v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of components of (loss)/income before income tax

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 

​

​

2023

​

2024

​

2025

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

(In thousands)

Income from Chinese mainland operations

  ​ ​ ​

809,506

​

1,616,998

​

3,183,315

Income from non-Chinese mainland operations

 

412,283

​

215,662

​

16,897

Total

 

1,221,789

​

1,832,660

​

3,200,212

Schedule of components of income tax expenses

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 

​

​

2023

​

2024

​

2025

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

(In thousands)

Current income tax expenses

​

108,488

​

257,096

​

530,677

Deferred income tax expenses/(benefit)

​

14,083

​

8,538

​

(20,932)

Total

​

122,571

​

265,634

​

509,745

Schedule of reconciliation between the statutory income tax rate and effective tax rate

​

​

​

​

​

​

​

​

​

For the year ended December 31, 

​

​

  ​ ​ ​

2023

  ​ ​ ​

2024

​

PRC statutory income tax rate

​

25.00

%  

25.00

%

Effect of tax-exempt entities and tax rates in different jurisdictions

 

(5.72)

%  

(1.74)

%

Effect of PRC preferential tax rates

 

(7.72)

%

(8.67)

%

Effect of permanent difference

​

0.36

%  

1.77

%

Changes in valuation allowance

 

(2.40)

%  

(3.33)

%

Others

 

0.51

%  

1.46

%

Effective tax rate

 

10.03

%

14.49

%

​

​

​

​

​

​

​

​

  ​ ​ ​

For the year ended December 31, 2025

 

​

  ​ ​ ​

Amount

  ​ ​ ​

Percent

 

​

​

RMB in thousands

​

​

 

Income tax expenses at PRC statutory income tax rate

​

800,053

​

25.00

%

Foreign tax effects

​

72,024

​

2.25

%

Effect of nontaxable or nondeductible items

​

  ​

​

  ​

​

Share-based compensation expenses

​

120,165

​

3.75

%

Others

​

4,465

​

0.14

%

Changes in valuation allowance

​

(92,279)

​

(2.88)

%

Other adjustments

​

  ​

​

  ​

​

Effect of PRC preferential tax rates

​

(327,268)

​

(10.23)

%

Super R&D Deduction

​

(75,168)

​

(2.35)

%

Others

​

7,753

​

0.25

%

Income tax expenses

​

509,745

​

15.93

%

Schedule of deferred tax assets and liabilities

​

​

​

​

​

​

​

​

As of December 31,

​

​

2024

​

2025

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

(In thousands)

Deferred tax assets

​

​

​

​

Net operating loss carry-forwards

​

137,310

​

167,973

Deductible advertising expenses

 

144,192

 

72,496

Others

 

194

 

5,810

Total deferred tax assets

 

281,696

 

246,279

Less: valuation allowance

 

(281,696)

 

(222,038)

Deferred tax assets, net of valuation allowance

 

—

 

24,241

Deferred tax liabilities

​

​

​

​

Accelerated tax depreciation

​

(25,688)

​

(15,190)

Unrealized gains from investments

​

(7,613)

​

(32,610)

Others

​

(1,150)

​

(9,962)

Total deferred tax liabilities

​

(34,451)

​

(57,762)

Deferred tax liabilities, net of deferred tax assets

​

(34,451)

​

(33,521)

Schedule of movements of valuation allowance

​

​

​

​

​

​

​

​

​

​

For the year ended December 31, 

​

​

2023

​

2024

​

2025

​

​

RMB

​

RMB

​

RMB

​

​

(In thousands)

Balance at beginning of the year

  ​ ​ ​

354,306

  ​ ​ ​

325,027

  ​ ​ ​

281,696

Change of valuation allowance

 

(29,279)

 

(43,331)

 

(59,658)

Balance at end of the year

 

325,027

 

281,696

 

222,038

​