Note to consolidated statements of cash flows (Tables)

12 Months Ended

Dec. 31, 2025

Note to consolidated statements of cash flows

Schedule of 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

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