INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2025

INVESTMENTS

Schedule of investments


		As of December 31,
		2024		2025
		RMB		RMB
		(In thousands)
Short-term investments
—Wealth management products		4,640,283		9,095,836
—Fixed rate notes		1,997,243		354,408
—Listed equity securities		1,863		—
Total short-term investments		6,639,389		9,450,244

Long-term investments
—Fixed rate notes		1,607,361		1,655,884
—Unlisted equity securities		206,391		192,267
—Wealth management products		100,778		50,027
Total long-term investments		1,914,530		1,898,178