BORROWINGS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| BORROWINGS |
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| Schedule of short-term borrowings |
Components of short-term borrowings as of December 31, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Short-term borrowings | | 2,919,024 | | 1,464,833 | Long-term borrowings—current portion | | 4,014,875 | | 9,190,533 | Total short-term borrowings | | 6,933,899 | | 10,655,366 |
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| Schedule of type of short-term borrowings |
Details of the Group’s short-term borrowings as of December 31, 2025 are (RMB in thousands): | | | Type of loan | | As of December 31, 2025 | Credit loan | | 1,313,450 | Letter of credit loan | | 195,570 | Guaranteed by subsidiaries within the Group | | 3,945,810 | Guaranteed by a third party | | 363,500 | Financings associated with failed sale-leaseback transactions | | 1,811,610 | Collateralized on buildings and equipment of the Group and shareholders of the Group | | 588,675 | Guaranteed and collateralized on bank deposits, buildings, equipment and other assets of the Group and shareholders of the Group | | 1,584,096 | Current portion of other long-term borrowings | | 852,655 | Total | | 10,655,366 |
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| Schedule of long-term borrowings |
Components of long-term borrowings as of December 31, 2024 and 2025 were as follows (RMB in thousands): | | | | | | | As of December 31, | | | 2024 | | 2025 | | | RMB | | RMB | Long-term bank borrowings | | 16,468,489 | | 20,879,140 | Long-term financings associated with failed sale-leaseback transactions | | 4,430,048 | | 3,794,069 | Other long-term borrowings | | 3,759,610 | | 2,724,229 | Less: Current portion of long-term bank borrowings | | (2,426,643) | | (6,526,268) | Less: Current portion of financings associated with failed sale-leaseback Transactions | | (1,588,232) | | (1,811,610) | Less: Current portion of other long-term borrowings | | — | | (852,655) | Total long-term borrowings | | 20,643,272 | | 18,206,905 |
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| Schedule of long-term future principal repayments |
Future principal repayments on the long-term borrowings are as follows (RMB in thousands): | | | Year ending December 31, | | RMB | Year ended December 31 | | | 2026 | | 9,190,533 | 2027 | | 10,948,573 | 2028 | | 5,118,899 | 2029 | | 1,200,267 | 2030 | | 524,660 | Thereafter | | 414,506 | Total | | 27,397,438 |
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| Schedule of long-term bank borrowings |
| | | | | | | | | | | | | | | | | | | | As of December 31, 2024 | | As of December 31, 2025 | | | | | | Current portion | | | | Weighted | | | | Current portion | | | | Weighted | | | | | | according to the | | | | average | | | | according to the | | | | average | | | | Outstanding | | repayment | | Long-term | | interest | | Outstanding | | repayment | | Long-term | | interest | | Borrowing Term | | borrowings | | schedule | | portion | | rates | | borrowings | | schedule | | portion | | rates | | 2-year | | 3,082,350 | | 732,246 | | 2,350,104 | | 2.27 | % | 4,721,042 | | 2,610,720 | | 2,110,322 | | 2.76 | % | 3-year | | 7,164,390 | | 889,640 | | 6,274,750 | | 2.72 | % | 9,304,920 | | 2,458,520 | | 6,846,400 | | 2.90 | % | 4-year | | 244,300 | | 87,475 | | 156,825 | | 2.25 | % | 1,218,325 | | 381,450 | | 836,875 | | 3.29 | % | 5-year | | 1,587,901 | | 376,612 | | 1,211,289 | | 2.53 | % | 1,213,832 | | 367,369 | | 846,463 | | 2.94 | % | 6-year | | 799,489 | | 87,039 | | 712,450 | | 2.83 | % | 893,490 | | 220,891 | | 672,599 | | 2.55 | % | 7-year | | 2,522,591 | | 210,171 | | 2,312,420 | | 2.93 | % | 2,312,412 | | 432,748 | | 1,879,664 | | 2.79 | % | 8-year | | 669,690 | | 27,904 | | 641,786 | | 3.31 | % | 641,786 | | 27,903 | | 613,883 | | 3.00 | % | 9-year | | 200,000 | | 8,889 | | 191,111 | | 3.19 | % | 382,222 | | 17,778 | | 364,444 | | 3.26 | % | 10-year | | 197,778 | | 6,667 | | 191,111 | | 3.04 | % | 191,111 | | 8,889 | | 182,222 | | 3.05 | % | Total | | 16,468,489 | | 2,426,643 | | 14,041,846 | | | | 20,879,140 | | 6,526,268 | | 14,352,872 | | | |
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