FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| FAIR VALUE MEASUREMENTS |
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| Schedule of Investments Measured at Fair Value on Recurring Basis |
As of December 31, 2024 and 2025, information about the hierarchy of the fair value measurements for the Company’s assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows (RMB in thousands, except for inputs): | | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | | | | Quote prices in | | | | | | | Balance as of | | active market | | Significant other | | Significant | | | December 31, | | for identical | | observable | | unobservable | Description | | 2024 | | assets (Level 1) | | inputs (Level 2) | | inputs (Level 3) | Assets: | | | | | | | | | Short-term investments - open-ended funds, wealth management products and structured deposits | | 520,376 | | — | | 520,376 | | — | Forward contracts receivable - Foreign exchange | | 115,220 | | — | | 115,220 | | — | Equity securities applying fair value option | | 97,372 | | — | | — | | 97,372 | Available-for-sale securities – non current | | 150,922 | | — | | — | | 150,922 | Equity securities with readily determinable fair value | | 542,024 | | 542,024 | | — | | — | | | | | | | | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts- payable | | 15,765 | | — | | 15,765 | | — | Foreign exchange options | | 5,024 | | — | | — | | 5,024 | Financial liabilities measured at fair value(current and non-current portion) | | 3,194,444 | | — | | — | | 3,194,444 |
| | | | | | | | | | | Fair Value Measurements at Reporting Date Using | | | | | Quote prices in | | | | | | | Balance as of | | active market | | Significant other | | Significant | | | December 31, | | for identical | | observable | | unobservable | Description | | 2025 | | assets (Level 1) | | inputs (Level 2) | | inputs (Level 3) | Assets: | | | | | | | | | Short-term investments – open-ended funds, wealth management products and structured deposits | | 1,495,445 | | 91,570 | | 1,403,875 | | — | Forward contracts receivable - Foreign exchange | | 34,467 | | — | | 34,466 | | — | Forward contracts receivable - Commodity | | 24,456 | | 24,456 | | — | | — | Equity securities applying fair value option | | 62,000 | | — | | — | | 62,000 | Available-for-sale securities | | 238,464 | | — | | — | | 238,464 | Equity securities with readily determinable fair value | | 347,169 | | 347,169 | | — | | — | | | | | | | | | | Liabilities: | | | | | | | | | Foreign exchange forward contracts- payable | | 28,565 | | — | | 28,565 | | — | Foreign exchange options | | 27,564 | | — | | — | | 27,564 | Financial liabilities measured at fair value(current and non-current portion) | | 562,062 | | — | | — | | 562,062 |
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| Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs |
A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance on January 1, | | 1,070,699 | | 782,969 | | — | Foreign exchange loss/(gain) | | (54,377) | | 6,093 | | — | Change in fair value of convertible senior notes | | 84,669 | | (323,474) | | — | Change in the instrument-specific credit risk | | (70,732) | | (421) | | — | Conversion of convertible senior notes | | (247,290) | | (465,167) | | — | Balance on December 31, | | 782,969 | | — | | — |
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| Schedule of changes in Level 3 fair value of available-for-sale securities - non-current |
A summary of changes in Level 3 fair value of available-for-sale securities for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance on January 1, | | — | | 104,134 | | 150,922 | Addition | | 85,000 | | 57,000 | | 48,659 | Change in fair value | | 19,134 | | (10,212) | | 38,883 | Balance on December 31, | | 104,134 | | 150,922 | | 238,464 |
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| Schedule of assets Measured on Recurring Basis, Equity Securities |
A summary of changes in Level 3 fair value of equity securities applying fair value option for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance on January 1, | | 178,871 | | 228,706 | | 97,372 | Addition | | — | | — | | — | Disposal (Note 14) | | — | | — | | (15,000) | Change in fair value | | 49,835 | | (131,334) | | (20,372) | Balance on December 31, | | 228,706 | | 97,372 | | 62,000 |
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| Schedule of fair value of call spread option contracts |
A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance on January 1, | | (3,226) | | (1,159) | | (5,024) | Addition of foreign exchange options | | (72,240) | | (5,207) | | (60,126) | Change in fair value of foreign exchange options gain | | 74,307 | | 1,342 | | 37,586 | Balance on December 31, | | (1,159) | | (5,024) | | (27,564) |
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| Schedule of level 3 fair value of guarantee liabilities |
A summary of changes in Level 3 fair value of financial liabilities measured at fair value for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | | | For the year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Balance on January 1, | | — | | 831,333 | | 3,194,444 | Additions | | 830,540 | | 2,398,089 | | — | Change in fair value of financial liabilities | | — | | (34,978) | | 155,007 | Settlement of financial liabilities | | — | | — | | (2,787,389) | Profit distribution | | 793 | | — | | — | Balance on December 31, | | 831,333 | | 3,194,444 | | 562,062 |
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| Schedule of Change in Fair Value of Derivatives |
The Change in fair value of derivatives recognized in earnings was as follows (RMB in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Type of derivatives | | | Foreign | | Foreign | | | | | | | | | | | | | | | | Equity | | | | | exchanges | | exchange | | | | Commodity | | Commodity | | | | | | Available- | | Available- | | securities | | | For the year | | forward | | forward | | | | forward | | forward | | Foreign | | | | for-sale | | for-sale | | applying | | | ended | | contracts - | | contracts - | | Convertible | | contracts - | | contracts - | | exchange | | Financial | | securities | | securities | | fair value | | | December 31 | | realized | | unrealized | | senior notes | | realized | | unrealized | | Options | | liabilities | | -current | | non-current | | option | | Total | 2023 | | (407,245) | | 18,079 | | (31,188) | | (38,809) | | 3,583 | | 74,307 | | — | | (973) | | 19,134 | | 49,835 | | (313,277) | 2024 | | 86,242 | | 29,070 | | 323,474 | | (19,074) | | (7,409) | | 1,342 | | 34,978 | | — | | (10,212) | | (131,334) | | 307,077 | 2025 | | (187,263) | | 53,054 | | — | | 35,723 | | 28,282 | | 37,586 | | (155,007) | | — | | 38,883 | | (20,372) | | (169,114) |
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| Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments |
| | | | Unobservable inputs of available-for-sale securities | | | | Expected volatility | | 34.79%-52.00 | % | Risk free interest rate | | 1.29%-1.50 | % |
| | | | Unobservable inputs of equity securities applying fair value option | | | | Expected volatility | | 55.32 | % | Risk free interest rate | | 0.95 | % |
| | | | Unobservable inputs of foreign exchange option | | | | Expected volatility | | 3.27%-6.05 | % | Risk free interest rate | | 1.20%-1.34 | % |
| | | | Unobservable inputs of financial liabilities | | | | Expected volatility | | 44.03% - 51.61 | % | Risk free interest rate | | 1.29% - 1.36 | % |
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