v3.26.1
INCOME TAX - Computation of actual income tax expense (Details) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INCOME TAX      
Statutory income tax rate 25.00% 25.00% 25.00%
Computed expected income tax benefit at the PRC statutory tax rate of 25% $ (112,069) $ (276,319) $ (187,286)
Effect on tax rates in different tax jurisdiction 22,858 75,134 824
Preferential tax rate impact (1,322) (399) (423)
Tax effect of non-deductible expenses and tax-free income 116,342 4,457 3,137
Tax effect of R&D expenses additional deduction (44,392) (13,025) (17,732)
Change in valuation allowance 33,523 212,302 202,586
Others 1,006 (138) 7
Total income tax expense $ 15,946 $ 2,012 $ 1,113