v3.26.1
CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands
Dec. 31, 2025
CNY (¥)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
CNY (¥)
Current assets      
Cash and cash equivalents ¥ 108,900,587 $ 15,572,577 ¥ 57,768,053
Restricted cash 73,830,824 10,557,667 68,426,368
Receivables from online payment platforms 5,109,129 730,596 3,679,309
Short-term investments 313,407,682 44,816,702 273,791,856
Amounts due from related parties 10,205,128 1,459,314 7,569,180
Prepayments and other current assets 7,526,542 1,076,280 4,413,466
Total current assets 518,979,892 74,213,136 415,648,232
Non-current assets      
Property, equipment and software, net 1,306,044 186,762 879,327
Intangible assets 15,387 2,200 19,170
Right-of-use assets 4,863,332 695,447 5,064,351
Deferred tax assets 171,959 24,590 15,998
Other non-current assets 104,707,713 14,973,004 83,407,238
Total non-current assets 111,064,435 15,882,003 89,386,084
Total Assets 630,044,327 90,095,139 505,034,316
Current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB99,001,888 and RMB106,971,278 (US$15,296,690) as of December 31, 2024 and 2025, respectively)      
Amounts due to related parties 1,086,540 155,373 801,859
Customer advances and deferred revenues 3,378,789 483,160 2,947,041
Payable to merchants 107,407,160 15,359,020 91,655,947
Accrued expenses and other liabilities 81,657,839 11,676,915 69,141,831
Merchant deposits 17,708,197 2,532,238 16,460,600
Convertible bonds, current portion     5,309,597
Lease liabilities 2,498,643 357,301 2,105,978
Total current liabilities 213,737,168 30,564,007 188,422,853
Non-current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB443,132 and RMB520,081 (US$74,371) as of December 31, 2024 and 2025, respectively)      
Lease liabilities 2,880,152 411,856 3,191,565
Deferred tax liabilities 41,851 5,985 106,774
Total non-current liabilities 2,922,003 417,841 3,298,339
Total liabilities 216,659,171 30,981,848 191,721,192
Commitments and contingencies
Shareholders' equity      
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized, 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively) 182 26 180
Additional paid-in capital 125,767,661 17,984,536 117,829,308
Statutory reserves 1,338,261 191,369 237,680
Accumulated other comprehensive income 2,115,683 302,539 7,824,545
Retained earnings 284,163,369 40,634,821 187,421,411
Total shareholders' equity 413,385,156 59,113,291 313,313,124
Total liabilities and shareholders' equity ¥ 630,044,327 $ 90,095,139 ¥ 505,034,316