v3.26.1
INVENTORIES
12 Months Ended
Dec. 31, 2025
INVENTORIES  
INVENTORIES

5. INVENTORIES

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As of December 31,

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2024

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2025

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RMB

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RMB

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(in thousands)

Real estate properties under development (i)

 

1,090,661

 

2,234,114

Other inventories

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519,215

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619,920

Total

 

1,609,876

 

2,854,034

(i)

As of December 31, 2025, land use rights included in the real estate properties under development amounted to RMB1.8 billion (2024: RMB1.1 billion).

As of December 31, 2025, land use rights with an aggregate net book value of RMB1.8 billion (2024: nil) were pledged as collateral for corresponding project specific bank loans.

As of December 31, 2025, capitalized interest costs included in the real estate properties under development amounted to RMB2.4 million (2024:nil).