v3.26.1
Leases (Tables)
12 Months Ended
Dec. 31, 2025
Lessee Disclosure [Abstract]  
Schedule of Balance Sheet Information Related to Leases
The balances for the leases where the Group is the lessee are presented as follows within the consolidated balance sheets:
 
    
As of December 31,
 
    
2024
    
2025
 
Operating lease
     
Land use rights, net
     410,388        940,928  
Right-of-use
assets, net
     1,261,663        3,730,921  
  
 
 
    
 
 
 
Total operating lease assets
  
 
1,672,051
 
  
 
4,671,849
 
  
 
 
    
 
 
 
Operating lease liabilities - current
     324,496        445,901  
Operating lease liabilities - non current
     1,345,852        4,246,599  
  
 
 
    
 
 
 
Total operating lease liabilities
  
 
1,670,348
 
  
 
4,692,500
 
  
 
 
    
 
 
 
 
 
 
    
As of December 31,
 
    
2024
    
2025
 
Finance lease
     
Property, plant and equipment, at cost
     1,001,820        1,001,820  
Accumulated depreciation
     (125,228      (175,319
  
 
 
    
 
 
 
Property, plant and equipment, net
     876,592        826,501  
  
 
 
    
 
 
 
Finance lease liabilities - current
     41,940        55,581  
Finance lease liabilities - non current
     777,697        740,576  
  
 
 
    
 
 
 
Total finance lease liabilities
     819,637        796,157  
  
 
 
    
 
 
 
Summary of Components of Operating Lease Expense
The components of lease expense are as follows:
 
    
For the Year Ended

December 31,
 
    
2023
    
2024
    
2025
 
Operating lease expense:
        
Operating lease expense
     540,688        426,998        643,890  
Short-term lease expense
     231,467        259,129        149,229  
  
 
 
    
 
 
    
 
 
 
Total operating lease expenses
  
 
772,155
 
  
 
686,127
 
  
 
793,119
 
  
 
 
    
 
 
    
 
 
 
Finance lease expense:
        
Amortization expense
     50,091        50,091        50,091  
Interest expense
     40,205        39,325        38,321  
  
 
 
    
 
 
    
 
 
 
Total finance lease expenses
     90,296        89,416     
 
88,412
 
  
 
 
    
 
 
    
 
 
 
Total lease expenses
  
 
862,451
 
  
 
775,543
 
  
 
881,531
 
  
 
 
    
 
 
    
 
 
 
Schedule of Other Information Related to Operating Leases
Other information related to operating leases where the Group is the lessee is as follows:
 
    
For the Year Ended

December 31,
 
    
2023
   
2024
   
2025
 
Weighted-average remaining lease term
      
Operating leases
     4.6 years       4.3 years       8.7 years  
Finance leases
     5.6 years       4.6 years       3.6 years  
Land use rights
     49.0 years       48.0 years       26.1 years  
Weighted-average discount rate
      
Operating leases
     4.85     4.85     4.88
Finance leases
     4.90     4.90     4.90
Land use rights
     4.90     4.90     4.90
Summary of Cash Flow Information Related to Leases
Supplemental cash flow information related to leases where the Group is the lessee is as follows:
 
    
For the Year Ended

December 31,
 
    
2023
    
2024
    
2025
 
Cash paid for amounts included in the measurement of lease liabilities:
        
Operating cash outflows from operating leases
     268,290        456,697     
 
757,331
 
Operating cash outflows from finance leases (interest payments)
     40,205        —         —   
Financing cash outflows from finance leases
     113,943        31,767        61,801  
Leased assets obtained in exchange for operating lease liabilities
     (316,558      186,698        3,704,284  
Summary of Maturities of The Group's Operating Lease Liabilities
As of December 31, 2025, the maturities of the Group’s lease liabilities (excluding short-term leases) are as follows:
 
    
As of December 31,

2025
 
    
Operating Lease
    
Finance Lease
 
Within 1 year
     688,262        31,767  
Between 1 and 2 years
     579,773        34,835  
Between 2 and 3 years
     619,573        31,767  
Between 3 and 4 years
     984,346        825,955  
Between 4 and 5 years
     544,688        —   
Thereafter
     2,888,795        —   
  
 
 
    
 
 
 
Total minimum lease payments
     6,305,437        924,324  
Less: Interest
     (1,612,937      (128,167
  
 
 
    
 
 
 
Present value of lease obligations
     4,692,500        796,157  
Less: Current portion
     (445,901      (55,581
  
 
 
    
 
 
 
Non - current portion of lease obligations
  
 
4,246,599
 
  
 
740,576
 
  
 
 
    
 
 
 
Schedule Of Balance Sheet Information Of Lessor Related To Leases
The balances for the factory lease where the Group is the lessor are presented as follows:
 
    
As of December 31
 
    
2024
    
2025
 
Other current assets
     
Finance lease receivable, current portion, net
     11,388        11,687  
Other
non-current
assets
     
Finance lease receivables,
non-current
portion, net
     204,435        194,911  
  
 
 
    
 
 
 
Total finance lease receivables, net
  
 
215,823
 
  
 
206,598
 
  
 
 
    
 
 
 
Schedule Of Net Investment In sale Type Leases Receivable
The net investment in sales-type lease consisted of:
 
    
As of December 31
 
    
2024
    
2025
 
Total minimum lease payments receivable
  
 
231,621
 
  
 
215,619
 
Less: Unearned income
     (45,796      (40,322
Unguaranteed residuals
     29,998        31,301  
  
 
 
    
 
 
 
Net investment in lease payments receivable
  
 
215,823
 
  
 
206,598
 
  
 
 
    
 
 
 
Current portion
     11,388        11,687  
  
 
 
    
 
 
 
Non-current portion
  
 
204,435
 
  
 
194,911
 
  
 
 
    
 
 
 
Sales Type And Direct Financing Leases Lease Receivable Maturity
Future minimum lease payments to be received for the sales-type leases are as follows:
 
    
As of December 31
 
    
2024
    
2025
 
Within 1 year
     27,602        16,002  
Between 1 and 2 years
     16,002        16,002  
Between 2 and 3 years
     16,002        16,002  
Between 3 and 4 years
     16,002        16,002  
Between 4 and 5 years
     16,002        16,002  
Thereafter
     140,011        135,609  
  
 
 
    
 
 
 
Total minimum lease receivable
     231,621        215,619  
Less: Unearned income
     (45,796      (40,322
Unguaranteed residuals
     29,998        31,301  
  
 
 
    
 
 
 
Net investment in finance lease
  
 
215,823
 
  
 
206,598