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 (¥)
Cash flows from operating activities        
Net income ¥ 806,525 $ 115,333 ¥ 1,039,573 ¥ 1,951,695
Adjustments to reconcile net income to net cash provided by operating activities        
Depreciation of property and equipment 43,040 6,155 52,847 74,492
Amortization of intangible assets 38,775 5,545 5,886 5,116
Share-based compensation 162,745 23,273 192,572 267,101
Share of loss (income) on equity method investments 12,879 1,842 (59,216) 70,643
Gain or loss on fair value changes of short-term investments (5,722) (819) 0 0
Gain on repurchase of convertible senior notes 0 0 0 (4,565)
Gain or loss on long-term investments 40 6 90,509 31,250
Gain or loss on disposal of property and equipment (465) (66) (62) (518)
Provision of losses on receivable and other assets 6,893 986 3,618 11,624
Returns on investments 797 114 1,927 2,067
Changes in operating assets and liabilities        
Accounts receivable (24,031) (3,436) 7,605 (21,308)
Prepaid expenses and other current assets 110,876 15,855 (72,069) 84,802
Amount due from a related party (291) (42) 27,258 (27,203)
Deferred tax assets 1,369 196 (4,323) 2,600
Rental deposits 11,375 1,627 (309) 7,776
Other non-current assets 150,978 21,590 (101,837) (11,606)
Accounts payable (37,788) (5,404) (3,257) 13,707
Income tax payable (112,568) (16,097) 62,337 25,952
Deferred revenue 17,452 2,496 (25,651) (42,390)
Accrued expenses and other current liabilities (136,112) (19,464) 139,607 (183,772)
Amount due to a related party 0 0 (4,314) (4,865)
Deferred tax liabilities 235,554 33,684 212,835 (147)
Other non-current liabilities (99,212) (14,187) 74,458 24,710
Net cash provided by operating activities 1,183,109 169,187 1,639,994 2,277,161
Cash flows from investing activities        
Purchase of property and equipment (492,517) (70,429) (285,541) (576,310)
Payment for long-term investments (482,259) (68,962) (69,209) (18,750)
Payment for business acquisition (633,877) (90,643) (136,642) 0
Purchase of term deposits (2,592,723) (370,754) (2,851,946) (5,238,581)
Cash received on maturity of term deposits 4,536,981 648,780 3,047,041 7,909,820
Returns of investments 1,145 164 120 1,517
Payment for short-term investments (122,396) (17,502) 0 0
Cash received from sales of short-term investment 0 0 0 308,550
Cash received from sales of long-term investment 0 0 2,000 25,000
Loans to third-party companies (47,735) (6,826) (265,613) 0
Loan to a related party (3,000) (429) 0 0
Other investing activities 851 122 903 1,823
Net cash provided by (used in) investing activities 164,470 23,521 (558,887) 2,413,069
Cash flows from financing activities        
Settlement of deferred payment in connection with business acquisition (17,132) (2,450) 0 0
Proceeds from exercise of share options 5 1 18 601
Repurchase of ordinary shares (749,983) (107,246) (1,197,439) (212,195)
Repurchase of subsidiary's share options 0 0 0 (4,319)
Dividends payment (346,182) (49,503) (716,302) (958,052)
Proceeds from short-term borrowings 0 0 2,365,535 0
Proceeds from long-term borrowings 0 0 0 2,154,000
Repayment of short-term borrowings (2,365,535) (338,267) 0 0
Repayment of long-term borrowings (1,940,122) (277,434) (215,615) 0
Payment for redemption of convertible bonds (20,221) (2,892) 0 (2,679,942)
Net cash (used in) provided by financing activities (5,439,170) (777,791) 236,197 (1,699,907)
Effect of exchange rate changes (110,196) (15,765) 42,205 93,988
Net increase (decrease) in cash, cash equivalent and restricted cash (4,201,787) (600,848) 1,359,509 3,084,311
Cash and cash equivalents and restricted cash at the beginning of year 9,642,421 1,378,848 8,282,912 5,198,601
Cash, cash equivalents and restricted cash at the end of year 5,440,634 778,000 9,642,421 8,282,912
Cash and cash equivalents 5,320,022 760,753 4,122,659 5,620,466
Restricted cash 120,612 17,247 5,519,762 2,662,446
Cash, cash equivalents and restricted cash at the end of year 5,440,634 778,000 9,642,421 8,282,912
Supplemental disclosure of cash flow information:        
Cash paid for income taxes [1] (767,938) (109,814) (579,534) (599,992)
Cash paid for interest (102,081) (14,597) (99,283) (36,827)
Supplemental disclosures of non-cash investing and financing activities:        
Payable for purchase of property and equipment 81,035 11,588 9,451 1,009
Right-of-use assets acquired in operating lease 40,588 5,804 254,745 85,924
Deferred consideration in connection with business acquisition ¥ 8 $ 1 ¥ 65,694 ¥ 0
[1] For the year ended December 31, 2025, income taxes paid amounted to RMB747 million (US$107 million) in Chinese mainland, and RMB21 million (US$3 million) in jurisdictions outside Chinese mainland.