SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2025

SHARE-BASED COMPENSATION

Schedule of compensation expenses recognized for share-based awards granted


		For the Year Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB

		(in thousands)
Included in:
Cost of revenues		502,523		521,293		446,120
Sales and marketing expenses		180,465		197,320		181,877
General and administrative expenses		2,345,895		1,821,817		1,111,415
Research and development expenses		186,666		185,645		165,512
Total		3,215,549		2,726,075		1,904,924
Share‑based compensation related to share options (a)		771,151		541,956		138,456
Share‑based compensation related to restricted share units (b)		813,294		1,097,177		1,250,460
Share-based compensation related to restricted shares (c)		1,631,104		1,086,942		516,008
Total		3,215,549		2,726,075		1,904,924

Schedule of activities of company's share options


						Weighted
				Weighted		average
		Number of		average		remaining		Aggregate
		options		exercise		contractual		intrinsic
		outstanding		price		life		value
				US$		In Years		US$ (in thousands)
Outstanding as of December 31, 2022		59,822,418		0.00002		7.30		278,373
Exercised		(17,029,713)		0.00002
Forfeited or Cancelled		(2,443,122)		0.00002
Outstanding as of December 31, 2023		40,349,583		0.00002		6.39		218,022

Outstanding as of December 31, 2023		40,349,583		0.00002		6.39		218,022
Exercised		(14,183,427)		0.00002
Forfeited or Cancelled		(322,209)		0.00002
Outstanding as of December 31, 2024		25,843,947		0.00002		5.47		158,682

Outstanding as of December 31, 2024		25,843,947		0.00002		5.47		158,682
Exercised		(15,577,452)		0.00002
Forfeited or Cancelled		(89,151)		0.00002
Outstanding as of December 31, 2025		10,177,344		0.00002		4.76		53,465
Vested and exercisable as of December 31, 2023		7,610,018		0.00002		5.81		41,119
Vested and exercisable as of December 31, 2024		6,682,319		0.00002		5.30		41,029
Vested and exercisable as of December 31, 2025		6,653,786		0.00002		4.45		34,954

Schedule of activities of the company's restricted share units

The following table summarizes activities of the Company’s restricted share units under the 2020 Share Incentive Plan:


		Number of RSU		Weighted average grant-date
		outstanding		fair value
				US$
Outstanding as of December 31, 2022		41,502,498		6.08
Granted		46,425,615		6.03
Vested		(5,963,517)		5.90
Forfeited or Cancelled		(2,002,524)		6.21
Outstanding as of December 31, 2023		79,962,072		6.07

Outstanding as of December 31, 2023		79,962,072		6.07
Granted		29,718,591		5.08
Vested		(22,936,809)		5.85
Forfeited or Cancelled		(2,466,456)		5.48
Outstanding as of December 31, 2024		84,277,398		5.80

Outstanding as of December 31, 2024		84,277,398		5.80
Granted		25,371,822		6.06
Vested		(28,080,498)		5.84
Forfeited or Cancelled		(4,543,773)		5.58
Outstanding as of December 31, 2025		77,024,949		5.88

Schedule of activities of the company's restricted share


		Number of
		restricted shares		Weighted average grant-date
		outstanding		fair value
				US$
Outstanding as of December 31, 2022		170,008,293		4.38
Vested		(13,292,404)		4.29
Outstanding as of December 31, 2023		156,715,889		4.39

Outstanding as of December 31, 2023		156,715,889		4.39
Vested		(13,297,108)		4.29
Outstanding as of December 31, 2024		143,418,781		4.40

Outstanding as of December 31, 2024		143,418,781		4.40
Vested		(26,726,342)		4.33
Outstanding as of December 31, 2025		116,692,439		4.41