | ​ | observable | ​ | Unobservable | ​ | ​
​ | ​ | identical assets | ​ | inputs | ​ | inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2024
​ |  | RMB |  | RMB |  | RMB |  | RMB
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- Wealth management product |  | — |  | 15,879 |  | — |  | 15,879
Available-for-sale debt securities |  | — |  | — |  | 42,689 |  | 42,689
Assets |  | — |  | 15,879 |  | 42,689 |  | 58,568
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible Notes |  |  |  |  |  |  |  |
- 2027 Convertible Notes |  | — |  | — |  | 1,793,894 |  | 1,793,894
Liabilities |  | — |  | — |  | 1,793,894 |  | 1,793,894
Summary of fair value of convertible notes measured using key assumptions | ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30 | ​ | As of September 30 |
​ |  | 2023 |  | 2024 |
Volatility |  | 90.48 | % | 80.00 | %
Discount rate |  | 15.78 | % | 13.34 | %
Risk-free interest rate |  | 4.70 | % | 3.63 | %
Summary of reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3) | ​
​ | ​ | ​
​ |  | 2027 Convertible Notes
​ |  | RMB
Fair value at August 20, 2024 |  | 1,683,270
Changes in fair value through the earnings |  | 135,075
Due to instrument-specific credit changes in other comprehensive income |  | 7,109
Foreign currency translation adjustiment |  | (31,560)
Fair value at September 30, 2024 |  | 1,793,894
​
​ | ​ | ​
​ |  | Derivative liability
​ |  | RMB
Fair value at December 31, 2023 |  | 188,706
Changes in fair value |  | (132,538)
Foreign currency translation adjustiment |  | 892
Fair value immediately prior to the extinguishment |  | 57,060
​

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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