Convertible Senior Notes - Additional Information (Details)
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12 Months Ended |
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Feb. 24, 2025
USD ($)
Days
$ / shares
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Mar. 07, 2023
USD ($)
Days
$ / shares
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Feb. 24, 2023
USD ($)
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Dec. 30, 2022
USD ($)
$ / shares
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Jan. 08, 2021
USD ($)
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Dec. 21, 2020
USD ($)
Days
$ / shares
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Dec. 31, 2025
CNY (¥)
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Dec. 31, 2025
USD ($)
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Dec. 31, 2024
CNY (¥)
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Dec. 31, 2024
USD ($)
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Dec. 31, 2023
CNY (¥)
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Dec. 31, 2023
USD ($)
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Dec. 31, 2025
USD ($)
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Aug. 31, 2024
USD ($)
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
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¥ 7,583,276,000
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¥ 8,161,394,000
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$ 1,084,394,000
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| Convertible senior notes repaid |
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¥ 2,813,569,000
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$ 402,335,000
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2,914,233,000
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¥ 11,735,964,000
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| Minimum percentage of aggregate principal amount of convertible senior notes payable upon event of default |
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25.00%
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25.00%
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| Interest cost recognized |
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¥ 697,551,000
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$ 99,748,000
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849,436,000
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936,381,000
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| Convertible senior notes |
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6,711,948,000
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8,350,570,000
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959,796,000
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| 2026 Convertible Senior Notes |
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
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$ 800,000,000
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| Debt instrument, payment terms |
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The convertible senior notes issued on December 21, 2020 and January 8, 2021 (collectively referred to as the “2026 Notes”) are senior, unsecured obligations of the Company, and interest is payable semi-annually in cash at a rate of 4.00% per annum on June 15 and December 15 of each year, beginning on June 15, 2021.
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| Debt instrument, frequency of periodic payment |
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semi-annually
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| Annual interest rate |
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4.00%
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| Loan agreement expiration date |
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Dec. 15, 2026
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| Debt instrument, repurchase date |
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Aug. 01, 2024
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| Percentage of repurchase price is equal to principal amount of convertible notes |
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100.00%
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| Debt instrument, repurchase aggregate principal amount |
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$ 504,400,000
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| Convertible senior notes repaid |
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$ 395,500,000
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| Aggregate principal amount of the Notes remained outstanding |
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100,000
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| Additional debt principal amount offered |
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$ 100,000,000
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| Debt instrument additional principal amount issued pursuant to underwriters exercise of option |
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$ 100,000,000
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| Aggregate schedule of maturities repayment of principal payments due in 2026 |
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100,000
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| 2026 Convertible Senior Notes | American Depositary Shares |
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| Debt Instrument [Line Items] |
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| Debt instrument, initial conversion rate |
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44.8179
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| Debt instrument, conversion basis principle amount |
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$ 1,000
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| Debt instrument, initial conversion price | $ / shares |
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$ 22.31
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| Debt instrument, convertible threshold trading days | Days |
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20
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| Debt instrument, convertible threshold consecutive trading days | Days |
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30
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| Debt instrument, convertible threshold percentage |
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130.00%
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| Number of business days | Days |
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5
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| Convertible threshold percentage of the product of ADS sale price and conversion rate |
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98.00%
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| 2026 Convertible Senior Notes | American Depositary Shares | Convertible Period |
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| Debt Instrument [Line Items] |
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| Debt instrument, convertible threshold consecutive trading days | Days |
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10
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| PAG Convertible Senior Notes |
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
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$ 500,000,000
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679,300,000
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| Debt instrument, payment terms |
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The convertible senior notes issued on December 30, 2022 and February 24, 2023 (collectively referred to as the “PAG Notes”) are senior, secured obligations of the Company by certain collateral arrangements, and interest is payable quarterly in cash at a rate of 6.00% per annum on January 1, April 1, July 1 and October 1 of each year, beginning on April 1, 2023
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| Debt instrument, frequency of periodic payment |
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quarterly
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| Annual interest rate |
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6.00%
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| Debt instrument, initial conversion price | $ / shares |
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$ 4.61
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| Convertible senior notes repaid |
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27,500,000
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| Aggregate principal amount of the Notes remained outstanding |
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$ 522,500,000
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| Additional debt principal amount offered |
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$ 50,000,000
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$ 522,500,000
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| Debt instrument additional principal amount issued pursuant to underwriters exercise of option |
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$ 50,000,000
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| Interest cost recognized |
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¥ 438,700,000
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$ 62,700,000
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¥ 486,900,000
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¥ 472,800,000
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| Liability accreted remaining period |
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2 years
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2 years
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| Convertible senior notes |
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$ 400,000,000
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| Debt instrument, repurchase price, percentage of principal amount of notes |
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130.00%
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130.00%
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| Effective interest rate |
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10.20%
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10.20%
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7.15%
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7.15%
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5.28%
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5.28%
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| Debt instrument, collateralized restricted cash | ¥ |
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¥ 0
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| PAG Convertible Senior Notes | Minimum |
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| Debt Instrument [Line Items] |
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| Effective interest rate |
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10.20%
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| PAG Convertible Senior Notes | Maximum |
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| Debt Instrument [Line Items] |
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| Effective interest rate |
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12.05%
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| PAG Convertible Senior Notes | After Third Anniversary of Issuance Date |
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| Debt Instrument [Line Items] |
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| Percentage of repurchase price is equal to principal amount of convertible notes |
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120.00%
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| Percentage of repayment of principal amount upon occurrence of event of default |
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120.00%
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120.00%
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| Percentage of repayment of principal amount upon occurrence of fundamental change |
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120.00%
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120.00%
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| Debt instrument, repurchase price, percentage of principal amount of notes |
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120.00%
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120.00%
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| PAG Convertible Senior Notes | Fifth Anniversary of Issuance Date |
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| Debt Instrument [Line Items] |
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| Percentage of repurchase price is equal to principal amount of convertible notes |
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130.00%
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| Percentage of repayment of principal amount upon occurrence of event of default |
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130.00%
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130.00%
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| Percentage of repayment of principal amount upon occurrence of fundamental change |
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130.00%
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130.00%
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| Debt instrument, repurchase price, percentage of principal amount of notes |
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130.00%
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130.00%
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| PAG Convertible Senior Notes | American Depositary Shares |
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| Debt Instrument [Line Items] |
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| Debt instrument, initial conversion rate |
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216.9668
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| Debt instrument, conversion basis principle amount |
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$ 1,000
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| 2028 Convertible Senior Notes |
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
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$ 600,000,000
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$ 208,100,000
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| Initial proceeds from debt issuance, gross |
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$ 600,000,000
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| Debt instrument, payment terms |
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The 2028 Notes are senior, unsecured obligations of the Company, and interest is payable quarterly in cash at a rate of 6.50% per annum on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2023
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| Debt instrument, frequency of periodic payment |
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quarterly
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| Annual interest rate |
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6.50%
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| Loan agreement expiration date |
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Mar. 15, 2028
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| Debt instrument, repurchase date |
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Mar. 16, 2026
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| Percentage of repurchase price is equal to principal amount of convertible notes |
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100.00%
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| Debt instrument, repurchase aggregate principal amount |
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391,900,000
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| Aggregate principal amount of the Notes remained outstanding |
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$ 208,100,000
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| Net proceeds from issuance of notes |
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$ 589,500,000
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| Net of issuance costs |
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$ 10,500,000
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| Liability accreted remaining period |
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2 months 15 days
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2 months 15 days
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| Aggregate schedule of maturities repayment of principal payments due in 2028 |
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$ 887,400,000
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| 2028 Convertible Senior Notes | American Depositary Shares |
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| Debt Instrument [Line Items] |
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| Debt instrument, initial conversion rate |
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101.4636
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| Debt instrument, conversion basis principle amount |
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$ 1,000
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| Debt instrument, initial conversion price | $ / shares |
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$ 9.86
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| Debt instrument, convertible threshold trading days | Days |
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20
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| Debt instrument, convertible threshold consecutive trading days | Days |
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30
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| Debt instrument, convertible threshold percentage |
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130.00%
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| Number of business days | Days |
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5
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| Convertible threshold percentage of the product of ADS sale price and conversion rate |
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98.00%
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| 2028 Convertible Senior Notes | American Depositary Shares | Convertible Period |
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| Debt Instrument [Line Items] |
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| Debt instrument, convertible threshold consecutive trading days | Days |
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10
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| 2030 Convertible Senior Notes |
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| Debt Instrument [Line Items] |
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| Debt instrument, face amount |
$ 350,000,000
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$ 350,000,000
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| Initial proceeds from debt issuance, gross |
$ 350,000,000
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| Debt instrument, payment terms |
The 2030 Notes are senior, unsecured obligations of the Company, and interest is payable quarterly in cash at a rate of 4.625% per annum on March 15, June 15, September 15 and December 15 of each year, beginning on June 15, 2025. The 2030 Notes will mature on March 15, 2030 unless redeemed, repurchased or converted prior to such date.
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| Debt instrument, frequency of periodic payment |
quarterly
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| Annual interest rate |
4.625%
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| Loan agreement expiration date |
Mar. 15, 2030
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| Debt instrument, repurchase date |
Mar. 15, 2028
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| Percentage of repurchase price is equal to principal amount of convertible notes |
100.00%
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| Net proceeds from issuance of notes |
$ 343,600,000
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| Net of issuance costs |
$ 6,400,000
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| Liability accreted remaining period |
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2 years 2 months 15 days
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2 years 2 months 15 days
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| Aggregate schedule of maturities repayment of principal payments due in 2030 |
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$ 350,000,000
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| 2030 Convertible Senior Notes | American Depositary Shares |
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| Debt Instrument [Line Items] |
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| Debt instrument, initial conversion rate |
324.0966
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| Debt instrument, conversion basis principle amount |
$ 1,000
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| Debt instrument, initial conversion price | $ / shares |
$ 3.09
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| Debt instrument, convertible threshold trading days | Days |
20
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| Debt instrument, convertible threshold consecutive trading days | Days |
30
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| Debt instrument, convertible threshold percentage |
130.00%
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| Number of business days | Days |
5
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| Convertible threshold percentage of the product of ADS sale price and conversion rate |
98.00%
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| 2030 Convertible Senior Notes | American Depositary Shares | Convertible Period |
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| Debt Instrument [Line Items] |
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| Debt instrument, convertible threshold consecutive trading days | Days |
10
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| 2023 Notes, 2025 Notes and 2026 Notes |
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| Debt Instrument, description of events of default |
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any event of default are to take place, the trustee or the holders of at least 25% in aggregate principal amount may declare the whole principal of (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the event of default), and accrued and unpaid interest on, all the outstanding convertible senior notes to be due and payable immediately, subject to certain exceptions and conditions under the respective indenture. The Company may also be required to pay additional interest. If any fundamental change are to take place, holders of the notes will have the right, at their option, to require the Company to repurchase all of their notes or any portion of the principal amount (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the fundamental change), and accrued and unpaid interests. In the event of a fundamental change, the Company may also be required to issue additional ADSs upon conversion of its convertible notes. As of December 31, 2025, there was no such event of default or fundamental change.
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any event of default are to take place, the trustee or the holders of at least 25% in aggregate principal amount may declare the whole principal of (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the event of default), and accrued and unpaid interest on, all the outstanding convertible senior notes to be due and payable immediately, subject to certain exceptions and conditions under the respective indenture. The Company may also be required to pay additional interest. If any fundamental change are to take place, holders of the notes will have the right, at their option, to require the Company to repurchase all of their notes or any portion of the principal amount (or, in the case of the PAG Notes, 120% or 130% of the principal amount for such notes, as the case may be, depending on the date of occurrence of the fundamental change), and accrued and unpaid interests. In the event of a fundamental change, the Company may also be required to issue additional ADSs upon conversion of its convertible notes. As of December 31, 2025, there was no such event of default or fundamental change.
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