Parent Company Only Condensed Financial Information (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Parent Company Only Condensed Financial Information |
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| Schedule of condensed balance sheets of parent company |
| | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | | | | | | ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | | 4,943,339 | | 3,949,313 | Time deposits and short-term investments | | 2,613,125 | | — | Amounts due from subsidiaries of the Group | | 49,408,573 | | 50,309,768 | Prepayments and other current assets | | 23,955 | | 7,416 | Total current assets | | 56,988,992 | | 54,266,497 | Non-current assets: | | | | | Investments in subsidiaries | | 20,111,191 | | 24,338,730 | Long-term investments | | 45,799 | | 14,890 | Property, plant and equipment, net | | 2 | | 1 | Total non-current assets | | 20,156,992 | | 24,353,621 | Total assets | | 77,145,984 | | 78,620,118 | LIABILITIES | | | | | Current liabilities: | | | | | Short-term borrowings | | — | | 5,982,366 | Amounts due to subsidiaries of the Group | | 3,721 | | 3,549 | Accruals and other current liabilities | | 12,482 | | 14,948 | Total current liabilities | | 16,203 | | 6,000,863 | Non-current liabilities: | | | | | Long-term borrowings | | 6,254,897 | | — | Total non-current liabilities | | 6,254,897 | | — | Total liabilities | | 6,271,100 | | 6,000,863 | SHAREHOLDERS’ EQUITY | | | | | Class A Ordinary Shares | | 1,215 | | 1,229 | Class B Ordinary Shares | | 235 | | 235 | Treasury shares | | (74) | | (73) | Additional paid-in capital | | 60,126,623 | | 61,399,973 | Accumulated other comprehensive loss | | (171,748) | | (825,180) | Retained earnings | | 10,918,633 | | 12,043,071 | Total shareholders’ equity | | 70,874,884 | | 72,619,255 | Total liabilities and shareholders’ equity | | 77,145,984 | | 78,620,118 |
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| Schedule of condensed statements of comprehensive (loss)/income of parent company |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | Operating expenses: | | | | | | | Research and development | | — | | (173) | | (159) | Selling, general and administrative | | (44,419) | | (29,303) | | (33,302) | Total operating expenses | | (44,419) | | (29,476) | | (33,461) | Loss from operations | | (44,419) | | (29,476) | | (33,461) | Other (expense)/income | | | | | | | Interest expense | | (38,323) | | (51,818) | | (33,547) | Interest income and investment income, net | | 70,953 | | 265,836 | | 80,673 | Share of income from subsidiaries, and income of VIEs | | 11,716,065 | | 7,821,521 | | 1,095,363 | Others, net | | (137) | | 26,287 | | 15,410 | Income before income tax | | 11,704,139 | | 8,032,350 | | 1,124,438 | Income tax expense | | (6) | | — | | — | Net income | | 11,704,133 | | 8,032,350 | | 1,124,438 | Other comprehensive (loss)/income | | | | | | | Foreign currency translation adjustment, net of nil tax | | (30,766) | | 53,128 | | (653,432) | Comprehensive income | | 11,673,367 | | 8,085,478 | | 471,006 |
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| Schedule of condensed statements of cash flows of parent company |
| | | | | | | | | For the Year Ended December 31, | | | 2023 | | 2024 | | 2025 | | | RMB | | RMB | | RMB | | | | | | | | CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | Net cash provided by operating activities | | 56,515 | | 205,249 | | 166,907 | CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | Net cash (used in)/provided by inter-company transactions | | (3,589,329) | | 6,751,926 | | (2,497,737) | Placement of time deposits | | — | | (2,179,080) | | — | Redemption of time deposits | | 2,137,626 | | — | | 2,144,580 | Placement of short-term investments | | — | | (364,515) | | (728,570) | Net cash (used in)/provided by investing activities | | (1,451,703) | | 4,208,331 | | (1,081,727) | CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | Proceeds from borrowings | | 699,300 | | — | | — | Repayment of borrowings | | (338,020) | | (700,000) | | — | Proceeds from exercise of share options | | 11,953 | | 14,658 | | 14,661 | Proceeds from issuance of ordinary shares | | 1,174,319 | | — | | — | Net cash provided by/(used in) financing activities | | 1,547,552 | | (685,342) | | 14,661 | Effects of exchange rate changes on cash, cash equivalents and restricted cash | | (5,355) | | 93,868 | | (93,867) | Net change in cash, cash equivalents and restricted cash | | 147,009 | | 3,822,106 | | (994,026) | Cash, cash equivalents and restricted cash at beginning of the year | | 974,224 | | 1,121,233 | | 4,943,339 | Cash, cash equivalents and restricted cash at end of the year | | 1,121,233 | | 4,943,339 | | 3,949,313 |
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