| Note to consolidated statements of cash flows |
35. Note to consolidated statements of cash flows (a)Cash generated from (used in) operations | | | | | | | | | | | | | For the Year Ended December 31, | | | Note | | 2023 | | 2024 | | 2025 | | | | | RMB | | RMB | | RMB | Profit (loss) before income tax | | | | (4,662,680) | | 1,254,658 | | (611,269) | Adjusted for: | | | | | | | | | Share-based compensation | | | | 2,589,593 | | 2,252,738 | | 1,963,506 | Depreciation and amortization | | 15,16,18 | | 4,825,207 | | 3,165,067 | | 2,861,699 | Allowances for credit losses | | | | 2,090,866 | | 3,347,767 | | 6,055,583 | Interest income and investment loss (income), net | | 10,11 | | (2,395,464) | | (1,335,124) | | (2,467,821) | Share of loss (profit) of equity method investees | | 22 | | (563,698) | | (243,435) | | (273,915) | Fair value changes of preferred shares and other financial instruments issued by subsidiaries | | 32,33 | | 4,870,388 | | 924,403 | | (189,824) | Gain or loss on disposal or deemed disposal of subsidiaries | | | | (2,839,384) | | (8,087) | | 2,052 | Loss (income) on disposal of property and equipment and other assets | | | | (273,975) | | (512,336) | | (489,293) | Impairment of property and equipment and other assets | | | | 165,159 | | 24,577 | | 20,067 | Foreign exchange loss (gain) | | 11 | | (271,411) | | 1,129,759 | | (646,851) | Accretion of discount on borrowings and others | | | | 168,099 | | 156,332 | | (346,913) | Changes in working capital: | | | | | | | | | Increase in restricted cash | | | | (338,421) | | (586,237) | | (1,047,496) | Increase in accounts receivable | | | | (1,480,559) | | (764,920) | | (1,747,972) | Increase in prepayments, receivables and other current assets | | | | (5,205,501) | | (3,500,847) | | (5,963,770) | Increase in other non-current assets | | | | (32,436) | | (1,015,696) | | (281,694) | Increase (decrease) in accounts and notes payable | | | | 1,844,844 | | (101,375) | | 765,864 | Increase in accrued expenses and other current liabilities | | | | 3,571,776 | | 875,316 | | 10,969,410 | Increase (decrease) in other non-current liabilities | | | | 140,176 | | (84,746) | | (62,893) | Cash generated from (used in) operations | | | | 2,202,579 | | 4,977,814 | | 8,508,470 |
(b)Major non-cash transactions Major non-cash transactions were the transaction with XPeng and Kargobot described in Note 6 during the years ended December 31, 2023, 2024 and 2025. 35. Note to consolidated statements of cash flows (Continued) (c)Reconciliation of liabilities related to cash flows generated from (used in) financing activities | | | | | | | | | | | | | | | | | Preferred shares | | | | | Other | | | | and other financial | | | | | financial | | Lease | | instruments issued | | | Borrowings | | liabilities | | liabilities | | by subsidiaries | | | RMB | | RMB | | RMB | | RMB | Liabilities as of January 1, 2023 | | 5,090,235 | | — | | 1,467,761 | | 7,588,985 | Cash flows | | 3,546,011 | | 213,254 | | (700,021) | | — | Changes of interest accrued | | 41,855 | | — | | (900) | | — | Changes in fair value | | — | | (40,067) | | — | | 6,058,269 | Foreign exchange adjustments | | (245) | | 339 | | 10,493 | | 198,891 | Other non-cash movements | | 63,755 | | — | | 351,140 | | — | Liabilities as of December 31, 2023 | | 8,741,611 | | 173,526 | | 1,128,473 | | 13,846,145 |
| | | | | | | | | | | | | | | | | Preferred shares | | | | | Other | | | | and other financial | | | | | financial | | Lease | | instruments issued | | | Borrowings | | liabilities | | liabilities | | by subsidiaries | | | RMB | | RMB | | RMB | | RMB | Liabilities as of January 1, 2024 | | 8,741,611 | | 173,526 | | 1,128,473 | | 13,846,145 | Cash flows | | 2,780,267 | | (213,686) | | (566,110) | | (3,497,445) | Changes of interest accrued | | 14,758 | | — | | 900 | | — | Changes in fair value | | — | | 39,139 | | — | | 559,187 | Foreign exchange adjustments | | (96,372) | | 1,021 | | (29,843) | | 191,780 | Other non-cash movements | | 43,144 | | — | | 640,829 | | (138,174) | Liabilities as of December 31, 2024 | | 11,483,408 | | — | | 1,174,249 | | 10,961,493 |
| | | | | | | | | | | | | | | | | Preferred shares | | | | | Other | | | | and other financial | | | | | financial | | Lease | | instruments issued | | | Borrowings | | liabilities | | Liabilities | | by subsidiaries | | | RMB | | RMB | | RMB | | RMB | Liabilities as of January 1, 2025 | | 11,483,408 | | — | | 1,174,249 | | 10,961,493 | Cash flows | | 1,041,792 | | — | | (556,774) | | 1,586,354 | Changes of interest accrued | | (18,597) | | — | | 11,526 | | — | Changes in fair value | | — | | — | | — | | (728,952) | Foreign exchange adjustments | | 77,995 | | — | | (2,299) | | (236,677) | Other non-cash movements | | (115) | | — | | 553,711 | | 32,754 | Liabilities as of December 31, 2025 | | 12,584,483 | | — | | 1,180,413 | | 11,614,972 |
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