| Schedule of investments accounted for using equity method |
| | | | | | | | | As of December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Associates(i) | | 610,178 | | 222,513 | | 164,143 | Joint ventures(ii) | | 2,945,421 | | 3,543,646 | | 3,764,814 | Total | | 3,555,599 | | 3,766,159 | | 3,928,957 |
(i) | Investments in associates accounted for using the equity method |
|
| Schedule of investments in associates accounted for using the equity method Associates and joint ventures |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Results of operations: | | | | | | | Revenue | | 1,568,858 | | 2,007,293 | | 1,861,986 | Gross profit (loss) | | 87,365 | | 126,186 | | 82,969 | Income (loss) from operations | | (467,524) | | (547,783) | | (556,563) | Net income (loss), net | | (460,296) | | (549,828) | | (558,093) | Balance sheet data: | | | | | | | Current assets | | 2,381,117 | | 3,383,907 | | 2,327,552 | Non-current assets | | 3,940,619 | | 3,042,236 | | 731,081 | Current liabilities | | 2,042,425 | | 1,971,865 | | 1,099,554 | Non-current liabilities | | 2,352,201 | | 2,830,518 | | 554,964 |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Results of operations: | | | | | | | Revenue | | 10,175,124 | | 6,986,969 | | 7,739,466 | Gross profit (loss) | | 2,647,368 | | 1,770,236 | | 1,307,840 | Income (loss) from operations | | 1,380,078 | | 1,417,091 | | 721,032 | Net income (loss), net | | 1,139,947 | | 1,245,587 | | 736,421 | Balance sheet data: | | | | | | | Current assets | | 49,849,695 | | 52,915,859 | | 60,185,382 | Non-current assets | | 2,858,838 | | 2,389,016 | | 3,969,949 | Current liabilities | | 44,397,577 | | 45,300,441 | | 53,511,494 | Non-current liabilities | | 265,831 | | 368,764 | | 729,244 | Convertible redeemable preferred shares and non‑controlling interests | | (9,482) | | (6,413) | | (6,533) |
|
| Schedule of investments in joint ventures accounted for using the equity method |
Aggregated amount of the Group’s share of profit (loss) of individually immaterial associates accounted for using the equity method is as follows: | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | – Loss from operations | | (140,324) | | (195,828) | | (71,429) |
(ii) | Investments in joint ventures accounted for using the equity method |
Aggregated amount of the Group’s share of profit (loss) of individually immaterial joint ventures accounted for using the equity method is as follows: | | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | – Income from operations | | 704,022 | | 439,263 | | 345,344 | – Other comprehensive loss | | (4,454) | | (3,434) | | — | Total | | 699,568 | | 435,829 | | 345,344 |
|