Leases

12 Months Ended

Dec. 31, 2025

12.

LEASES

The Group’s operating leases mainly related to office facilities, land use rights and IDC facilities. As of December 31, 2025, finance leases were insignificant.

As of December 31, 2024 and 2025, the weighted average remaining lease term for the Group’s operating leases were 7.5 years and 6.7 years, respectively, and the corresponding weighted average discount rates were 5.57% and 5.04%, respectively.

The components of lease costs were as follows:


	For the year ended December 31,
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
	(In thousands)
Operating lease costs(i)		117,641		108,943		91,520		13,087

(i)

Excludes short-term lease contract costs of RMB274.0 million, RMB218.0 million and RMB194.7 million (US$27.8 million) for the years ended December 31, 2023, 2024 and 2025, respectively.

Variable lease costs were immaterial for the years ended December 31, 2023, 2024 and 2025. For the years ended December 31, 2023, 2024 and 2025, no lease costs for operating and finance leases were capitalized.

Supplemental cash flow information related to operating leases was as follows:


	For the year ended December 31,
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
	(In thousands)
Cash payments for operating leases included in the measurement of operating lease liabilities		110,206		102,214		109,738		15,692
Operating leases assets obtained in exchange for operating lease obligations		91,025		10,296		20,011		2,862

Future lease payments under lease liabilities as of December 31, 2025 were as follows:


	Operating leases
	RMB			US$
	(In thousands)
Year ending December 31,
2026		85,987			12,296
2027		78,632			11,244
2028		74,696			10,681
2029		63,633			9,099
2030		63,326			9,055
Thereafter		130,728			18,694
Total future lease payments		497,002			71,069
Less: Imputed interest		(72,572	)		(10,376	)
Total lease liability balance		424,430			60,693