LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| LEASES |
|
| Schedule of components of lease cost |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Operating lease cost | | 7,785,841 | | 14,221,894 | | 19,039,544 | Short‑term lease cost | | 50,659 | | 83,665 | | 84,296 | Total | | 7,836,500 | | 14,305,559 | | 19,123,840 |
|
| Schedule of supplemental cash flows information related to leases |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | Operating cash flows payment from operating leases | | 7,965,277 | | 14,896,620 | | 19,486,006 | Right‑of‑use assets obtained in exchange for lease liabilities: | | | | | | | Total right‑of‑use assets obtained in exchange for new operating lease liabilities | | 15,489,351 | | 18,507,830 | | 14,105,484 |
|
| Schedule of right-of-use assets |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Right‑of‑use assets obtained in exchange for lease liabilities | | | | | | | Store leases | | 3,262,410 | | 2,730,509 | | 1,795,943 | Administrative office leases | | 273,088 | | 487,708 | | 171,385 | Leases of rental property management services | | 11,953,853 | | 15,289,613 | | 12,138,156 | Total | | 15,489,351 | | 18,507,830 | | 14,105,484 |
|
| Schedule of supplemental balance sheet information related to leases |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | (in thousands) | Operating leases | | | | | Store leases | | 5,825,835 | | 4,475,510 | Administrative office leases | | 755,707 | | 704,252 | Leases of rental property management services | | 16,393,250 | | 13,582,195 | Land use rights | | 392,087 | | 382,172 | Total operating lease assets | | 23,366,879 | | 19,144,129 | Operating lease liabilities, current | | 13,729,701 | | 10,658,576 | Operating lease liabilities, non‑current | | 8,636,770 | | 6,969,571 | Total operating lease liabilities | | 22,366,471 | | 17,628,147 |
|
| Schedule of weighted-average remaining lease term and discount rate |
| | | | | | | | | | For the Year Ended December 31, | | | | 2023 | | 2024 | | 2025 | | | | | | | | | | Weighted‑average remaining lease term (in years) | | | | | | | | Operating leases | | 2.43 | | 2.38 | | 2.08 | | Land use rights | | 43.18 | | 39.68 | | 38.68 | | | | | | | | | | Weighted‑average discount rate | | | | | | | | Operating leases | | 4.3 | % | 3.8 | % | 3.4 | % | Land use rights | | 4.7 | % | 4.0 | % | 4.0 | % |
|
| Schedule of maturities of lease liabilities |
| | | | | As of | | | December 31, | | | 2025 | | | RMB | | | (in thousands) | 2026 | | 11,054,303 | 2027 | | 4,171,509 | 2028 | | 1,608,921 | 2029 | | 749,959 | 2030 | | 318,772 | Thereafter | | 448,208 | Total undiscounted lease payments | | 18,351,672 | Less: imputed interest | | (723,525) | Total lease liabilities | | 17,628,147 |
|
| Schedule of lease income |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | (in thousands) | Operating lease income | | 5,533,035 | | 12,977,296 | | 18,515,803 | Total lease income | | 5,533,035 | | 12,977,296 | | 18,515,803 |
|
| Schedule of maturities of undiscounted lease receivables |
| | | | | As of | | | December 31, | | | 2025 | | | RMB | | | (in thousands) | 2026 | | 14,087,999 | 2027 | | 1,219,097 | 2028 | | 281,162 | 2029 | | 15,270 | 2030 | | 9,592 | Thereafter | | 18,190 | Total undiscounted lease receivables | | 15,631,310 |
|