v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net (loss) income $ (198,836) $ 40,656 $ (120,858)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
- Deferred income taxes (89,911) (56,406) (17,409)
- Inventory provision 30,595 37,112 49,792
- Provision for credit losses 4,144 12,306 2,638
- Loss on disposal and impairment of property, plant and equipment 137,235 30,279 108,722
- Loss on impairment of goodwill 15,686 0 0
- Loss on impairment of intangible assets 49,922 0 0
- Depreciation of property, plant and equipment 97,446 110,227 157,446
- Amortization of prepaid land use rights 2,261 2,257 2,288
- Amortization of intangible assets 1,331 1,052 998
- Non-cash operating lease expense 2,626 5,252 8,169
- Accretion of discounts on investments (3,935) (14,070) (10,126)
- Share of losses from equity method investments, net of dividends received 6,716 2,700 11,461
- Investment and interest income (190,814) (104,797) (292,379)
Changes in operating assets and liabilities:      
- Accounts receivable 24,267 87,733 41,405
- Inventories (23,019) (665) (14,862)
- Income tax receivable and payable (177,168) 11,354 113,063
- Prepaid expenses and other current assets 2,100 7,961 13,884
- Deferred revenue (1,463) (14,443) 2,233
- Accounts payable and accrued liabilities and other current liabilities (195,397) (210,888) 95,887
- Deferred government grants 2,774 (144) (11,271)
- Other non-current assets and liabilities (8,744) (4,367) (2,436)
Net cash (used in) provided by operating activities (512,184) (56,891) 138,645
Investing activities      
Purchase of investments (6,218,953) (4,865,159) (4,918,373)
Proceeds from maturity and sales of investments 10,673,092 5,594,972 2,513,972
- Proceeds from disposal of equipment 409 160 53
- Proceeds from dissolution of subsidiary 181 0 0
- Loan to service vendors 0 0 (4,731)
- Repayments received on loans made to service vendors 0 4,655 0
- Loan to related parties 0 (33,754) 0
- Purchase of property, plant and equipment (48,917) (95,960) (156,165)
- Prepaid land use rights (235) 0 0
- Acquisition of intangible assets (203) (1,627) (40)
- Purchase of equity method investments (4,755) (46,733) (133,767)
Distributions of equity method investees 1,699 0 0
- Acquisition of business, net of cash acquired (14,148) (100,195) 0
Net cash provided by (used in) investing activities 4,388,170 456,359 (2,699,051)
Financing activities      
- Proceeds from bank loans 318,401 204,775 243,395
- Repayments of bank loans (218,763) (81,728) (308)
- Proceeds from exercised stock options 0 0 676
- Cash paid for dividends (3,534,344) (946,997) (328,080)
- Repayments of loan from a non-controlling shareholder 0 0 (4,237)
Net cash used in financing activities (3,434,706) (823,950) (88,554)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 112,932 (102,423) (108,846)
Increase (decrease) in cash and cash equivalents and restricted cash 554,212 (526,905) (2,757,806)
Cash and cash equivalents and restricted cash, beginning of year 602,217 1,129,122 3,886,928
Cash and cash equivalents and restricted cash, end of year 1,156,429 602,217 1,129,122
Supplemental disclosures of non-cash investing activities:      
Increase in payables for acquisition of a subsidiary 0 14,040 0
Increase in payables for acquisition of equity method investments 455 2,563 0
Acquisition of fixed assets included in accounts payable and accrued liabilities 6,149 0 0
Supplemental disclosures of cash flow information:      
Cash paid for interest 9,686 5,801 4,590
Cash paid (received) for income taxes [1] $ 186,482 $ 47,074 $ (58,539)
[1] For the year ended December 31, 2025, income taxes paid amounted to $183,479 in Chinese Mainland, and $3,003 in jurisdictions outside Chinese Mainland.