v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Operating activities        
Net income ¥ 9,235,661 $ 1,320,684 ¥ 8,887,595 ¥ 8,754,457
Adjustments to reconcile net income to net cash provided by operating activities:        
Share-based compensation 229,250 32,782 318,692 254,976
Depreciation and amortization 3,379,478 483,259 3,023,406 2,875,209
Loss on disposal of property and equipment 71,351 10,203 152,400 10,160
Loss on disposal of land use rights     26,809  
Impairment of property and equipment 46,000 6,578 23,152 76,616
Provision for credit losses 66,795 9,552 114,686 142,131
Amortization of issuance cost of convertible senior notes 28,606 4,091 42,518 40,473
Deferred income tax (536,227) (76,679) 292,542 157,782
(Gain)/loss on disposal of equity investees, subsidiaries and others (37,034) (5,296) 10,518 (5,485)
Impairment of goodwill 84,431 12,073 0 0
Impairment of investment in equity investees     931,367  
Share of income in equity method investments (87,393) (12,497) (57,410) (4,356)
Gain of fair value changes of financial instruments (126,038) (18,023) (202,886) (164,517)
Foreign currency exchange loss/(gain) (1,542) (221) 17,930 (93,543)
Changes in operating assets and liabilities:        
Accounts receivable 229,042 32,753 (941,506) 244,416
Financing receivables 493,191 70,525 (47,032) (179,780)
Inventories (2,079) (297) (10,495) 12,463
Advances to suppliers 70,286 10,051 38,360 27,578
Prepayments and other current assets (730,266) (104,427) (549,154) (753,431)
Amounts due from related parties (1,848) (264) 26,313 89,695
Operating lease right-of-use assets 168,234 24,057 105,877 57,665
Long-term financing receivables (218,006) (31,174) 86,935 323,437
Other non-current assets 232,187 33,202 (216,371) (103,587)
Accounts payable 85,604 12,241 (93,615) 364,578
Advances from customers 264,360 37,803 (180,580) 371,036
Amounts due to related parties (90,629) (12,960) (31,917) 185,545
Income tax payable (200,243) (28,634) 155,632 109,106
Operating lease liabilities (160,046) (22,886) (81,042) (9,469)
Other current liabilities (524,706) (75,035) (413,288) 577,812
Net cash provided by operating activities 11,968,419 1,711,461 11,429,436 13,360,967
Cash flows from investing activities        
Purchases of property and equipment (5,214,279) (745,632) (5,208,156) (6,528,833)
Purchases of land use rights (860,089) (122,991) (693,973) (140,948)
Purchases of short-term investment (15,108,228) (2,160,448) (13,732,405) (11,261,190)
Maturity of short-term investment 16,565,265 2,368,801 15,705,822 9,798,273
Purchases of long-term investment (1,360,000) (194,477) (3,918,647) (10,090,353)
Maturity of long-term investment 252 36 836,137 5,240,732
Investments in equity investees (18,009) (2,575) (52,444)  
Cash returned from the investments in equity investees 686,293 98,139    
Net cash received from disposal of equity investees 107 15 719,777 413,931
Acquisition of subsidiaries, net of cash acquired (86,931) (12,431)    
Net cash in (out) in relation to disposal of a subsidiary 220,406 31,518 (3,179) 62,998
Collection of amounts due from related parties 145,000 20,735 170,000 6,600
Loan to employees (63,242) (9,043) (128,681) (66,590)
Collection of loan to employees 68,680 9,821 160,655 169,049
Proceeds from disposal of property and equipment and others 197,669 28,265 164,370 143,580
Net cash used in investing activities (4,827,106) (690,267) (5,980,724) (12,252,751)
Cash flows from financing activities        
Proceeds from short-term borrowings 18,322,010 2,620,013 19,712,958 12,279,050
Repayment of short-term borrowings (16,899,802) (2,416,641) (17,965,557) (9,924,563)
Proceeds from long-term borrowings 216,000 30,888    
Repurchase of ordinary shares (1,252,741) (179,140) (1,157,472) (1,006,451)
Payment of dividends (3,755,452) (537,022) (5,605,451) (2,072,509)
Capital contribution from non-controlling interest shareholder 9,092 1,300 20,342 19,348
Payment of subsidiary dividends to non-controlling interests (24,960) (3,569)    
Acquisition of non-controlling interests of subsidiaries       (64,711)
Net cash used in financing activities (10,567,203) (1,511,090) (4,995,180) (769,836)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (58,340) (8,343) 26,105 109,843
Net change in cash, cash equivalents and restricted cash (3,484,230) (498,239) 479,637 448,223
Cash, cash equivalents and restricted cash at beginning of year 13,530,947 1,934,900 13,051,310 12,603,087
Cash, cash equivalents and restricted cash at end of year 10,046,717 1,436,661 ¥ 13,530,947 ¥ 13,051,310
Long-term borrowing        
Cash flows from financing activities        
Repayment of long-term borrowings and convertible bond (177,500) (25,382)    
Convertible bond        
Cash flows from financing activities        
Repayment of long-term borrowings and convertible bond ¥ (7,003,850) $ (1,001,537)