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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENTS

Schedule of Investments Measured at Fair Value on Recurring Basis

As of December 31, 2024 and 2025, information about the hierarchy of the fair value measurements for the Company’s assets and liabilities that are measured at fair value on a recurring basis subsequent to their initial recognition is as follows (RMB in thousands, except for inputs):


		Fair Value Measurements at Reporting Date Using
				Quote prices in
		Balance as of		active market		Significant other		Significant
		December 31,		for identical		observable		unobservable
Description		2024		assets (Level 1)		inputs (Level 2)		inputs (Level 3)
Assets:
Short-term investments - open-ended funds, wealth management products and structured deposits		520,376		—		520,376		—
Forward contracts receivable - Foreign exchange		115,220		—		115,220		—
Equity securities applying fair value option		97,372		—		—		97,372
Available-for-sale securities – non current		150,922		—		—		150,922
Equity securities with readily determinable fair value		542,024		542,024		—		—

Liabilities:
Foreign exchange forward contracts- payable		15,765		—		15,765		—
Foreign exchange options		5,024		—		—		5,024
Financial liabilities measured at fair value(current and non-current portion)		3,194,444		—		—		3,194,444


		Fair Value Measurements at Reporting Date Using
				Quote prices in
		Balance as of		active market		Significant other		Significant
		December 31,		for identical		observable		unobservable
Description		2025		assets (Level 1)		inputs (Level 2)		inputs (Level 3)
Assets:
Short-term investments – open-ended funds, wealth management products and structured deposits		1,495,445		91,570		1,403,875		—
Forward contracts receivable - Foreign exchange		34,467		—		34,466		—
Forward contracts receivable - Commodity		24,456		24,456		—		—
Equity securities applying fair value option		62,000		—		—		62,000
Available-for-sale securities		238,464		—		—		238,464
Equity securities with readily determinable fair value		347,169		347,169		—		—

Liabilities:
Foreign exchange forward contracts- payable		28,565		—		28,565		—
Foreign exchange options		27,564		—		—		27,564
Financial liabilities measured at fair value(current and non-current portion)		562,062		—		—		562,062

Schedule of Reconciliation of Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

A summary of changes in Level 3 fair value of convertible senior notes for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance on January 1,		1,070,699		782,969		—
Foreign exchange loss/(gain)		(54,377)		6,093		—
Change in fair value of convertible senior notes		84,669		(323,474)		—
Change in the instrument-specific credit risk		(70,732)		(421)		—
Conversion of convertible senior notes		(247,290)		(465,167)		—
Balance on December 31,		782,969		—		—

Schedule of changes in Level 3 fair value of available-for-sale securities - non-current

A summary of changes in Level 3 fair value of available-for-sale securities for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance on January 1,		—		104,134		150,922
Addition		85,000		57,000		48,659
Change in fair value		19,134		(10,212)		38,883
Balance on December 31,		104,134		150,922		238,464

Schedule of assets Measured on Recurring Basis, Equity Securities

A summary of changes in Level 3 fair value of equity securities applying fair value option for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance on January 1,		178,871		228,706		97,372
Addition		—		—		—
Disposal (Note 14)		—		—		(15,000)
Change in fair value		49,835		(131,334)		(20,372)
Balance on December 31,		228,706		97,372		62,000

Schedule of fair value of call spread option contracts

A summary of changes in Level 3 fair value of foreign exchange options for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance on January 1,		(3,226)		(1,159)		(5,024)
Addition of foreign exchange options		(72,240)		(5,207)		(60,126)
Change in fair value of foreign exchange options gain		74,307		1,342		37,586
Balance on December 31,		(1,159)		(5,024)		(27,564)

Schedule of level 3 fair value of guarantee liabilities

A summary of changes in Level 3 fair value of financial liabilities measured at fair value for the year ended December 31, 2023, 2024 and 2025 were as follows (RMB in thousands):


		For the year ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Balance on January 1,		—		831,333		3,194,444
Additions		830,540		2,398,089		—
Change in fair value of financial liabilities		—		(34,978)		155,007
Settlement of financial liabilities		—		—		(2,787,389)
Profit distribution		793		—		—
Balance on December 31,		831,333		3,194,444		562,062

Schedule of Change in Fair Value of Derivatives

The Change in fair value of derivatives recognized in earnings was as follows (RMB in thousands):

 

 

Type of derivatives

Foreign

Foreign

Equity

 

exchanges

exchange

Commodity

Commodity

Available-

Available-

securities

For the year

forward

forward

forward

forward

Foreign

for-sale

for-sale

applying

ended

contracts -

contracts -

Convertible

contracts -

contracts -

exchange

Financial

securities

securities

fair value

December 31

 

realized

 

unrealized

 

senior notes

 

realized

 

unrealized

 

Options

 

liabilities

 

-current

 

non-current

 

option

 

Total

2023

(407,245)

18,079

(31,188)

(38,809)

3,583

74,307

—

(973)

19,134

49,835

(313,277)

2024

86,242

29,070

323,474

(19,074)

(7,409)

1,342

34,978

—

(10,212)

(131,334)

307,077

2025

(187,263)

53,054

—

35,723

28,282

37,586

(155,007)

—

38,883

(20,372)

(169,114)

Summary of significant unobservable inputs adopted in the valuation of Level 3 instruments


Unobservable inputs of available-for-sale securities
Expected volatility		34.79%-52.00	%
Risk free interest rate		1.29%-1.50	%


Unobservable inputs of equity securities applying fair value option
Expected volatility		55.32	%
Risk free interest rate		0.95	%


Unobservable inputs of foreign exchange option
Expected volatility		3.27%-6.05	%
Risk free interest rate		1.20%-1.34	%


Unobservable inputs of financial liabilities
Expected volatility		44.03% - 51.61	%
Risk free interest rate		1.29% - 1.36	%

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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