v3.26.1
Investments in equity method investees (Details)
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Dec. 31, 2025
USD ($)
Investments in equity method investees          
Investments in equity method investees ¥ 3,136,784   ¥ 2,002,043   $ 448,554
Impairment (10,350)   (10,350)    
Gain on disposal of equity method investee 259 $ 37 0 ¥ 0  
Equity income of subsidiaries and VIEs 293,919 $ 42,030 166,980 80,301  
Equity method investment 0   0 ¥ 0  
Accumulated impairment loss, written off     96,624    
Sichuan VipFubon Consumer Finance Co., Ltd ("VipFubon")          
Investments in equity method investees          
Investments in equity method investees 572,427   270,683    
Additional capital contribution ¥ 250,500        
Equity interest 50.00%       50.00%
Sequoia Fashion and Technology Industry Fund Investment Limited Partnership          
Investments in equity method investees          
Investments in equity method investees ¥ 269,515   429,965    
Shanxi Tianmei Shan Shan Outlets Shopping Mall Co., Ltd ("Shanxi Shan Shan")          
Investments in equity method investees          
Investments in equity method investees 604,083   582,608    
Guofu Life Insurance Co., Ltd          
Investments in equity method investees          
Investments in equity method investees 161,418   134,668    
Gansu Shan Shan Outlets Shopping Mall Co., Ltd ("Gansu Shan Shan")          
Investments in equity method investees          
Investments in equity method investees 191,605   174,907    
Lishui Huilian Ruitong Equity Investment Limited Partnership ("Lishui Huilian Ruitong")          
Investments in equity method investees          
Investments in equity method investees 646,064        
Additional capital contribution ¥ 651,200        
Equity interest 41.88%       41.88%
Others          
Investments in equity method investees          
Investments in equity method investees ¥ 702,022   ¥ 419,562