v3.26.1
Taxation (Tables)
12 Months Ended
Dec. 31, 2025
Taxation  
Schedule of Income before Income Tax

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For the Year Ended December 31,

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Mainland China

 

10,232,260

 

8,973,646

 

646,374

Non-Mainland China jurisdictions

 

219,503

 

341,978

 

650,761

Total income before income tax

 

10,451,763

 

9,315,624

 

1,297,135

Schedule of composition of income tax (benefit)/expense

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  ​ ​ ​

For the Year Ended December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Current income tax expense

​

​

​

​

​

​

Mainland China

​

441,098

​

1,320,074

​

988,072

Non-Mainland China jurisdictions

​

5,127

​

107

​

95,127

Total current income tax expense

​

446,225

​

1,320,181

​

1,083,199

Deferred income tax benefit

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​

​

​

​

Mainland China

​

(1,803,587)

​

(49,807)

​

(921,813)

Non-Mainland China jurisdictions

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—

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—

​

(3,679)

Total deferred income tax benefit

​

(1,803,587)

​

(49,807)

​

(925,492)

Total income tax (benefit)/expense

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​

​

​

​

Mainland China

​

(1,362,489)

​

1,270,267

​

66,259

Non-Mainland China jurisdictions

​

5,127

​

107

​

91,448

Total income tax (benefit)/expense

 

(1,357,362)

 

1,270,374

 

157,707

Schedule of reconciliations of the income tax (benefit)/expense

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 3, Recent accounting pronouncements, reconciliations of the income tax expense computed by applying Mainland China statutory income tax rate of 25% to the Group’s income before income tax for the year ended December 31, 2025 was as follows (in thousands, except for percentages):

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For the Year Ended

 

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​

December 31, 2025

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  ​ ​ ​

Amount

  ​ ​ ​

Percent

 

Mainland China statutory income tax rate

 

324,284

 

25.0

%

Domestic income taxes

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​

​

​

​

Tax effect of tax-exempt entity and preferential tax rate

 

(618,638)

 

(47.7)

%

Change in valuation allowance

 

483,390

 

37.3

%

Tax effect of Super R&D Deduction

 

(402,584)

 

(31.0)

%

Share-based compensation expenses and other non-deductible expense

 

422,068

 

32.5

%

Other adjustments

 

24,090

 

1.9

%

Non-Mainland China tax effects

 

  ​

 

  ​

​

Hong Kong

 

  ​

 

  ​

​

Non-taxable items

 

(102,694)

 

(7.9)

%

Pillar Two

 

86,052

 

6.6

%

Statutory tax rate difference between Hong Kong and Mainland China

 

(55,961)

 

(4.3)

%

Other adjustments

 

2,379

 

0.2

%

Cayman

 

  ​

 

  ​

​

Statutory tax rate difference between Cayman and Mainland China

 

(7,376)

 

(0.6)

%

Other non-Mainland China jurisdictions

 

2,697

 

0.2

%

Income tax expense

 

157,707

 

12.2

%

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For the Year Ended December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

Income before income tax

 

10,451,763

 

9,315,624

Income tax expense computed at Mainland China statutory income tax rate of 25%

 

2,612,941

 

2,328,906

Tax effect of tax‑exempt entity and preferential tax rate

 

(1,613,371)

 

(797,326)

Tax effect of Super R&D Deduction and others

 

(1,055,404)

 

(954,781)

Non‑deductible expenses

 

512,572

 

611,424

Change in valuation allowance

 

(1,814,100)

 

82,151

Income tax (benefit)/expense

 

(1,357,362)

 

1,270,374

Schedule of income tax holiday tax rates

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For the Year Ended December 31, 

​

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

Tax effect of tax‑exempt entity and preferential tax rate

 

1,613,371

 

797,326

 

618,638

Effect of tax holiday on basic net earnings per share

 

0.82

 

0.40

 

0.31

Effect of tax holiday on diluted net earnings per share

 

0.76

 

0.37

 

0.29

Schedule of components of the group's deferred tax assets (liabilities)

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As of December 31, 

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  ​ ​ ​

2024

  ​ ​ ​

2025

Deferred tax assets:

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​

​

​

Net operating loss carryforwards

 

1,564,993

 

2,102,111

Warranty reserves

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1,397,501

​

1,917,812

Others

​

378,106

​

413,950

Total deferred tax assets

 

3,340,600

 

4,433,873

Less: Valuation allowance

 

(381,506)

 

(876,765)

Deferred tax assets, net of valuation allowance

​

2,959,094

​

3,557,108

Deferred tax liabilities:

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​

​

​

Accelerated tax depreciation and others

​

(1,264,976)

​

(909,589)

Fair value change of certain investments

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(16,937)

​

(4,965)

Total deferred tax liabilities

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(1,281,913)

​

(914,554)

Deferred tax assets, net

 

1,677,181

 

2,642,554

Schedule of movement of valuation allowance

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As of December 31, 

​

  ​ ​ ​

2024

  ​ ​ ​

2025

Valuation allowance

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  ​

 

  ​

Balance at beginning of the year

 

299,355

 

381,506

Additions

​

88,236

​

495,259

Reversals

 

(6,085)

 

—

Balance at end of the year

 

381,506

 

876,765