v3.26.1
Organization and Nature of Operations - Cash, cash equivalents and restricted cash (Details)
¥ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Variable interest entity        
Net cash (used in)/provided by operating activities ¥ (8,611,397) $ (1,231,413) ¥ 15,933,160 ¥ 50,693,521
Net cash (used in)/provided by investing activities (703,125) (100,546) (41,137,169) (12,068)
Net cash provided by/(used in) financing activities 767,402 109,737 (415,648) 185,385
Effects of exchange rate changes on cash, cash equivalents and restricted cash (452,773) (64,746) 198,120 44,513
Net change in cash, cash equivalents and restricted cash (8,999,893) (1,286,968) (25,421,537) 50,911,351
Cash, cash equivalents and restricted cash at beginning of the year 65,907,972 9,424,715 91,329,509 40,418,158
Cash, cash equivalents and restricted cash at end of the year 56,908,079 $ 8,137,747 65,907,972 91,329,509
VIEs and VIEs' subsidiaries        
Variable interest entity        
Net cash (used in)/provided by operating activities 390,512   1,040,998 (4,949,620)
Net cash (used in)/provided by investing activities (1,215,019)   7,658,640 (2,087,758)
Net cash provided by/(used in) financing activities (1,509,940)   (32,677,074) 14,779,213
Effects of exchange rate changes on cash, cash equivalents and restricted cash 2,439   (2,656) 481,305
Net change in cash, cash equivalents and restricted cash (2,332,008)   (23,980,092) 8,223,140
Cash, cash equivalents and restricted cash at beginning of the year 3,750,049   27,730,141 19,507,001
Cash, cash equivalents and restricted cash at end of the year 1,418,041   3,750,049 27,730,141
VIEs and VIEs' subsidiaries - Inter-company        
Variable interest entity        
Net cash (used in)/provided by operating activities 1,010,264   1,733,503 2,643,402
Net cash provided by/(used in) financing activities (1,509,940)   (32,677,074) 15,279,213
VIEs and VIEs' subsidiaries - Other        
Variable interest entity        
Net cash (used in)/provided by operating activities (619,752)   (692,505) (7,593,022)
Net cash (used in)/provided by investing activities (1,215,019)   7,658,640 (2,087,758)
Net cash provided by/(used in) financing activities ¥ 0   ¥ 0 ¥ (500,000)