SHORT-TERM INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

SHORT-TERM INVESTMENTS.

Schedule of short-term investments


		As of December 31,
		2024		2025
		RMB		RMB

		(in thousands)
Short‑term investments:
Bank time deposits		14,874,498		7,057,770
Wealth management products		20,474,093		21,625,789
Held-to-maturity debt investments		5,417,761		5,526,195
Available-for-sale debt investments		551,348		5,370,207
Total		41,317,700		39,579,961

Schedule of held-to-maturity and available-for-sale debt investments


		As of December 31, 2025
		Cost or		Gross		Gross
		amortized cost		unrecognized		unrecognized
		less allowance		holding		holding
		for credit losses		gains		losses		Fair value
		RMB		RMB		RMB		RMB		US$

		(in thousands)
Held-to-maturity debt investments		5,526,195		3,176		(75,405)		5,453,966		779,907
Available-for-sale debt investments		5,405,275		—		(35,068)		5,370,207		767,929