v3.26.1
CONSOLIDATED BALANCE SHEETS - CNY (¥)
¥ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents ¥ 17,329,612 ¥ 18,586,274
Restricted cash 6,071,491 3,153,390
Short-term deposits 11,388,834 12,931,757
Restricted short-term deposits 296,277 110,699
Short-term investments 3,217,293 751,290
Long-term deposits, current portion 3,020,317 452,326
Restricted long-term deposits, current portion 600,472 0
Accounts and notes receivable, net 1,996,917 2,449,629
Installment payment receivables, net, current portion 3,553,054 2,558,756
Inventory 10,380,668 5,562,922
Amounts due from related parties ¥ 102,219 ¥ 43,714
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Prepayments and other current assets, net ¥ 5,296,673 ¥ 3,135,312
Total current assets 63,253,827 49,736,069
Non-current assets    
Long-term deposits 4,263,542 4,489,036
Restricted long-term deposits 1,468,708 1,487,688
Property, plant and equipment, net 13,527,237 11,521,863
Right-of-use assets, net 3,730,921 1,261,663
Intangible assets, net 4,253,168 4,610,469
Land use rights, net 3,216,526 2,744,424
Installment payment receivables, net  6,496,020 4,448,416
Long-term investments 2,523,037 1,963,194
Other non-current assets 429,644 443,283
Total non-current assets 39,908,803 32,970,036
Total assets 103,162,630 82,706,105
Current liabilities    
Short-term borrowings 4,282,000 4,609,123
Accounts payable 18,001,675 15,181,585
Notes payable 19,161,724 7,898,896
Amounts due to related parties 1,064 9,364
Income taxes payable 44,682 14,514
Derivative liability ¥ 281,009 ¥ 0
Other Liability, Current, Related Party, Type [Extensible Enumeration] Related Party [Member] Related Party [Member]
Operating lease liabilities, current portion ¥ 445,901 ¥ 324,496
Finance lease liabilities, current portion 55,581 41,940
Deferred revenue, current portion 1,463,065 1,275,716
Long-term borrowings, current portion 1,837,950 1,858,613
Accruals and other liabilities 12,538,698 8,650,636
Total current liabilities 58,113,349 39,864,883
Non-current liabilities    
Long-term borrowings 6,588,865 5,664,518
Operating lease liabilities 4,246,599 1,345,852
Finance lease liabilities 740,576 777,697
Deferred revenue 1,206,014 822,719
Derivative liability 0 167,940
Deferred tax liabilities 330,353 341,932
Other non-current liabilities 1,568,284 2,445,776
Total non-current liabilities 14,680,691 11,566,434
Total liabilities 72,794,040 51,431,317
Commitments and contingencies
SHAREHOLDERS' EQUITY    
Additional paid-in capital 71,236,011 70,671,685
Statutory and other reserves 137,720 95,019
Accumulated deficit (42,767,710) (41,585,549)
Accumulated other comprehensive income 1,762,443 2,093,508
Total shareholders' equity 30,368,590 31,274,788
Total liabilities and shareholders' equity 103,162,630 82,706,105
Common Class A [Member]    
SHAREHOLDERS' EQUITY    
Common Stock, Value, Issued 105 104
Common Class B [Member]    
SHAREHOLDERS' EQUITY    
Common Stock, Value, Issued ¥ 21 ¥ 21