v3.26.1
Consolidated Statements of Cash Flows - CNY (¥)
¥ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Cash generated from operating activities ¥ 14,271,030 ¥ 4,155,000 ¥ 15,473,652
Income tax paid (1,797,981) (2,338,229) (2,753,240)
Net cash generated from operating activities 12,473,049 1,816,771 12,720,412
Cash flows from investing activities      
Proceeds from sale of investment assets 66,530,478 63,241,901 67,272,800
Proceeds from sale of property and equipment 199 9,664 8,464
Net cash used in acquisition of subsidiaries (3,250) (697,426) 0
Interest received on investment assets 1,200,808 852,631 825,725
Payment for acquisition of investment assets (84,159,027) (60,664,549) (71,550,315)
Payment for property and equipment and other long-term assets (36,699) (72,565) (51,279)
Net cash inflow/(outflow) from disposal of subsidiaries 466 (641) 25,075
Net cash generated from/(used in) investing activities (16,467,025) 2,669,015 (3,469,530)
Cash flows from financing activities      
Proceeds from exercise of share-based payment 129 2,172 252
Proceeds from borrowings 14,009,400 9,041,818 14,618,467
Repayment of borrowings (9,957,559) (14,226,298) (17,920,237)
Payment for early redemption and extension of convertible promissory notes payable 0 0 (3,642,931)
Repayment of optionally convertible promissory notes payable 0 0 (8,342,096)
Repayment of bonds payable 0 0 (2,163,195)
Payment for lease liabilities (206,364) (289,615) (486,942)
Payment for interest expenses (528,166) (677,316) (1,531,239)
Payment for dividend declared 0 (5,132,615) (1,435,461)
Payment for acquisition of non-controlling interests of subsidiary 0 0 (199,200)
Refund of cash reserved for repurchase of ordinary shares 0 0 854,624
Net cash used in financing activities 3,317,440 (11,281,854) (20,247,958)
Effect of exchange rate changes on cash and cash equivalents (32,826) 17,278 (20,353)
Net increase/(decrease) in cash and cash equivalents (709,362) (6,778,790) (11,017,429)
Add: Cash and cash equivalents at the beginning of the year 11,798,435 18,577,225 29,594,654
Cash and cash equivalents at the end of the year ¥ 11,089,073 ¥ 11,798,435 ¥ 18,577,225