v3.26.1
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 ¥ 3,600,382 $ 513,877 ¥ 2,955,709 ¥ 2,844,037
Adjustments to reconcile net income to net cash provided by operating activities:        
Foreign exchange gain/(loss), net 26,747 3,818 13,239 (2,968)
Loss on disposal of property and equipment 3,513 501 4,017 12,713
Depreciation and amortization 1,557,383 222,283 1,190,037 604,580
Lease cost 2,917,711 416,441 2,331,919 1,399,217
Impairment of long-lived assets 8,500 1,212 8,925 5,229
Allowance for prepayments and accounts receivable (40) (6) (15,131) (3,194)
Deferred income tax 394,362 56,287 78,481 (141,613)
Share-based compensation expenses 573,148 81,805 364,846 239,506
Changes in operating assets and liabilities:        
Accounts receivable (45,258) (6,460) (30,332) (21,685)
Inventories (436,581) (62,313) (276,518) (983,126)
Receivables from online payment platforms (142,086) (20,280) (224,312) (62,241)
Prepaid expenses and other current assets (597,487) (85,275) (387,384) (489,374)
Other non-current assets (116,228) (16,589) (107,544) (216,260)
Accounts payable 365,511 52,169 (76,204) 373,203
Accrued expenses and other liabilities 932,174 133,048 677,863 674,013
Deferred revenues 3,189 455 29,817 26,056
Operating lease liabilities (2,989,199) (426,644) (2,308,156) (1,442,016)
Payable for equity litigants settlement 35,326 5,042   84,348
Net cash provided by operating activities 6,091,062 869,371 4,229,272 2,900,425
CASH FLOWS FROM INVESTING ACTIVITIES        
Purchases of property and equipment (2,623,694) (374,476) (2,301,791) (2,750,220)
Payment for land use right     (116,557) (6,478)
Cash received from disposal of property and equipment 941 134 407 1,982
Purchases of short-term investments (3,429,000) (489,417) (366,000) (1,550,000)
Proceeds received from maturity of short-term investments 1,100,000 157,002 216,000 1,450,000
Floating interest received from structured deposits 13,467 1,922 10,080 22,545
Purchases of term deposit (4,290,235) (612,340) (1,232,940) (657,527)
Proceeds received from maturity of term deposit 1,431,976 204,384 580,995 42,599
Proceeds received from asset-related government subsidy 10,042 1,433    
Net cash used in investing activities (7,786,503) (1,111,358) (3,209,806) (3,447,099)
CASH FLOWS FROM FINANCING ACTIVITIES        
Proceeds from short-term bank borrowings     300,000  
Proceeds from the long-term borrowings     33,600  
Short-term bank and other borrowings payments (300,000) (42,819)    
Long-term borrowing payments (33,600) (4,796)    
Net cash provided by/(used in) financing activities (333,600) (47,615) 333,600  
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash (20,711) (2,956) 14,976 7,398
Net (decrease)/ increase in cash and cash equivalents and restricted cash (2,049,752) (292,558) 1,368,042 (539,276)
Cash and cash equivalents and restricted cash at beginning of years 4,406,685 628,960 3,038,643 3,577,919
Cash and cash equivalents and restricted cash at end of years 2,356,933 336,402 4,406,685 3,038,643
Supplemental disclosures of cash flow information:        
Interests received 121,783 17,382 69,037 101,753
Interests paid, net of capitalization (486) (69) (3,688)  
Income taxes paid (1,256,993) (179,409) (455,857) (426,744)
Supplemental disclosures of non-cash activities:        
Purchase of property and equipment included in accrued expenses and other liabilities (139,675) (19,936) 261,741 438,554
Obtaining right-of-use assets in exchange for lease liabilities 4,404,921 $ 628,709 2,886,567 4,463,919
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 2,294,112   4,362,309 2,925,709
Current restricted cash 5,362   3,781 66,080
Non-current restricted cash 57,459   40,595 46,854
Total cash, cash equivalents and restricted cash in the statements of cashflows ¥ 2,356,933   ¥ 4,406,685 ¥ 3,038,643