| Condensed Balance Sheets |
Condensed Balance Sheets
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As of December 31, |
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Note |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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US$ |
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(In thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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887,386 |
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1,615,986 |
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231,083 |
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Prepayments and other assets |
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2,543 |
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19,043 |
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2,723 |
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Amounts due from entities within the Group |
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21,082,425 |
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19,898,404 |
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2,845,435 |
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Total current assets |
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21,972,354 |
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21,533,433 |
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3,079,241 |
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Total non-current assets |
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— |
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— |
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— |
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Total assets |
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21,972,354 |
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21,533,433 |
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3,079,241 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities |
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Convertible senior notes |
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14 |
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242,460 |
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1,459,151 |
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208,656 |
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Accrued expenses and other liabilities |
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13,898 |
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45,808 |
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6,550 |
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Total current liabilities |
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256,358 |
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1,504,959 |
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215,206 |
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Non-current liabilities |
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Convertible senior notes |
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14 |
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8,350,570 |
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6,711,948 |
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959,796 |
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Total non-current liabilities |
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8,350,570 |
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6,711,948 |
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959,796 |
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Total liabilities |
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8,606,928 |
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8,216,907 |
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1,175,002 |
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Commitments and contingencies |
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17 |
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Shareholders’ equity: |
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Class A ordinary shares (US$0.00001 par value;
94,000,000,000 shares authorized as of December 31,
2024 and 2025, respectively; 3,854,584,680 and
3,855,283,602 shares issued as of December 31,
2024 and 2025, respectively; 3,698,793,887 and
3,713,284,286 shares outstanding as of December 31,
2024 and 2025, respectively) |
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18 |
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238 |
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239 |
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34 |
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Class B ordinary shares (US$0.00001 par value;
5,000,000,000 shares authorized as of December 31,
2024 and 2025; 3,041,097,278 shares issued and
outstanding as of December 31, 2024 and 2025) |
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18 |
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193 |
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193 |
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28 |
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Additional paid-in capital |
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55,623,841 |
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56,026,232 |
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8,011,645 |
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Accumulated deficit |
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19 |
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(43,809,369 |
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(44,015,680 |
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(6,294,158 |
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Accumulated other comprehensive income |
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24 |
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1,550,523 |
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1,305,542 |
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186,690 |
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Total shareholders’ equity |
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13,365,426 |
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13,316,526 |
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1,904,239 |
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Total liabilities and shareholders’ equity |
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21,972,354 |
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21,533,433 |
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3,079,241 |
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| Condensed Statements of Comprehensive Income/(Loss) |
Condensed Statements of Comprehensive Income/(Loss)
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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RMB |
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US$ |
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(In thousands) |
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Operating costs and expenses: |
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Selling, general and administrative |
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(11,397 |
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(13,814 |
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(14,893 |
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(2,130 |
) |
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Operating loss |
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Share of income/(losses) of subsidiaries, VIEs and VIEs’ subsidiaries |
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2,975,000 |
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1,844,679 |
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(751,561 |
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(107,472 |
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Interest income |
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115,209 |
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59,742 |
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41,912 |
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5,993 |
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Interest expenses |
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(726,487 |
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(672,647 |
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(334,890 |
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(47,889 |
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Foreign exchange gain/(loss), net |
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(665,335 |
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(640,334 |
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707,365 |
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101,152 |
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Others, net |
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238,479 |
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186,433 |
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145,756 |
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20,844 |
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Net income/(loss) |
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1,925,469 |
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764,059 |
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(206,311 |
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(29,502 |
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Net income/(loss) attributable to ordinary shareholders |
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1,925,469 |
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764,059 |
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(206,311 |
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(29,502 |
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Other comprehensive loss: |
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Foreign currency translation adjustments |
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(164,040 |
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(134,533 |
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(95,805 |
) |
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(13,700 |
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Unrealized losses on available-for-sale
debt securities |
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(11,367 |
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(2,991 |
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(149,176 |
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(21,332 |
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Total other comprehensive loss, net of tax |
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(175,407 |
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(137,524 |
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(244,981 |
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(35,032 |
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Comprehensive income/(loss) |
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1,750,062 |
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626,535 |
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(451,292 |
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(64,534 |
) |
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| Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows
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Year ended December 31, |
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2023 |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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RMB |
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US$ |
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(In thousands) |
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Net cash used for operating activities |
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(370,682 |
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(35,985 |
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(69,191 |
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(9,894 |
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Net cash provided by investing activities |
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238,001 |
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3,384,507 |
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1,185,440 |
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169,516 |
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Net cash used for financing activities |
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(3,859,442 |
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(2,873,166 |
) |
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(338,134 |
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(48,353 |
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Effect of exchange rate changes on cash and cash equivalents |
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58,157 |
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11,028 |
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(49,515 |
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(7,081 |
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Net increase/(decrease) in cash and cash equivalents |
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(3,933,966 |
) |
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486,384 |
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728,600 |
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104,188 |
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Cash and cash equivalents at the beginning of the year |
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4,334,968 |
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401,002 |
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887,386 |
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126,895 |
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Cash and cash equivalents at the end of the year |
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401,002 |
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887,386 |
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1,615,986 |
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231,083 |
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