​

​

As of December 31, 

​

​

2023

​

2024

​

2025

​

  ​ ​ ​

RMB

  ​ ​ ​

RMB

  ​ ​ ​

RMB

​

​

​

​

​

​

​

Included in non-current liabilities:

​

​

​

RMB borrowings, unsecured

​

830,700

​

—

​

—

MXN borrowings, unsecured

​

142,464

​

347,749

​

—

BRL borrowings, unsecured

​

—

​

164,031

​

—

Non-current portion of long‑term RMB borrowings, unsecured

​

7,300

​

—

​

—

Non-current portion of long‑term RMB borrowings, secured (i)

​

63,957

​

—

​

45,316

Non-current portion of long‑term BRL borrowings, secured (i)

​

—

​

115,224

​

154,237

Non-current portion of long‑term EUR borrowings, unsecured

​

—

​

69,864

​

—

Others

​

—

​

31,988

​

31,278

​

​

1,044,421

​

728,856

​

230,831

​

​

​

​

​

​

​

Included in current liabilities:

​

​

​

RMB borrowings, unsecured

​

6,672,900

​

9,013,112

​

10,173,129

RMB borrowings, secured (i)

​

935,335

​

199,468

​

—

MXN borrowings, unsecured

​

62,609

​

300,166

​

—

USD borrowings, unsecured

​

—

​

970,362

​

1,595,415

USD borrowings, secured (i)

​

—

​

177,733

​

—

Current portion of long‑term RMB borrowings, unsecured

​

5,000

​

—

​

—

Current portion of long‑term RMB borrowings, secured (i)

​

21,346

​

—

​

24,944

Current portion of long‑term BRL borrowings, unsecured

​

—

​

—

​

406,641

Current portion of long‑term BRL borrowings, secured (i)

​

—

​

75,247

​

153,523

Current portion of long‑term EUR borrowings, unsecured

​

—

​

18,464

​

—

​

​

7,697,190

​

10,754,552

​

12,353,652

(i)

The Group entered into several borrowing agreements with certain banks and other financial institutions. These borrowings were pledged by vehicles, certain investments, bank deposits, accounts receivable and loan receivables. As of December 31 2023, 2024 and 2025, the Group’s certain investments with carrying value of RMB940,000, RMB200,000 and nil were pledged as security for borrowings, the carrying value of other assets pledged as security for borrowings were not material.

​

​

As of December 31, 2025

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Amount

​

Interest rate

​

Amount

​

Interest rate

​

Amount

​

Interest rate

​

  ​ ​ ​

​

  ​ ​ ​

(per annum)

  ​ ​ ​

​

  ​ ​ ​

(per annum)

  ​ ​ ​

​

  ​ ​ ​

(per annum)

​

​

​

​

​

​

​

​

​

​

​

​

RMB borrowings

​

RMB45,316

3.50%

​

—

​

—

​

RMB830,700

​

5.00%~8.00%

RMB borrowings

​

—

—

​

—

​

—

​

RMB71,257

​

LPR+0.90%~1.80%

MXN borrowings

​

—

​

—

​

MXN994,215

​

TIIE+6.63%

​

MXN340,703

​

TIIE+6.63%

BRL borrowings

​

BRL121,667

CDI+2.00%~3.28%

​

BRL236,193

​

CDI+2.00%~4.50%

​

—

​

—

EUR borrowings

​

—

—

​

EUR8,986

​

5.88%

​

—

​

—

​

​

As of December 31, 2025

​

As of December 31, 2024

​

As of December 31, 2023

​

​

Amount

​

Interest rate

​

Amount

​

Interest rate

​

Amount

​

Interest rate

​

  ​ ​

​

  ​ ​

(per annum)

  ​ ​

​

  ​ ​

(per annum)

  ​ ​

​

  ​ ​

(per annum)

​

​

​

​

​

​

​

​

​

​

​

​

RMB borrowings

​

RMB10,198,073

0.80%~3.50%

​

RMB8,641,189

​

0.92%~8.00%

​

RMB7,537,946

​

1.28%~8.00%

RMB borrowings

​

—

—

​

RMB571,391

​

LPR-0.20%~0.45%

​

RMB96,635

​

LPR+0.65%~1.80%

MXN borrowings

​

—

—

​

MXN858,174

​

TIIE+2.50%~3.75%

​

MXN149,730

​

TIIE+3.00%

USD borrowings

​

USD157,000

​

4.64%~5.74%

​

—

​

—

​

—

​

—

USD borrowings

​

USD70,000

SOFR+1.00%

​

USD159,715

​

SOFR+0.80% ~2.50%

​

—

​

—

BRL borrowings

​

BRL439,702

CDI+2.00%~4.50%

​

BRL63,600

​

CDI+2.00%~3.53%

​

—

​

—

EUR borrowings

​

—

​

—

​

EUR2,567

​

5.88%

​

—

​

—