Investments in equity method investees (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Investments in equity method investees |
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| Schedule of Investment in equity method investees |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Sichuan VipFubon Consumer Finance Co., Ltd (“VipFubon”) | | 270,683 | | 572,427 | Sequoia Fashion and Technology Industry Fund Investment Limited Partnership | | 429,965 | | 269,515 | Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd (“Shanxi Shan Shan”) | | 582,608 | | 604,083 | Guofu Life Insurance Co., Ltd | | 134,668 | | 161,418 | Gansu Shan Shan Outlets Shopping Mall Co., Ltd (“Gansu Shan Shan”) | | 174,907 | | 191,605 | Lishui Huilian Ruitong Equity Investment Limited Partnership (“Lishui Huilian Ruitong”) | | — | | 646,064 | Others | | 419,562 | | 702,022 | Less: | | | | | Impairment | | (10,350) | | (10,350) | Total | | 2,002,043 | | 3,136,784 |
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| Summary of condensed income statement |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Revenues | | 3,116,172 | | 2,277,551 | | 3,059,332 | Gross profit | | 165,578 | | 554,778 | | 1,263,943 | Income from operations | | 310,193 | | 530,092 | | 1,051,391 | Net income | | 260,582 | | 435,189 | | 872,993 | Net income attributable to the investees’ ordinary shareholders | | 260,582 | | 435,189 | | 872,993 |
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| Summary of condensed financial statements |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Current assets | | 15,716,003 | | 24,078,308 | Non-current assets | | 12,733,109 | | 14,767,212 | Current liabilities | | 6,549,835 | | 10,965,812 | Non-current liabilities | | 13,811,233 | | 17,333,829 |
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