v3.26.1
Income tax expense (Tables)
12 Months Ended
Dec. 31, 2025
Income tax expense  
Schedule of income by tax jurisdictions

  ​ ​ ​

Year Ended December 31,

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

RMB

Income from China operations

 

9,825,456

 

9,788,828

 

8,699,263

Income from non-China operations

 

161,546

 

198,652

 

215,420

Total income before income taxes and share of income of equity method investees

 

9,987,002

 

9,987,480

 

8,914,683

  ​ ​ ​

Year ended December 31,

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

RMB

Income tax expenses applicable to Chinese mainland operations:

Current income tax expenses

1,742,444

2,217,077

1,897,251

Deferred tax expenses/(benefits)

131,634

87,956

(145,780)

Subtotal income tax expenses applicable to Chinese mainland operations

1,874,078

2,305,033

1,751,471

Income tax expenses applicable to non-Chinese mainland operations:

Current income tax expenses

8,049

3,079

54,337

Deferred tax (benefits)/expenses

 

(16,123)

 

7,403

 

(6,845)

Subtotal income tax (benefits)/expenses applicable to non-Chinese mainland operations

 

(8,074)

 

10,482

 

47,492

Total tax expense

 

1,866,004

 

2,315,515

 

1,798,963

Schedule of effective income tax rate reconciliation

  ​ ​ ​

Year Ended December 31,

 

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

 

RMB

  ​ ​ ​

%

RMB

  ​ ​ ​

%

RMB

  ​ ​ ​

%

 

Income before income taxes and share of income of equity method investees

 

9,987,002

 

9,987,480

8,914,683

 

Computed income tax expense at PRC EIT tax rate

 

2,496,751

25.0

%

2,496,870

25.0

%

2,228,671

 

25.0

%

Effect of foreign tax, including:

(68,154)

(0.7)

%

(131,089)

(1.3)

%

(75,173)

(0.9)

%

-Effect of different tax rates of subsidiaries operating in foreign jurisdiction

 

(53,121)

(0.5)

%

(73,738)

(0.7)

%

(41,382)

 

(0.5)

%

-Others

 

(15,033)

(0.2)

%

(57,351)

(0.6)

%

(33,791)

 

(0.4)

%

Change in valuation allowance

(49,919)

(0.5)

%

11,222

0.1

%

(45,783)

(0.5)

%

Effect of non-deductible expenses, including:

162,876

1.6

%

140,517

1.4

%

128,485

1.5

%

-Share-based compensation expenses of subsidiaries operating in PRC

 

148,223

1.5

%

119,857

1.2

%

121,376

 

1.4

%

-Other non-deductible expenses

 

14,653

0.1

%

20,660

0.2

%

7,109

 

0.1

%

Tax on dividends and undistributed earnings

 

148,750

1.5

%

649,860

6.5

%

261,646

 

2.9

%

Effect of tax holidays on concessionary rates granted to PRC subsidiaries

 

(824,300)

(8.2)

%

(851,865)

(8.5)

%

(698,883)

 

(7.8)

%

Income tax expense

 

1,866,004

18.7

%

2,315,515

23.2

%

1,798,963

 

20.2

%

Schedule of income taxes paid (net of refunds) amount disaggregated by foreign taxes and PRC EIT taxes

Year ended December 31,

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

 

RMB

 

RMB

 

RMB

PRC EIT taxes

 

1,778,409

 

2,173,022

 

2,400,582

Foreign taxes

 

376

 

(3,534)

 

42,521

Total income taxes paid

 

1,778,785

 

2,169,488

 

2,443,103

Schedule of aggregate amount and per share effect of the tax holidays and tax concessions

  ​ ​ ​

Year Ended December 31,

  ​ ​ ​

2023

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

RMB

The aggregate effect

 

824,300

 

851,865

 

698,883

Per share effect:

Class A and Class B ordinary share:

 

  ​

 

 

—basic

 

7.45

 

8.03

 

6.98

—diluted

 

7.32

 

7.90

 

6.83

Schedule of the principal components of deferred tax assets and liabilities

  ​ ​ ​

As of December 31, 

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

Deferred tax assets:

Net operating loss carry forwards

 

455,594

 

460,715

Allowance for doubtful debts

 

23,802

 

24,827

Impairment of investments

 

18,774

 

17,055

Inventory write-down

 

123,762

 

104,633

Deferred income

 

528,094

 

575,505

Impairment of long-lived assets

 

176,607

 

107,901

Others

 

7,763

 

9,586

Less: valuation allowance

 

(653,367)

 

(543,109)

Total deferred tax assets-non-current

 

681,029

 

757,113

  ​ ​ ​

As of December 31, 

  ​ ​ ​

2024

  ​ ​ ​

2025

RMB

RMB

Deferred tax liabilities:

Fair value adjustments of long-lived assets from business acquisition

 

482,128

 

455,587

Withholding tax on undistributed earnings

 

300,000

 

250,000

Others

 

1,735

 

1,735

Total deferred tax liabilities-non-current

 

783,863

 

707,322