| Schedule of disaggregation of revenue |
| | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | % | | RMB | | % | | RMB | | US$ | | % | Express delivery services | | 35,488,060 | | 92.4 | | 40,953,034 | | 92.5 | | 45,726,365 | | 6,538,783 | | 93.1 | Freight forwarding services | | 906,802 | | 2.4 | | 885,410 | | 2.0 | | 808,000 | | 115,542 | | 1.7 | Sale of accessories | | 1,876,624 | | 4.9 | | 2,300,392 | | 5.2 | | 2,444,323 | | 349,534 | | 5.0 | Others | | 147,429 | | 0.3 | | 141,884 | | 0.3 | | 119,979 | | 17,157 | | 0.2 | Total revenues | | 38,418,915 | | 100.0 | | 44,280,720 | | 100.0 | | 49,098,667 | | 7,021,016 | | 100.0 |
|
| Schedule of financial statements after elimination of intercompany balances and transactions |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Assets | | | | | Current assets: | | | | | Cash and cash equivalents | | 2,275,851 | | 2,378,664 | Restricted cash | | 15,337 | | 6,943 | Accounts receivable, net | | 1,310,556 | | 1,109,195 | Financing receivables, net | | 1,017,044 | | 495,597 | Short-term investment | | 1,298,995 | | 1,220,068 | Inventories | | 22,599 | | 7,923 | Advances to suppliers | | 172,859 | | 87,014 | Prepayments and other current assets | | 2,216,397 | | 2,563,931 | Amounts due from related parties (1) | | 13,209,626 | | 14,442,090 | Total current assets | | 21,539,264 | | 22,311,425 | Investments in equity investees | | 63,216 | | 66,786 | Property and equipment, net | | 5,199,152 | | 6,562,964 | Land use rights, net | | 1,261,660 | | 1,861,744 | Intangible assets, net | | — | | 39,641 | Operating lease right-of-use assets | | 498,461 | | 356,451 | Goodwill | | 4,157,111 | | 4,157,111 | Deferred tax assets | | 415,002 | | 465,143 | Long-term investment | | 1,013,000 | | 1,060,000 | Long-term financing receivables, net | | 713,192 | | 891,465 | Other non-current assets | | 153,013 | | 459,403 | TOTAL ASSETS | | 35,013,071 | | 38,232,133 | Liabilities | | | | | Current liabilities: | | | | | Short-term bank borrowings | | 9,493,958 | | 9,997,971 | Accounts payable | | 1,807,676 | | 1,872,690 | Advances from customers | | 1,518,925 | | 1,784,726 | Income tax payable | | 418,358 | | 221,411 | Amounts due to related parties | | 167,668 | | 94,073 | Operating lease liabilities, current | | 153,477 | | 127,963 | Other current liabilities | | 2,679,929 | | 3,101,463 | Total current liabilities | | 16,239,991 | | 17,200,297 | Non-current operating lease liabilities | | 338,499 | | 231,108 | Deferred tax liabilities | | 82,618 | | 96,771 | TOTAL LIABILITIES | | 16,661,108 | | 17,528,176 |
(1) | Included amounts due from other consolidated subsidiaries of RMB13,183,246 and RMB14,416,724 as of December 31, 2024 and 2025, respectively. |
| | | | | | | | | Year ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | Total revenue | | 31,276,014 | | 37,386,476 | | 42,757,837 | Net income (1) | | 2,003,952 | | 3,177,733 | | 2,351,994 | Net cash (used in)/provided by operating activities (2) | | (1,261,654) | | (1,083,262) | | 1,574,423 | Net cash used in investing activities | | (536,180) | | (1,279,070) | | (2,296,716) | Net cash provided by financing activities | | 1,971,478 | | 1,727,401 | | 816,712 | Net increase/(decrease) in cash and cash equivalents | | 173,644 | | (634,931) | | 94,419 | Cash and cash equivalents and restricted cash at beginning of year | | 2,752,475 | | 2,926,119 | | 2,291,188 | Cash and cash equivalents and restricted cash at end of year | | 2,926,119 | | 2,291,188 | | 2,385,607 |
| (1) | Included inter-company transportation fees, service fees and rental fees charged by other consolidated subsidiaries of RMB13,984,286, RMB16,150,224 and RMB15,565,737 for the years ended December 31, 2023, 2024 and 2025, respectively. |
(2) | Included inter-company operating cash outflow of RMB17,985,836, RMB18,777,418 and RMB16,799,215 to other consolidated subsidiaries for the years ended December 31, 2023, 2024 and 2025, respectively. |
|