v3.26.1
LEASES
12 Months Ended
Dec. 31, 2025
LEASES  
LEASES

16.LEASES

The Group’s leases mainly related to buildings and the rights to use the land. The total expense related to short-term leases was insignificant for the years ended December 31, 2023, 2024 and 2025, and sublease income of the Group which was recognized in revenues in the consolidated statements of comprehensive income was RMB143, RMB163 and RMB148 for the years ended December 31, 2023, 2024 and 2025, respectively. The Group recognized a negative lease expense of RMB98 for the year ended December 31, 2023 under the relief of lease concession from COVID-19 as the Group elects using the variable lease expense approach. For the year ended December 31, 2024 and 2025, the impact under the relief of lease concession from COVID-19 was immaterial.

A summary of supplemental information related to operating leases in 2024 and 2025 is as follows:

Years Ended December 31, 

 

  ​ ​ ​

2024

  ​ ​ ​

2025

Lease cost:

 

  ​

Operating fixed lease cost

 

4,166

4,017

Finance lease cost

— Amortization of ROU assets

91

98

— Interest on lease liabilities

129

135

Variable lease cost

 

290

262

Total lease cost

 

4,676

4,512

Other information:

 

Weighted average remaining lease term

 

Operating leases

14 years

14 years

Finance leases

27 years

26 years

Weighted average discount rate

Operating leases

5.97

%

5.45

%

Finance leases

 

4.30

%

4.31

%

As of December 31, 2025, the maturities of lease liabilities, excluding lease liabilities classified in liabilities held for sale (Note 8), in accordance with ASC 842 in each of the next five years and thereafter are as follows:

Total Operating

Total Finance

Year Ending December 31, 

  ​ ​ ​

Leases

  ​ ​ ​

Leases

2026

 

3,976

190

2027

 

3,814

194

2028

 

3,638

197

2029

 

3,413

198

2030

 

3,143

198

Thereafter

 

21,223

4,288

Total minimum lease payments

 

39,207

5,265

Less: amount representing interest

 

12,076

2,143

Present value of minimum lease payments

 

27,131

3,122

As of December 31, 2025, the Group has entered 16 lease contracts that the Group expects to account for as operating or finance leases, the future undiscounted lease payments for these non-cancellable lease contracts are RMB5,044, which is not reflected in the consolidated balance sheets.

As of December 31, 2024, the maturities of lease liabilities, excluding lease liabilities classified in liabilities held for sale (Note 8), in accordance with ASC 842 in each of the next five years and thereafter were as follows:

Total Operating

Total Finance

Year Ending December 31, 

  ​ ​ ​

Leases

  ​ ​ ​

Leases

2025

 

4,028

171

2026

 

3,845

174

2027

 

3,746

177

2028

 

3,565

180

2029

 

3,358

181

Thereafter

 

21,480

4,086

Total minimum lease payments

40,022

4,969

Less: amount representing interest

12,896

2,076

Present value of minimum lease payments

 

27,126

2,893

Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2025 are as follows:

Years Ended December 31, 

  ​ ​ ​

2024

  ​ ​ ​

2025

Cash paid for amounts included in the measurement of operating lease liabilities

4,212

4,057

Cash paid for amounts included in the measurement of finance lease liabilities

109

139

Non-cash right-of-use assets obtained in exchange for operating lease liabilities

 

2,076

 

1,176

Non-cash right-of-use assets obtained in exchange for finance lease liabilities, net of reassessment of finance lease payments

 

78

 

0