Share-based payments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-based payments |
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| Schedule of share option movements |
| | | | | | | | | | | | | | | Weighted | | | | | | | | | average | | | | | | | Weighted | | remaining | | | | | | | average | | contractual | | | | | | | exercise | | years to | | Aggregate | | | Options | | price per | | expiry | | intrinsic | | | outstanding | | share | | per share | | value | | | | | US$ | | | | US$ | Outstanding as of December 31, 2024 | | 5,792,691 | | 61.66 | | 4.72 years | | 32,986 | Forfeited | | — | | — | | — | | — | Exercised | | (372,000) | | — | | — | | — | Outstanding as of December 31, 2025 | | 5,420,691 | | 65.85 | | 3.94 years | | 122,494 | Non-vested as of December 31, 2025 | | 74,495 | | — | | — | | — | Options vested and expected to vest as of December 31, 2025 | | 5,420,691 | | 65.85 | | 3.94 years | | 122,494 | Exercisable as of December 31, 2025 | | 5,346,196 | | 65.84 | | 3.94 years | | 120,885 |
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| Schedule of non-vested shares movement |
| | | | | Non-vested shares | | | outstanding | Outstanding as of December 31, 2024 | | 3,723,979 | Granted | | 1,546,550 | Vested | | (1,541,405) | Forfeited | | (541,222) | Outstanding as of December 31, 2025 | | 3,187,902 |
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| Schedule of assumptions used in determining the fair value of the share options |
| | | | | | | | | | Year Ended December 31, | | Assumptions | | 2023 | | 2024 | | 2025 | | Expected dividend yield | | 0.00 | % | 0.00 | % | 0.00 | % | Risk-free interest rate | | 2.17%~2.35 | % | 1.41%~1.47 | % | 1.36%~1.43 | % | Expected volatility | | 32.95%~38.74 | % | 23.17%~27.53 | % | 19.90%~42.18 | % | Total fair value of share-based awards | | 1,097,668 | | 1,540,863 | | 1,749,207 | |
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| Schedule of share-based compensation expenses |
| | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Fulfillment expenses | | (77,926) | | (84,079) | | (68,092) | Marketing expenses | | (33,379) | | (31,215) | | (52,074) | Technology and content expenses | | (330,197) | | (382,308) | | (309,364) | General and administrative expenses | | (1,068,304) | | (1,040,138) | | (1,301,533) | | | (1,509,806) | | (1,537,740) | | (1,731,063) |
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