LEASES (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| LEASES |
|
| Schedule of balances for the operating and finance leases where the Group is the lessee |
The balances for the operating and finance leases where the Group Is the lessee are presented as follows (RMB in thousands): | | | | | | | 2024 | | 2025 | | | December 31 | | December 31 | | | RMB | | RMB | Operating leases: | | | | | Operating lease liabilities - current | | 145,663 | | 118,359 | Operating lease liabilities - non-current | | 330,740 | | 190,330 | Total operating lease liabilities | | 476,403 | | 308,689 | Operating lease right-of-use assets, net | | 448,555 | | 257,627 | | | | | | Financing leases: | | | | | Financing lease liabilities -current | | — | | 5 | Financing lease liabilities -non-current | | — | | 3,360,268 | Total financing lease liabilities | | — | | 3,360,273 | Financing lease right-of-use assets, net | | — | | 3,360,273 | | | | | | Total right-of use assets, net | | 448,555 | | 3,617,900 |
|
| Schedule of components of lease expenses |
(a) The components of lease expenses were as follows (RMB in thousands): | | | | | | | For the years ended December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Lease cost: | | | | | Amortization of right-of-use assets | | 146,561 | | 106,616 | Interest of lease liabilities | | 17,691 | | 25,963 | Expenses for short-term lease within 12 months | | 7,350 | | 29,947 | Total lease cost | | 171,602 | | 162,526 |
|
| Schedule of supplemental cash flow information related to leases |
(b) Supplemental cash flow information related to leases was as follows (RMB in thousands): | | | | | | | For the years ended December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Cash paid for amounts included in the measurement of lease liabilities: | | | | | Operating cash outflows for operating leases | | 157,422 | | 124,116 | Operating cash outflows for finance leases | | 1,976 | | — | Financing cash outflows for finance leases | | 36,587 | | — | Total cash paid for amounts included in the measurement of lease liabilities: | | 195,985 | | 124,116 | | | | | | Lease obligation accrued in exchange for right-of-use assets: | | | | | Operating lease liabilities | | 44,802 | | 25,664 | Financing lease liabilities | | — | | 3,360,273 | Total lease obligation accrued in exchange for right-of-use assets: | | 44,802 | | 3,385,937 |
|
| Schedule of supplemental balance sheet information related to leases |
(c) Supplemental balance sheet information related to leases was as follows (RMB in thousands): Operating leases: | | | | | | | | As of December 31, | | | | 2024 | | 2025 | | Weighted-average remaining lease term | | 3.80 | years | 2.94 | years | Weighted-average discount rate | | 5.42 | % | 6.10 | % |
Financing leases: | | | | | | | | As of December 31, | | | | 2024 | | 2025 | | Weighted-average remaining lease term | | — | | 18.85 | years | Weighted-average discount rate | | — | | 5.12 | % |
|
| Schedule of operating lease liabilities |
(d) Maturities of operating lease liabilities were as follows (RMB in thousands): Operating leases: | | | Year ending December 31, | | RMB | Year ended December 31, | | | 2026 | | 132,927 | 2027 | | 108,536 | 2028 | | 80,092 | Thereafter | | 14,314 | Total undiscounted lease payments | | 335,869 | Less: imputed interest | | (27,180) | Total lease liabilities | | 308,689 |
|
| Schedule of finance lease liabilities |
| | | Year ending December 31, | | RMB | Year ended December 31, | | | 2026 | | 5 | 2027 | | 5 | 2028 | | 5 | Thereafter | | 7,449,810 | Total undiscounted lease payments | | 7,449,825 | Less: imputed interest | | (4,089,552) | Total lease liabilities | | 3,360,273 |
|