| Borrowings |
34. Borrowings | | | | | | | | | As of December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Included in non-current liabilities: | | | | | | | RMB borrowings, unsecured | | 830,700 | | — | | — | MXN borrowings, unsecured | | 142,464 | | 347,749 | | — | BRL borrowings, unsecured | | — | | 164,031 | | — | Non-current portion of long‑term RMB borrowings, unsecured | | 7,300 | | — | | — | Non-current portion of long‑term RMB borrowings, secured (i) | | 63,957 | | — | | 45,316 | Non-current portion of long‑term BRL borrowings, secured (i) | | — | | 115,224 | | 154,237 | Non-current portion of long‑term EUR borrowings, unsecured | | — | | 69,864 | | — | Others | | — | | 31,988 | | 31,278 | | | 1,044,421 | | 728,856 | | 230,831 | | | | | | | | Included in current liabilities: | | | | | | | RMB borrowings, unsecured | | 6,672,900 | | 9,013,112 | | 10,173,129 | RMB borrowings, secured (i) | | 935,335 | | 199,468 | | — | MXN borrowings, unsecured | | 62,609 | | 300,166 | | — | USD borrowings, unsecured | | — | | 970,362 | | 1,595,415 | USD borrowings, secured (i) | | — | | 177,733 | | — | Current portion of long‑term RMB borrowings, unsecured | | 5,000 | | — | | — | Current portion of long‑term RMB borrowings, secured (i) | | 21,346 | | — | | 24,944 | Current portion of long‑term BRL borrowings, unsecured | | — | | — | | 406,641 | Current portion of long‑term BRL borrowings, secured (i) | | — | | 75,247 | | 153,523 | Current portion of long‑term EUR borrowings, unsecured | | — | | 18,464 | | — | | | 7,697,190 | | 10,754,552 | | 12,353,652 |
(i) | The Group entered into several borrowing agreements with certain banks and other financial institutions. These borrowings were pledged by vehicles, certain investments, bank deposits, accounts receivable and loan receivables. As of December 31 2023, 2024 and 2025, the Group’s certain investments with carrying value of RMB940,000, RMB200,000 and nil were pledged as security for borrowings, the carrying value of other assets pledged as security for borrowings were not material. |
Long-term borrowings The aggregate principal amounts of long-term borrowings and applicable interest rates are as follows: | | | | | | | | | | | | | | | As of December 31, 2025 | | As of December 31, 2024 | | As of December 31, 2023 | | | Amount | | Interest rate | | Amount | | Interest rate | | Amount | | Interest rate | | | | | (per annum) | | | | (per annum) | | | | (per annum) | | | | | | | | | | | | | | RMB borrowings | | RMB45,316 | | 3.50% | | — | | — | | RMB830,700 | | 5.00%~8.00% | RMB borrowings | | — | | — | | — | | — | | RMB71,257 | | LPR+0.90%~1.80% | MXN borrowings | | — | | — | | MXN994,215 | | TIIE+6.63% | | MXN340,703 | | TIIE+6.63% | BRL borrowings | | BRL121,667 | | CDI+2.00%~3.28% | | BRL236,193 | | CDI+2.00%~4.50% | | — | | — | EUR borrowings | | — | | — | | EUR8,986 | | 5.88% | | — | | — |
34. Borrowings (Continued) Short-term borrowings The aggregate principal amounts of short-term borrowings and applicable interest rates are as follows: | | | | | | | | | | | | | | | As of December 31, 2025 | | As of December 31, 2024 | | As of December 31, 2023 | | | Amount | | Interest rate | | Amount | | Interest rate | | Amount | | Interest rate | | | | | (per annum) | | | | (per annum) | | | | (per annum) | | | | | | | | | | | | | | RMB borrowings | | RMB10,198,073 | | 0.80%~3.50% | | RMB8,641,189 | | 0.92%~8.00% | | RMB7,537,946 | | 1.28%~8.00% | RMB borrowings | | — | | — | | RMB571,391 | | LPR-0.20%~0.45% | | RMB96,635 | | LPR+0.65%~1.80% | MXN borrowings | | — | | — | | MXN858,174 | | TIIE+2.50%~3.75% | | MXN149,730 | | TIIE+3.00% | USD borrowings | | USD157,000 | | 4.64%~5.74% | | — | | — | | — | | — | USD borrowings | | USD70,000 | | SOFR+1.00% | | USD159,715 | | SOFR+0.80% ~2.50% | | — | | — | BRL borrowings | | BRL439,702 | | CDI+2.00%~4.50% | | BRL63,600 | | CDI+2.00%~3.53% | | — | | — | EUR borrowings | | — | | — | | EUR2,567 | | 5.88% | | — | | — |
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