Income tax expense (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| Income tax expense |
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| 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 |
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| 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 | % |
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| 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 |
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| 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 |
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| 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 |
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