v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Dec. 31, 2023
CNY (¥)
Cash flows from operating activities:        
Net (loss)/profit ¥ 1,190,941 $ 170,303 ¥ (1,363,651) ¥ (4,811,713)
Adjustments to reconcile net (loss)/profit to net cash provided by operating activities:        
Depreciation of property and equipment 480,900 68,775 554,335 727,193
Amortization of intangible assets 1,545,200 220,959 1,772,400 2,003,199
Amortization of right-of-use assets 161,361 23,074 174,430 169,294
Amortization of debt issuance costs 7,241 1,035 10,949 23,299
Share-based compensation expenses 1,170,535 167,384 1,116,212 1,132,644
(Reversal of)/Allowance for expected credit losses 27,754 3,969 109,801 (16,000)
Inventory provision 1,821 260 18,744 10,431
Deferred income taxes (47,545) (6,799) (110,118) (25,376)
Unrealized exchange losses/(gains) (9,992) (1,429) (2,509) 931
Unrealized fair value changes of investments 21,112 3,019 22,763 66,462
Loss on disposal of property and equipment 3,952 565 3,214 646
Termination expenses of certain game projects       354,811
Gain from disposal of subsidiaries and long-term investments (15,392) (2,200) (11,000) (3,857)
Loss from equity method investments 37,300 5,332 40,471 112,142
Revaluation of previously held equity interests       86,680
Impairments of long-term investments 343,729 49,153 486,456 278,891
(Gain)/loss of convertible senior notes repurchase 2   38,629 (292,213)
Changes in operating assets and liabilities:        
Accounts receivable (9,538) (1,364) 251,244 (262,215)
Amounts due from related parties (63,260) (9,046) (66,910) 75,273
Prepayments and other assets 192,012 27,457 273,362 342,537
Other long-term assets (38,424) (5,495) 51,154 185,783
Accounts payable 585,770 83,764 615,154 (60,458)
Salary and welfare payable 106,225 15,190 380,127 (182,171)
Taxes payable 49,403 7,065 83,682 29,006
Deferred revenue 859,556 122,915 848,219 133,902
Accrued liabilities and other payables 568,420 81,283 779,294 341,102
Amounts due to related parties 11,564 1,654 (348) (12,007)
Other long-term liabilities (33,561) (4,800) (61,250) (141,594)
Net cash provided by operating activities 7,147,100 1,022,023 6,014,854 266,622
Cash flows from investing activities:        
Purchase of property and equipment (512,858) (73,338) (465,367) (181,897)
Purchase of intangible assets (1,314,441) (187,963) (1,289,744) (1,148,247)
Purchase of short-term investments (85,638,931) (12,246,204) (36,969,524) (13,547,650)
Maturities of short-term investments 81,815,086 11,699,402 37,007,903 16,328,255
Cash consideration (paid for)/acquired from purchase of subsidiaries, net of consideration paid and cash acquired 27,350 3,911   (70,000)
Cash paid for long-term investments including loans (1,743,206) (249,275) (227,416) (132,602)
Loans and advances from investees 13,000 1,859 78,968 684,834
Cash received from disposal/return of long-term assets 92,300 13,199 74,307 100,574
Placement of time deposits (10,490,794) (1,500,164) (5,833,946) (9,961,925)
Maturity of time deposits 8,411,880 1,202,883 7,486,732 9,690,806
Net cash provided by/(used in) investing activities (9,340,614) (1,335,690) (138,087) 1,762,148
Cash flows from financing activities:        
Proceeds of short-term and long-term loans 2,699,000 385,952 5,149,000 1,950,482
Repayment of short-term loans and long-term loans (2,681,000) (383,378) (1,908,696) (2,032,295)
Purchase of noncontrolling interests (1,067) (153)   (7,027)
Proceeds from exercise of employees' share options 6,559 938 10,268 2
Proceeds from issuance of ordinary shares, net of issuance costs       2,689,380
Proceeds from issuance of convertible notes 4,886,978 698,828 100,000  
Repurchase of shares (822,713) (117,645) (117,523)  
Repurchase of convertible senior notes (474) (68) (6,058,432) (7,675,227)
Net cash (used in)/provided by financing activities 4,087,283 584,474 (2,825,383) (5,074,685)
Effect of exchange rate changes on cash and cash equivalents and restricted cash held in foreign currencies 41,179 5,888 6,177 100,349
Net (decrease)/increase in cash and cash equivalents and restricted cash 1,934,956 276,695 3,057,561 (2,945,566)
Cash and cash equivalents and restricted cash at beginning of the year 10,299,382 1,472,792 7,241,821 10,187,387
Cash and cash equivalents and restricted cash at end of the year 12,234,338 1,749,487 10,299,382 7,241,821
Cash and cash equivalents at end of the year 12,183,538 1,742,223 10,249,382 7,191,821
Restricted cash at end of the year 50,800 7,264 50,000 50,000
Supplemental disclosures of cash flows information:        
Cash paid for income taxes, net of tax refund 63,123 9,026 87,217 103,391
Cash paid for interest expense 125,109 17,890 93,809 167,291
Supplemental schedule of non-cash investing and financing activities:        
Property and equipment purchases financed by accounts payable 183,095 26,182 35,510 65,377
Acquisitions and investments financed by payables 22,740 3,252 (7,596) (80,000)
Intangible assets purchases financed by payables ¥ 686,486 $ 98,166 ¥ 767,387 ¥ 783,828