Leases

12 Months Ended

Dec. 31, 2025

8.Leases

The Group has operating leases for corporate offices and warehouses. In addition, upon the adoption of ASC 842, land use rights with total carrying amount of RMB4.2 billion and RMB4.0 billion (Note 7) were identified as operating lease right-of-use assets as of December 31, 2024 and 2025, respectively.

The Group’s leases have remaining lease terms of 1 month to 65 years, some of which include options to terminate the leases within certain periods. The Group considers these options in determining the classification and measurement of the leases when it is reasonably certain that the Group will exercise that option.

The following table provides information related to the Group’s operating leases (in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating lease cost		344,606		249,169		168,626
Cash paid for amounts included in the measurement of operating lease liabilities		331,579		271,670		185,987
Change of right-of-use assets related to exchange for operating lease obligations		215,209		40,557		(52,897)

Additionally, the short-term lease cost was RMB42.3 million, RMB44.6 million and RMB15.7 million for the years ended December 31, 2023, 2024 and 2025, respectively.

The following table provides a summary of the Group’s operating lease terms and discount rates, which excludes the land use rights, as of December 31, 2024 and 2025:


	December 31,		December 31,
	2024		2025
Weighted average remaining lease term	2.87 years		2.75 years
Weighted average discount rate	3.62	%	3.54	%

Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):


		RMB
2026		123,120
2027		89,093
2028		66,733
2029		30,163
2030		22,314
Thereafter		41,145
Total operating lease payments		372,568
Less: imputed interest		(27,243)
Total		345,325