XML 45 R28.htm IDEA: XBRL DOCUMENT v3.26.1
LEASES
12 Months Ended
Dec. 31, 2025
LEASES  
LEASES

21.    LEASES

The Group’s operating lease primarily represent offices and overseas manufacturing facilities and warehouses. Most of the operating leases are for terms ranging from 2 to 10 years, although terms and conditions can vary from lease to lease. The Group has assessed the specific terms and conditions of each operating lease to determine the amount of the lease payments and the length of the lease term, which includes the minimum period over which lease payments are required plus any renewal options that are both within the Group’s control to exercise and reasonably certain of being exercised upon lease commencement. The Company assesses all relevant factors to determine if sufficient incentives exist as of lease commencement to conclude whether or not renewal is reasonably certain. There are no material residual value guarantees provided by the Company nor any restrictions or covenants imposed by the operating leases to which the Company is a party. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its operating leases to discount the future lease payments over the lease term to present value. The Company does not incur variable lease payments for its operating leases.

The Group’s finance leases primarily represent manufacturing facilities. All of the Group’s finance leases meet one or more of the criteria as: a) the lease transfers ownership of the underlying asset to the Group by the end of the lease term; b) the lease grants the Group an option to purchase the underlying asset that the lessee is reasonably certain to exercise; c) the lease term is for the major part of the remaining economic life of the underlying asset; d) the present value of the sum of the lease payments and any residual value guaranteed by the Group that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset; e) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. ROU of capital lease is recorded at the aggregate of future minimum lease payments and estimated residual value of the leased equipment. In determining the lease liability, the Group utilizes its incremental borrowing rate for debt instruments with terms approximating the term for its capital leases to discount the future lease payments over the lease term to present value.

The balances for the operating and finance leases where the Group Is the lessee are presented as follows (RMB in thousands):

​

​

​

​

​

​

​

2024

​

2025

​

  ​ ​ ​

December 31

  ​ ​ ​

December 31

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Operating leases:

​

​

​

​

Operating lease liabilities - current

 

145,663

​

118,359

Operating lease liabilities - non-current

 

330,740

​

190,330

Total operating lease liabilities

 

476,403

​

308,689

Operating lease right-of-use assets, net

 

448,555

​

257,627

​

​

​

​

​

Financing leases:

 

​

​

​

Financing lease liabilities -current

 

—

​

5

Financing lease liabilities -non-current

 

—

​

3,360,268

Total financing lease liabilities

 

—

​

3,360,273

Financing lease right-of-use assets, net

 

—

​

3,360,273

​

​

​

​

​

Total right-of use assets, net

​

448,555

​

3,617,900

​

(a) The components of lease expenses were as follows (RMB in thousands):

​

​

​

​

​

​

  ​ ​ ​

For the years ended December 31,

​

  ​ ​ ​

2024

  ​ ​ ​

2025

​

​

RMB

​

RMB

Lease cost:

​

​

​

​

Amortization of right-of-use assets

 

146,561

​

106,616

Interest of lease liabilities

 

17,691

​

25,963

Expenses for short-term lease within 12 months

​

7,350

​

29,947

Total lease cost

 

171,602

​

162,526

​

(b) Supplemental cash flow information related to leases was as follows (RMB in thousands):

​

​

​

​

​

​

  ​ ​ ​

For the years ended December 31,

​

  ​ ​ ​

2024

  ​ ​ ​

2025

​

​

RMB

​

RMB

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

 

​

​

​

Operating cash outflows for operating leases

 

157,422

​

124,116

Operating cash outflows for finance leases

 

1,976

​

—

Financing cash outflows for finance leases

 

36,587

​

—

Total cash paid for amounts included in the measurement of lease liabilities:

 

195,985

​

124,116

​

​

​

​

​

Lease obligation accrued in exchange for right-of-use assets:

 

​

​

​

Operating lease liabilities

 

44,802

​

25,664

Financing lease liabilities

 

—

​

3,360,273

Total lease obligation accrued in exchange for right-of-use assets:

 

44,802

​

3,385,937

​

(c) Supplemental balance sheet information related to leases was as follows (RMB in thousands):

Operating leases:

​

​

​

​

​

​

​

  ​ ​ ​

As of December 31,

​

​

  ​ ​ ​

2024

  ​ ​ ​

2025

​

Weighted-average remaining lease term

 

3.80

years

2.94

years

Weighted-average discount rate

 

5.42

%

6.10

%

​

Financing leases:

​

​

​

​

​

​

​

  ​ ​ ​

As of December 31,

​

​

  ​ ​ ​

2024

  ​ ​ ​

2025

​

Weighted-average remaining lease term

 

—

​

18.85

years

Weighted-average discount rate

 

—

​

5.12

%

​

(d) Maturities of operating lease liabilities were as follows (RMB in thousands):

Operating leases:

​

​

​

Year ending December 31,

  ​ ​ ​

RMB

Year ended December 31,

 

  ​

2026

 

132,927

2027

​

108,536

2028

​

80,092

Thereafter

 

14,314

Total undiscounted lease payments

 

335,869

Less: imputed interest

 

(27,180)

Total lease liabilities

 

308,689

​

Financing leases:

​

​

​

​

Year ending December 31,

  ​ ​ ​

RMB

Year ended December 31,

 

  ​

2026

 

5

2027

 

5

2028

 

5

Thereafter

 

7,449,810

Total undiscounted lease payments

 

7,449,825

Less: imputed interest

 

(4,089,552)

Total lease liabilities

 

3,360,273

​