TAXATION (Tables)

12 Months Ended

Dec. 31, 2025


		For the year ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB		US$
Income before income taxes
PRC		3,225,895		3,719,882		5,589,445		797,774
Hong Kong, PRC		33,395		31,033		2,965		423
Other foreign jurisdictions		(157,126)		(24,653)		(312,235)		(44,565)
Total income before income tax		3,102,164		3,726,262		5,280,175		753,632

Income tax expenses
Current income tax expenses		399,740		692,072		1,285,431		183,468
PRC		394,700		687,001		1,285,385		183,461
Hong Kong, PRC		5,040		5,071		46		7
Other foreign jurisdictions		—		—		—		—
Deferred tax expenses/(benefits)		(141,613)		78,481		394,362		56,287
PRC		(141,613)		78,481		54,565		7,788
Hong Kong, PRC		—		—		339,797		48,499
Other foreign jurisdictions		—		—		—		—
Income tax expense		258,127		770,553		1,679,793		239,755


		For the year ended
		December 31,
		2023			2024			2025
		RMB	%		RMB	%		RMB	%		US$
Income before income taxes		3,102,164			3,726,262			5,280,175			753,632

Income tax expenses computed at PRC statutory income tax rate of 25%		775,541	25	%	931,565	25	%	1,320,044	25	%	188,408

Foreign tax effects
Hong Kong，PRC
Statutory tax rate difference between Hong Kong, PRC and PRC		(2,839)	0	%	(2,725)	0	%	1,764	0	%	252
Withholding tax on distributable earnings		—	—		—	—		339,797	6	%	48,499
Others		(470)	0	%	38	0	%	(2,459)	0	%	(351)

Other foreign jurisdictions		39,282	1	%	6,163	0	%	78,059	1	%	11,141

Tax credits
Additional deduction for R&D expenses		(19,397)	(1)	%	(17,699)	0	%	(20,675)	0	%	(2,951)
Nontaxable or nondeductible Items
Non-deductible share-based compensation expenses		45,722	1	%	60,020	2	%	100,965	2	%	14,411
Non-deductible expenses and non-taxable income		5,378	0	%	11,026	0	%	48,846	1	%	6,971
Change of valuation allowance		(616,962)	(19)	%	(303,889)	(8)	%	(70,521)	(1)	%	(10,065)
Changes in unrecognized tax benefits		24,536	1	%	6,853	0	%	(21,834)	0	%	(3,116)
Effect of cross-border tax law		—	—		—	—		—	—		—
Effect of changes in tax laws or rates enacted in the current period		725	0	%	—	—		(392)	0	%	(56)
Others		6,611	0	%	79,201	2	%	(93,801)	(2)	%	(13,388)

Income tax expense		258,127	8	%	770,553	21	%	1,679,793	32	%	239,755


		As of December 31,
		2024		2025
		RMB		RMB		US$
Deferred tax assets:
Accrued expenses		28,006		53,314		7,610
Accrued welfare		95,811		165,708		23,651
Operating lease liabilities		1,407,218		1,788,024		255,202
Impairment loss of long-lived assets and investments		6,703		3,639		519
Allowance for doubtful accounts		781		781		111
Tax losses		301,407		130,303		18,598
Total deferred tax assets before valuation allowance		1,839,926		2,141,769		305,691
Valuation allowance		(164,099)		(139,615)		(19,927)
Total deferred tax assets, net of valuation allowance		1,675,827		2,002,154		285,764

Deferred tax liabilities:
Operating lease right-of-use assets		(1,404,226)		(1,785,118)		(254,787)
Withholding tax on distributable earnings		—		(339,797)		(48,499)
Total deferred tax liabilities		(1,404,226)		(2,124,915)		(303,286)

Reported as:
Deferred tax assets, net		271,601		217,036		30,977
Deferred tax liabilities		—		(339,797)		(48,499)


		For the year ended
		December 31,
		2023	2024	2025
		RMB	RMB	RMB	US$
PRC		426,744	455,857	1,242,108	177,284
Hong Kong, PRC		—	—	14,885	2,125
Other foreign jurisdictions		—	—	—	—
Total cash payment		426,744	455,857	1,256,993	179,409


		As of December 31,
		2024		2025
		RMB		RMB		US$
Balance at beginning of year		79,520		59,063		8,430
Decrease based on tax positions related to the current year		(20,457)		(30,327)		(4,329)

Balance at end of year		59,063		28,736		4,101