v3.26.1
SHARE-BASED COMPENSATION - Stock options activity (Details)
¥ / shares in Units, ¥ in Thousands
1 Months Ended 12 Months Ended
May 31, 2025
$ / shares
shares
May 31, 2025
¥ / shares
shares
Feb. 28, 2023
$ / shares
shares
Feb. 28, 2023
¥ / shares
shares
Aug. 31, 2020
shares
May 31, 2018
shares
Dec. 31, 2025
$ / shares
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
Dec. 31, 2023
CNY (¥)
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
Dec. 31, 2023
$ / shares
Share-based compensation arrangement by share-based payment award                        
Number of shares granted | shares 1,079,134 1,079,134 47,300 47,300       1,079,134        
Exercise price per share | $ / shares $ 0.00001   $ 0.00001       $ 0.00001          
Vesting period (in years) 3 years 3 years                    
Weighted-average grant date fair value per option | ¥ / shares   ¥ 152.48   ¥ 54.93       ¥ 152.48        
Number of options converted from restricted shares | shares 3,906,464 3,906,464                    
Weighted average exercise price for options converted | $ / shares $ 0.00001                      
Fair value assumptions                        
Exercise price | $ / shares             0.00001         $ 0.00001
Number of options                        
Options outstanding at beginning | shares               1,635,250        
Options granted in 2025 | shares 1,079,134 1,079,134 47,300 47,300       1,079,134        
Options converted in 2025 | shares               3,906,464        
Options exercised in 2025 | shares               (1,008,084)        
Options adjusted for performance conditions in 2025 | shares               (196,580)        
Options outstanding at ending | shares               5,416,184 1,635,250      
Options exercisable at December 31, 2025 | shares                     2,161,753  
Options vested or expected to be vested at December 31, 2025 | shares                     5,416,184  
Weighted Average Exercise Price                        
Options outstanding at beginning | $ / shares             0.00001          
Options granted in 2025 | $ / shares $ 0.00001   $ 0.00001       0.00001          
Options converted in 2025 | $ / shares             0.00001          
Options exercised in 2025 | $ / shares             0.00001          
Options adjusted for performance conditions in 2025 | $ / shares             0.00001          
Options outstanding at ending | $ / shares             0.00001          
Options exercisable at December 31, 2025 | $ / shares             0.00001          
Options vested or expected to be vested at December 31, 2025 | $ / shares             $ 0.00001          
Weighted Average Remaining Contract Life Years                        
Options granted in 2025               9 years 4 months 20 days        
Options converted in 2025               8 years 10 months 20 days        
Options exercised in 2025               6 years 6 months 25 days        
Options outstanding at ending               7 years 8 months 8 days 4 years 2 months 19 days      
Options exercisable at December 31, 2025               5 years 8 months 12 days        
Options vested or expected to be vested at December 31, 2025               7 years 8 months 8 days        
Aggregate Intrinsic Value                        
Options outstanding at beginning               ¥ 229,049        
Options granted in 2025                     ¥ 72,712  
Options converted in 2025                     263,218  
Options exercised in 2025               (67,925)        
Options adjusted for performance conditions in 2025                     (13,246)  
Options outstanding at ending               364,942 ¥ 229,049      
Options exercisable at December 31, 2025                     145,659  
Options vested or expected to be vested at December 31, 2025                     ¥ 364,942  
Share-based compensation expense               ¥ 378,374 ¥ 167,613 ¥ 185,604    
Weighted Average Grant-date Fair value                        
Options outstanding at beginning | ¥ / shares               ¥ 49.78        
Options granted in 2025 | ¥ / shares   ¥ 152.48   ¥ 54.93       152.48        
Options converted in 2025 | ¥ / shares                     ¥ 109.75  
Options exercised in 2025 | ¥ / shares                     77.6  
Options adjusted for performance conditions in 2025 | ¥ / shares                     152.64  
Options outstanding at ending | ¥ / shares               ¥ 104.58 ¥ 49.78      
Options exercisable at December 31, 2023 | ¥ / shares                     80.42  
Options vested or expected to be vested at December 31, 2023 | ¥ / shares                     ¥ 104.58  
Fair Value of Options without Market Conditions Considered                        
Fair value assumptions                        
Risk-free rate of interest               4.22%   4.13%    
Estimated volatility rate               56.00%   76.20%    
Dividend yield               4.17%   4.70%    
Expected life (years)               5 years 6 months   5 years 9 months 10 days    
Fair Value of Options with Market Conditions Considered                        
Fair value assumptions                        
Risk-free rate of interest               4.24%        
Estimated volatility rate               55.30%        
Employee Stock Option                        
Share-based compensation arrangement by share-based payment award                        
Vesting period (in years)     3 years 3 years                
Aggregate Intrinsic Value                        
Share-based compensation expense               ¥ 212,593 ¥ 78,531 ¥ 123,981    
Fair value of the restricted shares vested               127,860 563,119 157,879    
Aggregate intrinsic value of options exercised               ¥ 67,925 ¥ 860,708 ¥ 124,114    
Employee Stock Option | Employees                        
Aggregate Intrinsic Value                        
Unrecognized compensation cost                     ¥ 184,673  
Weighted-average period               9 months 25 days        
2018 plan | Employee Stock Option                        
Share-based compensation arrangement by share-based payment award                        
Number of shares available for grant | shares           25,336,096            
Expiry period (in years)           10 years            
2019 Plan | Employee Stock Option                        
Share-based compensation arrangement by share-based payment award                        
Number of shares available for grant | shares         17,547,567              
Expiry period (in years)         10 years              
Percentage of annual increase in shares         1.00%