The Group’s operating leases mainly related to IDC facilities, land, and office facilities. For leases with terms greater than 12 months, the Group records the related asset and obligation at the present value of lease payments over the term. Certain leases include rental escalation clauses, renewal options and/or termination options that are factored into the Group’s determination of lease payments when appropriate. As of December 31, 2025, finance leases were insignificant.

As of December 31, 2024 and 2025, the Group’s operating leases had a weighted average remaining lease term of 12.7 years and years, respectively. As of December 31, 2024 and 2025, the Group’s operating leases had a weighted average discount rate of 3.74% and %, respectively.

Operating lease costs were RMB3.5 billion, RMB3.8 billion and RMB3.9 billion (US$546 million) for the years ended December 31, 2023, 2024 and 2025, respectively, which excluded short-term lease costs. Short-term lease costs were RMB547 million, RMB397 million and RMB481 million (US$69 million) for the years ended December 31, 2023, 2024 and 2025, respectively. Variable lease cost was immaterial for the years ended December 31, 2023, 2024 and 2025. For the years ended December 31, 2023, 2024 and 2025, no lease costs for operating or finance leases were capitalized.