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CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Current liabilities	¥ 152,900,901	$ 21,535,641	¥ 116,889,480
Non-current liabilities	¥ 7,935,612	$ 1,117,708	¥ 2,459,562
Class A ordinary shares, par value \| $ / shares		$ 0.000005
Class A ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Class A ordinary shares, issued	5,503,491,148	5,503,491,148	5,278,348,396
Class A ordinary shares, outstanding	5,503,491,148	5,503,491,148	5,278,348,396
Consolidated VIEs
Current liabilities	¥ 94,196,915	$ 13,267,359	¥ 91,703,662
Non-current liabilities	¥ 239,982	$ 33,801	¥ 290,412

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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- Definition

Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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+ Details

Property, Equipment and Software, Net

12 Months Ended

Dec. 31, 2023

Property, Equipment and Software, Net

Property, Equipment and Software, Net

6.	Property, Equipment and Software, Net


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
At cost:
Computer equipment, office equipment and purchased software	3,591,861	4,149,947	584,507
Leasehold improvement	30,249	69,691	9,816
	3,622,110	4,219,638	594,323
Less: accumulated depreciation	(2,577,263)	(3,240,041)	(456,350)
	1,044,847	979,597	137,973

For the years ended December 31, 2021, 2022 and 2023, the Group recorded depreciation expenses of RMB911,964, RMB1,615,551 and RMB672,020 (US$94,652), respectively.

Short-term Investments - Classification (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Short-term Investments
Time deposits and held-to-maturity debt securities	¥ 139,740,216	$ 19,681,997	¥ 113,872,353
Trading securities	17,151,086	2,415,680	6,917
Investments in convertible bonds	524,063	73,813	1,233,284
Short-term investments, Total	¥ 157,415,365	$ 22,171,490	¥ 115,112,554

Convertible Bonds

12 Months Ended

Dec. 31, 2023

Convertible Bonds

Convertible Bonds

11.	Convertible Bonds

(a)	2024 Convertible Bonds

In September 2019, the Company issued US$1,000,000 principal amount 0.00% convertible senior notes including US$125,000 sold upon the exercise of the over-allotment option (the “2024 Notes”). The 2024 Notes will mature on October 1, 2024 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2024 Notes at their option prior to the close of business on the business day immediately preceding April 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company’s American Depositary Shares (the “ADSs”), each representing four Class A ordinary shares of the Company, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “2024 Price Condition”); (2) during the five-business-day-period after any ten-consecutive-trading-day-period (the “measurement period”) in which the trading price per US$1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2024 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after April 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election.

The initial conversion rate of the 2024 Notes is 23.4680 of the Company’s ADS per US$1,000 principal amount of the 2024 Notes (which is equivalent to an initial conversion price of approximately US$42.61 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2024 Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2024 Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be.

The Company may not redeem the 2024 Notes prior to October 1, 2022 unless certain tax-related events occur. On or after October 1, 2022, the Company may redeem for cash all or part of the 2024 Notes, at its option, if the last reported sale price of the Company’s American Depositary Shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the 2024 Notes may require the Company to repurchase all or part of their 2024 Notes in cash on October 1, 2022 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2024 Notes.

11.	Convertible Bonds (Continued)

(b)	2025 Convertible Bonds

In November 2020, the Company issued US$2,000,000 principal amount 0.00% convertible senior notes including US$250,000 sold upon the exercise of the over-allotment option (the “2025 Notes”). The Notes will mature on December 1, 2025 unless redeemed, repurchased or converted prior to such date.

Holders may convert their 2025 Notes at their option prior to the close of business on the business day immediately preceding June 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s ADS, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any ten-consecutive-trading-day period (the ‘‘measurement period’’) in which the ‘‘trading price’’ (as defined below) per US$1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2025 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after June 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election.

The conversion rate will initially be 5.2459 ADSs per US$1,000 principal amount of 2025 Notes (equivalent to an initial conversion price of approximately US$190.63 per ADS). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, following certain corporate events that occur prior to the maturity date or following the Company’s delivery of a notice of a tax or optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2025 Notes in connection with such a corporate event or such notice of tax or optional redemption, as the case may be.

The Company may not redeem the 2025 Notes prior to December 6, 2023 unless certain tax-related events occur. On or after December 6, 2023, the Company may redeem for cash all or part of the 2025 Notes, at its option, if the last reported sale price of its ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provide notice of redemption and (ii) the trading day immediately preceding the date the Company send such notice. Holders of the 2025 Notes may require the Company to repurchase all or part of their 2025 Notes in cash on December 1, 2023 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2025 Notes.

(c)	Accounting for Convertible Bonds

The Group adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), effective from January 1, 2022, using the modified retrospective method. Under the modified retrospective approach, the Group applied the standard to all convertible bonds that are outstanding on the effective date, with the cumulative effect recognized as an adjustment to the opening balance of retained earnings and did not restate comparable periods.

11.	Convertible Bonds (Continued)

(c)	Accounting for Convertible Bonds (Continued)

The cumulative effects of changes made to the Group’s consolidated balance sheets on January 1, 2022 for the adoption of ASU 2020-06 were as follows:


	Balance as		Balance as of
	of December		January
	31, 2021	Adjustment	1, 2022
	RMB	RMB	RMB
Liabilities
Convertible bonds	11,788,907	2,316,324	14,105,231
Equity
Additional paid-in capital	95,340,819	(3,818,926)	91,521,893
Accumulated other comprehensive loss	(2,519,900)	136,096	(2,383,804)
Accumulated deficits	(17,706,533)	1,366,506	(16,340,027)

The adoption of ASU 2020-06 reduced interest expenses by RMB1,268,792 in 2022, and increased the basic and diluted earnings per share by RMB0.25 and RMB0.17, respectively. Those convertible bonds were anti-dilutive before adoption of ASU 2020-06.

Prior to the adoption of ASU 2020-06, as the conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option, the Company separated the 2024 Notes and the 2025 Notes (collectively as the “Notes”) into liability and equity components in accordance with ASC 470-20, Debt with Conversion and Other Options. The carrying amount of the liability component was initially calculated by measuring the fair value of a similar liability that does not have an associated conversion feature. The carrying amount of the equity component representing the conversion option was determined by deducting the fair value of the liability component from the initial proceeds and recorded as additional paid-in capital. Debt issuance costs were allocated to the liability and equity components proportionately. The resulting discount, together with the allocated issuance costs, are accreted at the effective interest rate over the period from the issuance date to the Repurchase Date.

After the adoption of ASU 2020-06, the Group recombine convertible bonds that were previously separated into liability and equity components in accordance with ASC 470-20. The revised amortized cost of the outstanding convertible bonds at transition is recomputed as if the conversion option was not separated. The Group determined the amortized cost at issuance date and then recalculate the amortization of the discount using the recalculated effective interest rate. The resulting discount, together with the issuance costs as mentioned below, are accreted at an effective interest rate over the period from the issuance date to the Repurchase Date. The recalculated effective rate of the 2024 Notes and 2025 Notes are 0.53% and 0.34%, respectively. The adjustment to retained earnings is the difference between the sum of the carrying amount of the liability and equity component immediately before transition and the revised amortized cost.

The gross proceeds from the issuance of the 2024 Notes and 2025 Notes were US$1,000,000 and US$2,000,000, respectively, and debt issuance costs including under writing commissions and offering expenses were approximately US$15,680 and US$20,607, respectively.

On December 1, 2023, the Repurchase Date of 2025 Notes, certain holders required the Company to repurchase their notes, and US$1,261,366 in aggregate principal amount was repaid in cash. As of December 31, 2022 and 2023, the principal amount of the Notes was US$2,226,252 and US$830,205, unamortized debt discount were US$6,239 and nil, and net carrying amount of the Notes were RMB15,461,506 and RMB5,880,093 (US$828,194), respectively.

11.	Convertible Bonds (Continued)

(c)	Accounting for Convertible Bonds (Continued)

For the years ended December 31, 2021, 2022 and 2023, the amount of interest cost recognized relating to the amortization of the discount on the Notes were RMB1,221,846, RMB51,655 and RMB43,987 (US$6,195), respectively. The amounts repayable within the next twelve months were classified as “Convertible bonds, current portion” in the consolidated balance sheets.

For the year ended December 31, 2023, holders of US$134,681 in aggregate principal amount of the 2024 Notes exercised their right to convert their notes into shares under the 2024 Price Condition at its initial conversion price. As a result, the Company issued 12,642,752 ordinary shares. As of December 31, 2023, the if-converted values of remaining 2024 Notes were US$313,901, which exceed their principal amount of US$91,571.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Intangible Assets (Details) ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
Intangible Assets (Details) ¥ in Thousands, $ in Thousands	Feb. 28, 2018 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Intangible Asset
Beginning balance		¥ 134,002	$ 18,874	¥ 701,220
Amortization		(114,215)	(16,087)	(608,618)	¥ (583,416)
Foreign currency translation difference		1,361	192	41,400
Ending balance		21,148	$ 2,979	134,002	701,220
Impairment charges		¥ 0		¥ 0	¥ 0
Convertible preferred shares
Intangible Asset
Addition	¥ 2,852,000

Summary of Significant Accounting Policies - Impairment of long-lived assets other than goodwill and Advertising expenditures (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Summary of Significant Accounting Policies
Impairment of any long-lived assets	¥ 0		¥ 0	¥ 0
Advertising expenditures recognized in sales and marketing expenses	¥ 76,428,811	$ 10,764,773	¥ 49,971,418	¥ 41,456,838

Short-term Investments - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Short-term Investments
Gross unrecognized holding gain of the held-to-maturity debt securities	¥ 0		¥ 0
Net unrealized gain on debt trading securities	1,799,555	$ 253,462	89
Costs of trading securities	15,351,531		6,828		$ 2,162,218
Interest income related to time deposits and held-to-maturity debt securities	5,750,934	810,002	2,442,413	¥ 1,093,654
Short-term investments, fair value	524,063		1,233,284		$ 73,813
Unrealized loss	¥ 749,967	$ 105,631	¥ 221,640	¥ 67,065

Leases - Maturity analysis of the Company's (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum lease payments
2024	¥ 1,763,815	$ 248,428
2025	1,380,948	194,502
2026	758,834	106,880
2027	418,912	59,003
2028 and after	206,396	29,070
Total undiscounted cash flows	4,528,905	637,883
Less: imputed interest	(243,097)	(34,240)
Present value of lease liabilities	¥ 4,285,808	$ 603,643

Employee Contribution Plan

12 Months Ended

Dec. 31, 2023

Employee Contribution Plan

Employee Contribution Plan

20.	Employee Contribution Plan

As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB829,440, RMB1,131,829 and RMB1,546,308 (US$217,793) for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 1,326,294	$ 186,805	¥ 966,439
Value-added tax ("VAT")	871,593	122,761	326,427
Interest receivables	367,001	51,691	119,564
Rental and other deposits	119,455	16,825	86,915
Others	1,528,672	215,308	799,034
Total	¥ 4,213,015	$ 593,390	¥ 2,298,379

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Short-term Investments

Schedule of Short-term Investments


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	113,872,353	139,740,216	19,681,997
Trading securities	6,917	17,151,086	2,415,680
Investments in convertible bonds	1,233,284	524,063	73,813
	115,112,554	157,415,365	22,171,490

Organization (Tables)

12 Months Ended

Dec. 31, 2023

Organization

Schedule of financial information for the VIE before eliminating the inter-company balances and transactions between the VIE and its subsidiaries, the subsidiaries of the VIE and other entities within the Group


	As of December 31,
	2022	2023
	RMB	RMB	US$
Total assets	160,437,905	213,209,549	30,029,937
Total liabilities	114,446,107	143,750,305	20,246,808


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Total revenues	77,877,339	103,631,702	131,868,973	18,573,356
Net income	15,169,180	33,595,051	23,398,906	3,295,667


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash generated from operating activities	34,365,025	25,650,939	49,705,625	7,000,891
Net cash used in investing activities	(26,828,581)	(43,513,150)	(43,637,362)	(6,146,194)
Net cash (used in)/generated from financing activities	(1,445,969)	16,710,269	3,390,438	477,533
Net increase/(decrease) in cash, cash equivalents and restricted cash	6,090,475	(1,151,942)	9,458,701	1,332,230

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other liabilities


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Accrued advertising and marketing expenses	5,850,125	13,485,287	1,899,363
VAT and other tax payable	6,970,790	16,928,603	2,384,344
Payroll payable	2,364,723	3,200,108	450,726
Accounts payable	3,978,818	16,905,439	2,381,081
Others	1,796,267	4,831,962	680,567
	20,960,723	55,351,399	7,796,081

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

10.	Accrued Expenses and Other Liabilities

The components of accrued expenses and other liabilities are as follows:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Accrued advertising and marketing expenses	5,850,125	13,485,287	1,899,363
VAT and other tax payable	6,970,790	16,928,603	2,384,344
Payroll payable	2,364,723	3,200,108	450,726
Accounts payable	3,978,818	16,905,439	2,381,081
Others	1,796,267	4,831,962	680,567
	20,960,723	55,351,399	7,796,081

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Leases
Cash payments for operating leases	¥ 1,075,598	$ 151,495	¥ 534,784	¥ 388,144
ROU assets obtained in exchange for new operating lease liabilities	¥ 3,918,460	$ 551,904	¥ 1,068,063	¥ 704,142

Accumulated Other Comprehensive Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Accumulated Other Comprehensive Income
Balance at beginning of the year	¥ 117,770,911		¥ 75,114,547	¥ 60,175,888
Balance at end of the year	187,241,607	$ 26,372,429	117,770,911	75,114,547
Cumulative effect of change in accounting principle
Accumulated Other Comprehensive Income
Balance at beginning of the year			(2,316,324)
Balance at end of the year				(2,316,324)
Balance
Accumulated Other Comprehensive Income
Balance at beginning of the year			72,798,223
Balance at end of the year				72,798,223
Accumulated other comprehensive income
Accumulated Other Comprehensive Income
Balance at beginning of the year	3,322,238		(2,519,900)	(1,047,728)
Other comprehensive income/(loss)	1,401,522		5,706,042	(1,472,172)
Balance at end of the year	4,723,760	665,328	3,322,238	(2,519,900)
Accumulated other comprehensive income \| Cumulative effect of change in accounting principle
Accumulated Other Comprehensive Income
Balance at beginning of the year			136,096
Balance at end of the year				136,096
Accumulated other comprehensive income \| Balance
Accumulated Other Comprehensive Income
Balance at beginning of the year			(2,383,804)
Balance at end of the year				(2,383,804)
Foreign currency translation difference
Accumulated Other Comprehensive Income
Balance at beginning of the year	3,340,404		(2,519,900)	(1,047,728)
Other comprehensive income/(loss)	1,332,984		5,724,208	(1,472,172)
Balance at end of the year	4,673,388	658,233	3,340,404	(2,519,900)
Foreign currency translation difference \| Cumulative effect of change in accounting principle
Accumulated Other Comprehensive Income
Balance at beginning of the year			136,096
Balance at end of the year				136,096
Foreign currency translation difference \| Balance
Accumulated Other Comprehensive Income
Balance at beginning of the year			(2,383,804)
Balance at end of the year				¥ (2,383,804)
Net change in unrealized (losses)/gains on available-for- sale debt securities
Accumulated Other Comprehensive Income
Balance at beginning of the year	(18,166)
Other comprehensive income/(loss)	68,538		(18,166)
Balance at end of the year	¥ 50,372	$ 7,095	¥ (18,166)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 55
-Paragraph 15
-SubTopic 10
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues (including services provided to a related party of nil, RMB10,765 and RMB4,272 (US$602) for the years ended December 31, 2021, 2022 and 2023, respectively)	¥ 247,639,205	$ 34,879,253	¥ 130,557,589	¥ 93,949,939
Costs of revenues (including services received from related parties of RMB5,166,381, RMB5,353,661 and RMB6,031,719 (US$849,550) for the years ended December 31, 2021, 2022 and 2023, respectively)	(91,723,577)	(12,918,996)	(31,462,298)	(31,718,093)
Sales and marketing expenses (including services received from related parties of RMB2,857,063, RMB2,004,654 and RMB1,795,959 (US$252,956) for the years ended December 31, 2021, 2022 and 2023, respectively)	(82,188,870)	(11,576,060)	(54,343,719)	(44,801,720)
General and administrative expenses	(4,075,622)	(574,039)	(3,964,935)	(1,540,774)
Research and development expenses (including services received from related parties of RMB604,605, RMB356,789 and RMB194,803 (US$27,437) for the years ended December 31, 2021, 2022 and 2023, respectively)	(10,952,374)	(1,542,610)	(10,384,716)	(8,992,590)
Total operating expenses	(97,216,866)	(13,692,709)	(68,693,370)	(55,335,084)
Operating profit	58,698,762	8,267,548	30,401,921	6,896,762
Interest and investment income, net	10,238,080	1,442,003	3,997,100	3,061,662
Interest expenses	(43,987)	(6,195)	(51,655)	(1,231,002)
Foreign exchange gain/(loss)	35,721	5,031	(149,710)	71,750
Other income, net	2,952,579	415,862	2,221,358	656,255
Profit before income tax and share of results of equity investees	71,881,155	10,124,249	36,419,014	9,455,427
Income tax expenses	(11,849,904)	(1,669,024)	(4,725,667)	(1,933,585)
Share of results of equity investees	(4,707)	(663)	(155,285)	246,828
Net income	60,026,544	8,454,562	31,538,062	7,768,670
Net income attributable to ordinary shareholders	¥ 60,026,544	$ 8,454,562	¥ 31,538,062	¥ 7,768,670
Earnings per share:
Basic \| (per share)	¥ 11.08	$ 1.56	¥ 6.24	¥ 1.55
Diluted \| (per share)	¥ 10.29	$ 1.45	¥ 5.48	¥ 1.36
Shares used in earnings per share computation:
Basic	5,416,106,022	5,416,106,022	5,057,540,124	5,012,651,334
Diluted	5,839,629,562	5,839,629,562	5,761,291,439	5,713,764,297
Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	¥ 1,332,984	$ 187,746	¥ 5,860,304	¥ (1,472,172)
Unrealized (losses)/gains on available-for-sale debt securities, net of tax	68,538	9,653	(18,166)
Total other comprehensive (loss)/income	1,401,522	197,399	5,842,138	(1,472,172)
Comprehensive income	¥ 61,428,066	$ 8,651,961	¥ 37,380,200	¥ 6,296,498

Convertible Bonds (Tables)

12 Months Ended

Dec. 31, 2023

Convertible Bonds

Schedule of cumulative effects of changes to the Group's consolidated balance sheet


	Balance as		Balance as of
	of December		January
	31, 2021	Adjustment	1, 2022
	RMB	RMB	RMB
Liabilities
Convertible bonds	11,788,907	2,316,324	14,105,231
Equity
Additional paid-in capital	95,340,819	(3,818,926)	91,521,893
Accumulated other comprehensive loss	(2,519,900)	136,096	(2,383,804)
Accumulated deficits	(17,706,533)	1,366,506	(16,340,027)

Commitments and Contingencies (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies.
Total investment commitments	¥ 80,000	$ 11,268

Summary of Significant Accounting Policies - Convenience translation (Details)	Dec. 31, 2023
US$
Convenience translation rate (USD to RMB)	1.00
RMB
Convenience translation rate (USD to RMB)	7.0999

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

Intangible Assets

7.	Intangible Assets

Intangible assets consisted of the following:


	2022	2023	2023
	RMB	RMB	US$
Balance as of January 1	701,220	134,002	18,874
Amortization	(608,618)	(114,215)	(16,087)
Foreign currency translation difference	41,400	1,361	192
Balance as of December 31	134,002	21,148	2,979

In February 2018, the Company entered into a strategic cooperation framework agreement (the “Agreement”) with an affiliate of Tencent Group. The Company and Tencent Group agreed to cooperate in a number of areas primarily for Tencent Group to provide the Company with Weixin access point and other services and to pursue additional opportunities for future potential cooperation. The Agreement is valid for five years, from March 1, 2018 to February 28, 2023. The Company recognized the Agreement as an intangible asset at the fair value of consideration paid in the form of convertible preferred shares of RMB2,852 million. The Group recognizes the related amortization expense in costs of revenues, over the period of five years using the straight-line method. Amortization expense for intangible assets were RMB583,416, RMB608,618 and RMB114,215 (US$16,087) for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment charge was recognized on the intangible assets for any of the three years in the period ended December 31, 2023.

The estimated annual amortization expense for each of the remaining fiscal years is as follows:


	Amortization
	RMB	US$
2024	3,007	424
2025	3,007	424
2026	3,007	424
2027	3,007	424
2028 and after	9,120	1,283

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets

Schedule of intangible asset


	2022	2023	2023
	RMB	RMB	US$
Balance as of January 1	701,220	134,002	18,874
Amortization	(608,618)	(114,215)	(16,087)
Foreign currency translation difference	41,400	1,361	192
Balance as of December 31	134,002	21,148	2,979

Schedule of estimated annual amortization expense


	Amortization
	RMB	US$
2024	3,007	424
2025	3,007	424
2026	3,007	424
2027	3,007	424
2028 and after	9,120	1,283

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOW FROM OPERATING ACTIVITIES
Net income	¥ 60,026,544	$ 8,454,562	¥ 31,538,062	¥ 7,768,670
Adjustments to reconcile net income to net cash provided by operating activities:
Interest expenses	43,987	6,195	51,655	1,231,002
Allowance for credit losses	265,159	37,347	118,384	49,300
Depreciation and amortization	786,235	110,739	2,224,169	1,495,380
Deferred income tax, net	801,100	112,833	(1,028,586)	(213)
Amortization of right-of-use assets	1,101,970	155,209	510,915	348,863
Interest and investment gain, net	(1,354,785)	(190,817)	(606,447)	(146,972)
(Gain)/loss on disposal of property and equipment	1,755	247	10,697	(258)
Share-based compensation	7,078,794	997,027	7,718,365	4,774,730
Foreign exchange (gain)/loss	(35,721)	(5,031)	149,710	(71,750)
Share of results of equity investees	4,707	663	155,285	(246,828)
Fair value change of investments	(1,013,475)	(142,745)	242,236	22,170
Gain on extinguishment of convertible bonds				(2,788)
Changes in operating assets and liabilities:
Receivables from online payment platforms	(3,326,421)	(468,517)	86,041	55,811
Amounts due from related parties	(1,096,240)	(154,402)	(2,068,675)	(10,086)
Prepayments and other current assets	(2,121,308)	(298,780)	758,282	1,744,645
Customer advances and deferred revenues	754,955	106,333	222,891	(1,256,426)
Amounts due to related parties	(437,615)	(61,637)	(286,616)	(1,422,856)
Payable to merchants	11,623,138	1,637,085	749,373	8,686,493
Accrued expenses and other liabilities	34,258,159	4,825,162	7,003,998	3,492,038
Merchant deposits	1,820,517	256,414	1,480,677	2,651,233
Lease liabilities	(977,788)	(137,719)	(487,068)	(354,123)
Short-term investments	(13,856,982)	(1,951,715)
Other non-current assets	(184,154)	(25,938)	(34,492)	(23,102)
Other non-current liabilities			(996)	(1,922)
Net cash generated from operating activities	94,162,531	13,262,515	48,507,860	28,783,011
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of short-term time deposits, held to maturities and other investments	(147,131,673)	(20,723,060)	(160,414,453)	(116,639,550)
Proceeds from sales of short-term time deposits, held to maturities and other investments	130,317,231	18,354,797	141,928,351	97,547,038
Purchases of available-for-sale investments	(17,318,333)	(2,439,236)	(3,581,868)
Proceeds from sales of available-for-sale debt securities	4,206,359	592,453
Purchase of long-term time deposits, held to maturities and other investments	(25,051,222)	(3,528,391)	(6,795,838)	(13,628,052)
Proceeds from sales of long-term time deposits, held to maturities and other investments			7,137,814
Purchase of property, equipment and software and intangible assets	(583,879)	(82,238)	(635,716)	(3,287,232)
Proceeds from disposal of property and equipment	450	63	40	394
Others	129,789	18,280		445,037
Net cash used in investing activities	(55,431,278)	(7,807,332)	(22,361,670)	(35,562,365)
CASH FLOW FROM FINANCING ACTIVITIES
Repurchase of convertible bonds	(8,968,817)	(1,263,231)
Repayment of short-term borrowings				(1,875,472)
Others	8,191	1,153	10,079	318
Net cash (used in)/generated from financing activities	(8,960,626)	(1,262,078)	10,079	(1,875,154)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(291,139)	(41,006)	100,177	(145,157)
(Decrease)/increase in cash, cash equivalents and restricted cash	29,479,488	4,152,099	26,256,446	(8,799,665)
Cash, cash equivalents and restricted cash at beginning of the year	92,300,417	13,000,242	66,043,971	74,843,636
Cash, cash equivalents and restricted cash at end of the year	121,779,905	17,152,341	92,300,417	66,043,971
Supplement disclosure of cash flow information
Interest received	7,273,373	1,024,433	3,567,738	2,936,860
Income taxes paid	5,764,435	811,904	4,881,252
Supplement disclosure of non-cash operating activities
Recognition of right-of-use assets and lease liabilities	3,918,460	551,904	1,068,063	704,142
Supplement disclosure of non-cash investing activities
Purchase of property, equipment and software included in accrued expenses and other liabilities	¥ 257,211	$ 36,227	¥ 136,411	¥ 194,385

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Schedule of relationship with related parties


Names of related parties		Relationship with the Group
Tencent Group		A shareholder of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company
Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”)		Company controlled by one of the executive officers of the Company

Schedule of significant related party transactions


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Services provided to:
Fufeitong Group	—	10,765	4,272	602

Services received from:
Tencent Group	8,416,635	7,061,132	7,182,496	1,011,634
Fufeitong Group	211,414	653,972	839,985	118,309

Schedule of related party balances


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	2,763,924	3,516,220	495,250
Ningbo Hexin Equity Investment Partnership **	697,632	710,632	100,090
Fufeitong Group***	2,856,856	3,201,218	450,882
Amounts due to related parties:
Current:
Tencent Group	1,539,694	1,112,583	156,704
Fufeitong Group	136,697	126,193	17,774

*The balance primarily represents receivables due from the online payment platform operated by Tencent Group.

**The balance represents loans to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

***The balance primarily represents receivables due from the online payment platform operated by Fufeitong Group.

Revenues

12 Months Ended

Dec. 31, 2023

Revenues.

Revenues

14.

Revenues


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$

Online marketing services and others	79,809,490	102,931,095	153,540,553	21,625,735
Transaction services	14,140,449	27,626,494	94,098,652	13,253,518
	93,949,939	130,557,589	247,639,205	34,879,253

Contract liabilities were mainly related to considerations received in advance for online platform services, for which control of the services occur at a later point in time. Balances of contract liabilities were RMB2,026,895 and RMB5,931,850 (US$835,484) as of December 31, 2022 and 2023, respectively.

During the year ended December 31, 2023, revenues of RMB1,811,993 (US$255,214) were recognized from the carrying value of contract liabilities as of December 31, 2022. During the year ended December 31, 2022, revenues of RMB1,356,566 were recognized from the carrying value of contract liabilities as of December 31, 2021.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Condensed Financial Information of the Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Company

Condensed Financial Information of the Company

22.	Condensed Financial Information of the Company

The following is the condensed financial information of the Company on a parent company only basis:


	As of December 31,
	2022	2023
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	61,553	3,116	439
Others	443	70	10
Total current assets	61,996	3,186	449
Non-current assets
Intangible asset	109,847	—	—
Investments in subsidiaries, the VIE and subsidiaries of the VIE	133,085,591	193,146,679	27,204,141
Total non-current assets	133,195,438	193,146,679	27,204,141
Total assets	133,257,434	193,149,865	27,204,590

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accrued expenses and other liabilities	25,017	28,165	3,967
Convertible bonds, current portion	13,885,751	648,570	91,349
Total current liabilities	13,910,768	676,735	95,316

Convertible bonds	1,575,755	5,231,523	736,845
Total non-current liabilities	1,575,755	5,231,523	736,845
Total liabilities	15,486,523	5,908,258	832,161

Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	170	177	25
Additional paid-in capital	99,250,468	107,293,091	15,111,916
Statutory reserves	5,000	105,982	14,927
Accumulated other comprehensive income	3,322,238	4,723,760	665,328
Retained earnings	15,193,035	75,118,597	10,580,233
Total shareholders’ equity	117,770,911	187,241,607	26,372,429
Total liabilities and shareholders’ equity	133,257,434	193,149,865	27,204,590

22.	Condensed Financial Information of the Company (Continued)


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$

Costs of revenues	(580,506)	(605,611)	(111,208)	(15,663)

Sales and marketing expenses	(27,839)	—	—	—
General and administrative expenses	(40,826)	(54,605)	(45,183)	(6,364)
Total operating expenses	(68,665)	(54,605)	(45,183)	(6,364)
Operating loss	(649,171)	(660,216)	(156,391)	(22,027)

Interest income	32,452	11,693	6,269	883
Interest expenses	(1,221,846)	(51,655)	(43,987)	(6,195)
Other income/(loss), net	27,497	(14)	107,664	15,164
Share of results from subsidiaries, the VIE and subsidiaries of the VIE	9,579,738	32,238,254	60,112,989	8,466,737
Profit before income tax	7,768,670	31,538,062	60,026,544	8,454,562
Income tax expenses	—	—	—	—
Net income	7,768,670	31,538,062	60,026,544	8,454,562

Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	(1,472,172)	5,860,304	1,332,984	187,746
Unrealized (losses)/gains on available-for-sale debt securities, net of tax	—	(18,166)	68,538	9,653
Total other comprehensive (loss)/income	(1,472,172)	5,842,138	1,401,522	197,399
Comprehensive income	6,296,498	37,380,200	61,428,066	8,651,961


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash generated from/(used in) operating activities	82,074	(24,202)	71,615	10,087
Cash flows from investing activities:
Proceeds from sales of short-term investments	5,764,134	—	—	—
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	—	65,707	8,816,124	1,241,725
Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net	(5,855,304)	—	—	—
Net cash (used in)/generated from investing activities	(91,170)	65,707	8,816,124	1,241,725
Cash flows from financing activities:
Repurchase of convertible bonds	—	—	(8,968,817)	(1,263,231)
Others	318	10,079	8,191	1,153
Net cash generated from/(used in) financing activities	318	10,079	(8,960,626)	(1,262,078)
Exchange rate effect on cash, cash equivalents and restricted cash	4,481	7,700	14,450	2,035
(Decrease)/increase in cash, cash equivalents and restricted cash	(4,297)	59,284	(58,437)	(8,231)
Cash, cash equivalents and restricted cash at beginning of the year	6,566	2,269	61,553	8,670
Cash, cash equivalents and restricted cash at end of the year	2,269	61,553	3,116	439

22.	Condensed Financial Information of the Company (Continued)

Basis of presentation

Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investments in its subsidiaries, the VIE and subsidiaries of the VIE.

The parent company records its investments in its subsidiaries, the VIE and its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Such investments are presented on the condensed balance sheets as “Investments in subsidiaries, the VIE and subsidiaries of the VIE” and their respective income as “Share of results from subsidiaries, the VIE and subsidiaries of the VIE” on the condensed statements of comprehensive income. Equity method accounting ceases when the carrying amount of the investment, including any additional financial support, in subsidiaries, the VIE and subsidiaries of the VIE is reduced to zero unless the parent company has guaranteed obligations of the subsidiaries, the VIE and subsidiaries of the VIE or is otherwise committed to provide further financial support. If the subsidiaries, the VIE and subsidiaries of the VIE subsequently reports net income, the parent company shall resume applying the equity method only after its share of that net income equals the share of net income/(loss) not recognized during the period the equity method was suspended.

The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Other Non-Current Assets - Maturity date of the investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Non-current Assets
Due in 1 years through 5 years, Amortized Cost	¥ 14,140,990
Due in 1 years through 5 years, Gross Unrealized Gains	43,561
Due in 1 years through 5 years, Fair Value (Net Carrying Amount)	14,184,551	$ 1,997,852
Due in 5 years through 10 years, Amortized Cost	2,608,225		¥ 3,596,846
Due in 5 years through 10 years, Gross Unrealized Gains	29,958		4,626
Due in 5 years through 10 years, Gross Unrealized Losses	(6,357)		(25,998)
Due in 5 years through 10 years, Fair Value (Net Carrying Amount)	2,631,826	370,685	¥ 3,575,474
Amortized Cost, Total	16,749,215
Gross Unrealized Gains, Total	73,519
Gross Unrealized Losses, Total	(6,357)
Fair Value (Net Carrying Amount), Total	¥ 16,816,377	$ 2,368,537

Share-Based Compensation - Recognized share-based compensation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 7,078,794	$ 997,027	¥ 7,718,365	¥ 4,774,730
Costs of revenues
Recognized share-based compensation expenses
Share-based compensation expense recognized	132,470	18,658	33,788	26,624
Sales and marketing expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	2,354,097	331,568	2,158,676	1,612,219
General and administrative expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	2,289,272	322,437	3,004,327	792,421
Research and development expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 2,302,955	$ 324,364	¥ 2,521,574	¥ 2,343,466

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Fair Value Measurement

12.	Fair Value Measurement

In accordance with ASC 820, the Company measures investments in money market funds, available-for-sale debt securities, convertible bonds and certain wealth management products classified as trading securities on a recurring basis. The following tables set forth the financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy:


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB

Recurring
As of December 31, 2022:
Cash equivalents
Money market funds	7,791,628	—	—
Short-term investments:
Trading securities	6,917	—	—
Investments in convertible bonds	—	—	1,233,284
Other non-current assets:
Available-for-sale debt securities	—	3,575,474	—
	7,798,545	3,575,474	1,233,284


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
Recurring
As of December 31, 2023:
Cash equivalents
Money market funds	23,593,093	—	—
Short-term investments:
Trading securities	15,664,769	1,486,317	—
Investments in convertible bonds	—	—	524,063
Other non-current assets:
Available-for-sale debt securities	—	16,816,377	—
	39,257,862	18,302,694	524,063

12.	Fair Value Measurement (Continued)

Investments in convertible bonds are classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the expected credit loss model and the discounted cashflow model. Key inputs and parameters include probability of default which is the likelihood that a borrower will default on a credit obligation over a specific time horizon, loss given default which is an estimate of the loss from a transaction given that a default occurs, and discount rate which is based on yield of comparable bonds with similar credit rating applicable for the bond issuer.

Certain trading securities and available-for-sale debt securities are classified under level 2 in the fair value hierarchy, with the fair value determined primarily based on quoted prices of similar assets.

The Group values its money market funds and certain trading securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1.

Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow:


		Amounts
		RMB

Balance as of January 1, 2022		1,290,901
Net unrealized fair value		(221,640)
Foreign currency translation difference		164,023
Balance as of December 31, 2022		1,233,284
Net unrealized fair value		(749,967)
Foreign currency translation difference		40,746
Balance as of December 31, 2023		524,063

As of December 31, 2022 and 2023, the Group did not have any assets or liabilities that were measured at fair value on a non-recurring basis and no impairment charge was recorded.

The followings are financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. The fair values of time deposits and held-to-maturity debt investments are estimated using prevailing interest rates. The fair values of the convertible bonds are based on broker quotes:


	Fair Value disclosure
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
As of December 31, 2022:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	113,872,353	—
Convertible bonds, current portion	—	13,093,448	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	11,040,283	—
Convertible bonds	—	3,056,964	—
As of December 31, 2023:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	139,740,216	—
Convertible bonds, current portion	—	2,229,777	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	28,784,997	—
Convertible bonds	—	5,413,685	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Organization

12 Months Ended

Dec. 31, 2023

Organization

Organization

1.	Organization

PDD Holdings Inc. (the ‘‘Company’’) was incorporated in the Cayman Islands on April 20, 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable interest entity (the ‘‘VIE’’) and the subsidiaries of the VIE (collectively, the ‘‘Group’’) are engaged in the merchandise sales and the provision of online platforms to help merchants leverage the power of the internet to engage with their customers.

The VIE agreements

The laws and regulations of the People’s Republic of China (the “PRC” or “China”) currently place certain restrictions on foreign ownership of companies that engage in internet content and other restricted businesses. To comply with PRC laws and regulations, the Group conducts its business in which foreign investment is restricted in China through the VIE and subsidiaries of the VIE. Despite the lack of technical majority ownership, the Company directs the activities of the VIE through a series of contractual arrangements (the “Contractual Agreements”). The equity interests of the VIE are legally held by PRC individuals (the ‘‘Nominee Shareholders”). Through the Contractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the Company, via Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi”), one of the Company’s PRC subsidiaries, and therefore, the Company has the power to direct the activities of the VIE that most significantly impact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the VIE, via Hangzhou Weimi, that potentially could be significant to the VIE. Based on the above, the Company consolidates the VIE in accordance with SEC Regulation SX-3A-02 and ASC810-10, Consolidation: Overall.

The following is a summary of the Contractual Agreements:

Exclusive Option Agreements Pursuant to the Exclusive Option Agreements entered into among the Nominee Shareholders, the VIE and Hangzhou Weimi, Nominee Shareholders irrevocably granted Hangzhou Weimi an exclusive call option to purchase, or have its designated person(s) to purchase their equity interests in the VIE. Hangzhou Weimi has the sole discretion as to when to exercise the options, whether in part or full. The exercise price of the options to purchase all or part of the equity interests in the VIE will be all or part of the VIE’s assets at the book value of such assets, or the minimum amount of consideration permitted by the applicable PRC laws, whichever is higher. Any proceeds received by the Nominee Shareholders from the exercise of the options shall be remitted to Hangzhou Weimi or its designated party, to the extent permitted under PRC laws. The Exclusive Option Agreements will remain in effect until all the equity interests in VIE held by Nominee Shareholders are transferred to Hangzhou Weimi or its designated party. Hangzhou Weimi may terminate the Exclusive Option Agreements at its sole discretion, whereas under no circumstances may the VIE or the Nominee Shareholders terminate the agreements.

Equity Pledge Agreement Pursuant to the Equity Pledge Agreement entered into among Hangzhou Weimi (the “Pledge Agreement”), the Nominee Shareholders and the VIE, the Nominee Shareholders pledged all of their equity interests in the VIE to Hangzhou Weimi as collateral to secure their obligations under the Contractual Agreements. The Nominee Shareholders further undertake that they will remit any distributions in connection with such shareholders’ equity interests in the VIE to Hangzhou Weimi, to the extent permitted by PRC laws. If the VIE or any of their Nominee Shareholders breach any of their respective contractual obligations under the above agreements, Hangzhou Weimi, as the pledgee, will be entitled to certain rights, including the right to sell, transfer or dispose of the pledged equity interest. The Nominee Shareholders of the VIE agree not to create any encumbrance on or otherwise transfer or dispose of their respective equity interest in the VIE, without the prior consent of Hangzhou Weimi. The Equity Pledge Agreement will be valid until the VIE and the shareholders fulfill all the contractual obligations under the Contractual Agreements in full and the pledged equity interests have been transferred to Hangzhou Weimi and/or its designee.

1.	Organization (Continued)

The VIE agreements (Continued)

Shareholders’ Voting Rights Proxy Agreement Pursuant to the Shareholders’ Voting Rights Proxy Agreement entered into among the Nominee Shareholders, the VIE and Hangzhou Weimi (the “Proxy Agreement”), the Nominee Shareholders authorized Hangzhou Weimi or its designated party to (1) act on behalf of the Nominee Shareholders as exclusive agent and attorney with all respect to all matters concerning the shareholding including but not limited to attend shareholders’ meetings of the VIE; (2) exercise all the shareholders’ rights, including voting rights; and (3) designate and appoint on behalf of each shareholder and the senior management members of the VIE. The proxy remains irrevocable and continuously valid from the date of execution so long as each Nominee Shareholder remains as a shareholder of the VIE.

Exclusive Consulting and Services Agreement Pursuant to the Exclusive Consulting and Services Agreement (the “Consulting and Services Agreement”), Hangzhou Weimi retains exclusive right to provide to the VIE the technical support and consulting services, including but not limited to, technology development and maintenance service, marketing consulting service and administrative consulting service. Hangzhou Weimi owns the intellectual property rights developed in the performance of the agreement. In exchange for these services, Hangzhou Weimi is entitled to charge the VIE annual service fees which typically amount to what would be substantially all of the VIE’s pre-tax profits, resulting in a transfer of substantially all of the profits from the VIE to Hangzhou Weimi. The term of the agreement is 10 years, expiring on June 5, 2025, which will be automatically renewed every ten-year thereafter if Hangzhou Weimi does not provide notice of termination to the Nominee Shareholders three months prior to expiration.

In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of the Group, including its subsidiaries, the VIE and the subsidiaries of the VIE, is not in violation with any applicable PRC laws and (ii) each of the VIE agreements is legal, valid, binding and enforceable to each party of such agreements in accordance with its terms and applicable PRC Laws.

The Proxy Agreement was assigned by Hangzhou Weimi to the Company. The Company and the VIE entered into a financial support undertaking letter pursuant to which, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred.

Uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company, Hangzhou Weimi or any of its current or future VIE are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have discretion in dealing with such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue or restrict its business operations, restriction of the Group’s right to collect revenues, being required to restructure its operations, imposition of additional conditions or requirements with which the Group may not be able to comply, or other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these or other penalties may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIE.

1.	Organization (Continued)

The VIE agreements (Continued)

In addition, if the VIE or the Nominee Shareholders fail to perform their obligations under the Contractual Agreements, the Group may have to incur substantial costs and expend resources to enforce the primary beneficiary’ rights under the contracts. The Group may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of the Contractual Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Group is unable to enforce the Contractual Agreements, the primary beneficiary may not be able to direct the activities of its VIE, and the Group’s ability to conduct its business may be negatively affected.

The VIE and its subsidiaries contributed to 59.3%, 56.2% and 45.7% of the Group’s consolidated revenues for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the VIE and its subsidiaries accounted for an aggregate of 53.0% and 41.4%, respectively of the consolidated total assets, and 77.1% and 58.7%, respectively of the consolidated total liabilities.

The following tables represent the financial information for the VIE and its subsidiaries as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 before eliminating the inter-company balances and transactions between the VIE, the subsidiaries of the VIE and other entities within the Group:


	As of December 31,
	2022	2023
	RMB	RMB	US$
Total assets	160,437,905	213,209,549	30,029,937
Total liabilities	114,446,107	143,750,305	20,246,808


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Total revenues	77,877,339	103,631,702	131,868,973	18,573,356
Net income	15,169,180	33,595,051	23,398,906	3,295,667


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash generated from operating activities	34,365,025	25,650,939	49,705,625	7,000,891
Net cash used in investing activities	(26,828,581)	(43,513,150)	(43,637,362)	(6,146,194)
Net cash (used in)/generated from financing activities	(1,445,969)	16,710,269	3,390,438	477,533
Net increase/(decrease) in cash, cash equivalents and restricted cash	6,090,475	(1,151,942)	9,458,701	1,332,230

1.	Organization (Continued)

The VIE agreements (Continued)

As of December 31, 2022 and 2023, the total assets of the VIE and its subsidiaries excluding the intra-company balances and transactions within the Group were RMB125,627,773 and RMB143,954,687 (US$20,275,594), respectively, which were consisting of cash and cash equivalents, restricted cash, short-term investments, receivables from online payment platforms, amounts due from related parties, prepayments and other current assets, property, equipment and software, net, intangible assets, right-of-use assets, deferred tax assets and other non-current assets. As of December 31, 2022 and 2023, the total liabilities of the VIE and its subsidiaries after eliminating the intra-company balances and transactions within the Group were RMB91,994,074 and RMB94,436,897 (US$13,301,160), respectively, which were consisting of amounts due to related parties, customer advances and deferred revenues, lease liabilities, merchant deposits, payable to merchants and accrued expenses and other liabilities.

For the years ended December 31, 2021, 2022 and 2023, the total revenues of the VIE and its subsidiaries were RMB55,740,613, RMB73,431,914 and RMB113,113,671 (US$15,931,727), respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated.

As of December 31, 2023, there are no consolidated VIE’s assets that are pledged or collateralized for the VIE’s obligations and which can only be used to settle the VIE’s obligations, except for registered capital and the statutory reserves, which were RMB121,000 and RMB5,889, respectively. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of their statutory reserves and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 19 for disclosure of the restricted net assets. As the VIE is incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE. There were no other significant pledges or collateralization of the VIE’s assets.

Income Taxes - Tax rates (Details)		12 Months Ended
Income Taxes - Tax rates (Details)	Apr. 30, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Statutory income tax rate		25.00%	25.00%	25.00%
Hong Kong
Income Taxes
Statutory income tax rate		16.50%
Withholding tax rate (as a percent)		0.00%
Mainland China
Income Taxes
Statutory income tax rate		25.00%
Withholding tax rate (as a percent)		10.00%
Shanghai Xunmeng \| Mainland China
Income Taxes
Preferential tax rate (as a percent)		15.00%
Walnut Shanghai \| Mainland China
Income Taxes
Preferential tax rate (as a percent)		15.00%
Xinzhijiang \| Mainland China
Income Taxes
Preferential tax rate (as a percent)	15.00%

Income Taxes - Schedule of income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income Taxes
Current income tax	¥ 11,048,804	$ 1,556,191	¥ 5,754,253	¥ 1,933,798
Deferred income tax (benefit)/expense	801,100	112,833	(1,028,586)	(213)
Income tax expenses	¥ 11,849,904	$ 1,669,024	¥ 4,725,667	¥ 1,933,585

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Employee Contribution Plan (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Employee Contribution Plan
Total expenses incurred for government statutory employee benefit plans	¥ 1,546,308	$ 217,793	¥ 1,131,829	¥ 829,440

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

The Group has operating leases mainly for offices and warehouses. For the years ended December 31, 2021, 2022 and 2023, operating lease costs were RMB385,377, RMB557,477 and RMB1,200,344 (US$169,065), respectively; and short-term lease costs were RMB141,507, RMB174,402 and RMB178,288 (US$25,111), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the years ended December 31, 2021, 2022 and 2023.

A maturity analysis of the Company’s operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized in the consolidated balance sheets was as below:


	As of December 31, 2023
	RMB	US$

2024	1,763,815	248,428
2025	1,380,948	194,502
2026	758,834	106,880
2027	418,912	59,003
2028 and after	206,396	29,070
Total undiscounted cash flows	4,528,905	637,883
Less: imputed interest	(243,097)	(34,240)
Present value of lease liabilities	4,285,808	603,643

As of December 31, 2023, the Company did not have any significant operating leases that had not yet commenced.

As of December 31, 2021, 2022 and 2023, the weighted average remaining lease term was 2.74 years, 2.87 years and 3.07 years, respectively, and the weighted average discount rate was 4.38%, 4.05% and 3.44% for the Company’s operating leases, respectively.

Other supplemental information related to leases is summarized below:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$

Cash payments for operating leases	388,144	534,784	1,075,598	151,495
ROU assets obtained in exchange for new operating lease liabilities	704,142	1,068,063	3,918,460	551,904

Condensed Financial Information of the Company - Statements of comprehensive income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Costs of revenues
Costs of revenues	¥ (91,723,577)	$ (12,918,996)	¥ (31,462,298)	¥ (31,718,093)
Sales and marketing expenses	(82,188,870)	(11,576,060)	(54,343,719)	(44,801,720)
General and administrative expenses	(4,075,622)	(574,039)	(3,964,935)	(1,540,774)
Total operating expenses	(97,216,866)	(13,692,709)	(68,693,370)	(55,335,084)
Operating profit	58,698,762	8,267,548	30,401,921	6,896,762
Interest income	10,238,080	1,442,003	3,997,100	3,061,662
Interest expenses	(43,987)	(6,195)	(51,655)	(1,231,002)
Other income/(loss), net	2,952,579	415,862	2,221,358	656,255
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	(4,707)	(663)	(155,285)	246,828
Profit before income tax	71,876,448	10,123,586	36,263,729	9,702,255
Income tax expenses	11,849,904	1,669,024	4,725,667	1,933,585
Net income	60,026,544	8,454,562	31,538,062	7,768,670
Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	1,332,984	187,746	5,860,304	(1,472,172)
Unrealized (losses)/gains on available-for-sale debt securities, net of tax	68,538	9,653	(18,166)
Total other comprehensive (loss)/income	1,401,522	197,399	5,842,138	(1,472,172)
Comprehensive loss	61,428,066	8,651,961	37,380,200	6,296,498
Foreign currency translation difference, tax	0		0	0
Parent Company \| Reportable legal entity
Costs of revenues
Costs of revenues	(111,208)	(15,663)	(605,611)	(580,506)
Sales and marketing expenses				(27,839)
General and administrative expenses	(45,183)	(6,364)	(54,605)	(40,826)
Total operating expenses	(45,183)	(6,364)	(54,605)	(68,665)
Operating profit	(156,391)	(22,027)	(660,216)	(649,171)
Interest income	6,269	883	11,693	32,452
Interest expenses	(43,987)	(6,195)	(51,655)	(1,221,846)
Other income/(loss), net	107,664	15,164	(14)	27,497
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	60,112,989	8,466,737	32,238,254	9,579,738
Profit before income tax	60,026,544	8,454,562	31,538,062	7,768,670
Income tax expenses	0	0	0	0
Net income	60,026,544	8,454,562	31,538,062	7,768,670
Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	1,332,984	187,746	5,860,304	(1,472,172)
Unrealized (losses)/gains on available-for-sale debt securities, net of tax	68,538	9,653	(18,166)
Total other comprehensive (loss)/income	1,401,522	197,399	5,842,138	(1,472,172)
Comprehensive loss	61,428,066	$ 8,651,961	37,380,200	6,296,498
Foreign currency translation difference, tax	¥ 0		¥ 0	¥ 0

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Share-Based Compensation

15.	Share-Based Compensation

In order to provide additional incentives to employees and to promote the success of the Group’s business, the Group adopted a share incentive plan in 2015 (the “2015 Plan”). The 2015 Plan allows the Group to grant options to employees, directors or consultants. Under the 2015 Plan, the maximum aggregate number of shares that may be issued shall not exceed 581,972,860. The terms of the options shall not exceed twenty years from the date of grant.

In July 2018, the Group adopted the 2018 Share Incentive Plan (the “2018 Plan”). The 2018 Plan allows the Group to grant options and RSUs to employees, directors or consultants. Under the 2018 Plan, the maximum aggregate number of shares that may be issued pursuant to all awards is initially 363,130,400, plus an annual increase on the first day of each fiscal year of the company during the term of the 2018 Plan commencing with the fiscal year beginning January 1, 2019, by an amount equal to the lessor of (i) 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by our board of directors. In March 2021, our board of directors approved an amendment to the 2018 Plan to increase the annual increase percentage from 1.0% to 3.0% effective from the fiscal year beginning January 1, 2022.

For the share options granted under the 2015 Plan and the 2018 Plan, in addition to the explicit service periods of four years, with 25% of the options vesting annually, Class A ordinary shares acquired from the exercise of vested options cannot be sold or transferred by the employees without the prior written consents of the Company within the first three years of vested (‘‘Restricted Shares’’). In the event that employment relationship is terminated with the Company, voluntarily or involuntarily, within the three-year lock-up periods, the Company may, at its sole discretion, repurchase the Restricted Shares at the employee’s exercise price. The Group determined the substance of the lock up periods to be additional implicit service periods of three years, thereby extending the vesting terms of the options to be seven years in total.

The RSUs granted under the 2018 Plan vest over a period of four years with 25% vesting on each anniversary from the date of grant, or with 50% of the RSUs vesting on the second anniversary and 25% on each of the third and fourth anniversary from the date of grant.

15.

Share-Based Compensation (Continued)

(a)	Share options:

The following table summarize the Group’s option activities under the 2015 Plan and the 2018 Plan:


					Weighted
		Weighted	Weighted		average
		average	average	Aggregate	remaining
	Number of	exercise	grant date	intrinsic	contractual
	share options	price	fair value	value	term
		US$	US$	US$	Years
Outstanding as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Granted	98,048,400	0.0065	24.5402
Forfeited	(11,854,180)	0.0065	5.8944
Exercised	(182,380,476)	0.0065	3.6994
Outstanding as of December 31, 2023	415,445,632	0.0065	10.4340	15,193,262	15.71
Vested and expected to vest as of December 31, 2023	415,445,632	0.0065	10.4340	15,193,262	15.71
Exercisable as of December 31, 2023	284,151,962	0.0065	4.5980	10,391,721	14.09

The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the awards and the fair value of the underlying ordinary shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant ordinary shares.

Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB1,252,115, RMB32,530,282 and RMB24,817,686 (US$3,495,498), respectively. The total fair value of vested options for the years ended December 31, 2021, 2022 and 2023 was RMB3,949,471, RMB4,770,523, and RMB3,285,026 (US$462,686), respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2021, 2022 and 2023 was US$32.0457, US$13.4311 and US$24.5402, respectively.

As of December 31, 2023, total unrecognized share-based compensation expense relating to unvested awards was RMB21,673,425 (US$3,052,638) which is expected to be recognized over a weighted-average period of 2.89 years.

The Group calculated the estimated fair value of the options on the respective grant dates using the binomial-lattice option valuation model with the following assumptions for each applicable period which took into account variables such as volatility, dividend yield, and risk-free interest rates:


	For the years ended December 31,
	2021	2022	2023

Risk-free interest rates	1.31%-1.69%	1.52%-4.08%	3.81%-5.13%
Expected volatility	46.28%-46.87%	46.29%-50.26%	50.31%-50.55%
Expected dividend yield	0%	0%	0%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0%	0%	0%
Fair value of underlying ordinary shares	$22.0375-$46.5375	$10.6625-$17.8550	$17.1475-$36.3175
Fair value of share option	$22.0310-$46.5310	$10.6560-$17.8485	$17.1425-$36.3127

15.

Share-Based Compensation (Continued)

(b)

RSUs:

The following table summarize the Group’s RSU activities under the 2018 Plan:


		Weighted
		average grant
	Number of RSUs	date fair value
		US$
Outstanding as of December 31, 2022	81,984,488	15.5100
Granted	36,331,044	23.3860
Vested	(26,726,376)	14.6771
Forfeited	(3,126,540)	19.3649
Outstanding as of December 31, 2023	88,462,616	18.8600

The total fair value of the RSUs vested during the years ended December 31, 2021, 2022 and 2023 was RMB675,837, RMB1,539,004, and RMB2,765,817 (US$389,557), respectively. The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2021, 2022, and 2023 was US$32.4843, US$13.0177 and US$23.3860, respectively.

As of December 31, 2023, RMB6,824,175 (US$961,165) of unrecognized share-based compensation expenses related to RSUs is expected to be recognized over a weighted average vesting period of 2.69 years using the accelerated method. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred.

(c)	Share-based compensation expense by function:

The Group recognized share-based compensation expenses for the years ended December 31, 2021, 2022 and 2023 as follows:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Costs of revenues	26,624	33,788	132,470	18,658
Sales and marketing expenses	1,612,219	2,158,676	2,354,097	331,568
General and administrative expenses	792,421	3,004,327	2,289,272	322,437
Research and development expenses	2,343,466	2,521,574	2,302,955	324,364
	4,774,730	7,718,365	7,078,794	997,027

Summary of Significant Accounting Policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2023 segment
Summary of Significant Accounting Policies
Number of reportable segment	1

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Leases
Operating lease costs	¥ 1,200,344	$ 169,065	¥ 557,477	¥ 385,377
Short-term lease	178,288	$ 25,111	174,402	141,507
Leasing cost other than operating lease costs and short-term lease costs \| ¥	¥ 0		¥ 0	¥ 0
Operating leases \| item	0	0
Weighted average remaining lease terms of the right-of-use assets	3 years 25 days	3 years 25 days	2 years 10 months 13 days	2 years 8 months 26 days
Weighted average incremental borrowing rate	3.44%	3.44%	4.05%	4.38%

Revenues - Contract balances (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 USD ($)
Revenues.
Contract liabilities	¥ 5,931,850		¥ 2,026,895	$ 835,484
Contract liabilities revenue recognized	¥ 1,811,993	$ 255,214	¥ 1,356,566

Short-term Investments

12 Months Ended

Dec. 31, 2023

Short-term Investments

Short-term Investments

4.	Short-term Investments

Classification of short-term investments as of December 31, 2022 and 2023 were shown as below:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	113,872,353	139,740,216	19,681,997
Trading securities	6,917	17,151,086	2,415,680
Investments in convertible bonds	1,233,284	524,063	73,813
	115,112,554	157,415,365	22,171,490

The gross unrecognized holding gains or losses on the time deposits and held-to-maturity debt securities were nil as of December 31, 2022 and 2023.

The costs of trading securities were RMB6,828 and RMB15,351,531 (US$2,162,218), with net unrealized gains of RMB89 and RMB1,799,555 (US$253,462) as of December 31, 2022 and 2023, respectively.

For the years ended December 31, 2021, 2022 and 2023, interest income related to time deposits and held-to-maturity debt securities were RMB1,093,654, RMB2,442,413 and RMB5,750,934 (US$810,002), respectively.

The Group invested in convertible bonds issued by a third party in 2020, which is accounted for under the fair value option. As of December 31, 2022 and 2023, the fair value was RMB1,233,284 and RMB524,063 (US$73,813), respectively. Unrealized losses of RMB67,065, RMB221,640 and RMB749,967 (US$105,631) were recorded for the year ended December 31, 2021, 2022 and 2023, respectively.

Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Revenues.

Schedule of revenues


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$

Online marketing services and others	79,809,490	102,931,095	153,540,553	21,625,735
Transaction services	14,140,449	27,626,494	94,098,652	13,253,518
	93,949,939	130,557,589	247,639,205	34,879,253

Concentration of Risks (Details)	12 Months Ended
Concentration of Risks (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk
Percentage of appreciation (depreciation) of US dollar against RMB	1.70%	9.20%	(2.30%)
Business supplier risk \| Total purchases \| Tencent Group \| Maximum
Concentration Risk
Concentration risk percentage		10.00%	10.00%
Customer risk \| Total revenue \| Maximum
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%

Other Non-Current Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Other Non-Current Asset
Carrying amount for the investments, net of allowance for credit losses	¥ 28,784,997		¥ 11,040,283		$ 4,054,282
Allowance for credit losses	40,466		12,873		5,700
Gross unrecognized holding gain or losses on the investments	0		0
Interest income on time deposits and held-to-maturity debt securities	336,789	$ 47,436	151,299	¥ 83,728
Allowance for credit loss	0		0
Equity method investments	0		0
Impairment on investments	0		0	¥ 0
Limited partnership funds
Other Non-Current Asset
Carrying amount for the investments	¥ 1,922,988		¥ 2,049,616		$ 270,847

Share-Based Compensation - Summary of RSU activities (Details) - 2018 Plan - RSU $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 $ / shares	Dec. 31, 2023 USD ($)
Number of RSUs
Outstanding at beginning of the year (in shares) \| shares	81,984,488	81,984,488
Granted (in shares) \| shares	36,331,044	36,331,044
Vested \| shares	(26,726,376)	(26,726,376)
Forfeited (in shares) \| shares	(3,126,540)	(3,126,540)
Outstanding at end of the year (in shares) \| shares	88,462,616	88,462,616	81,984,488
Weighted average grand date fair value
Outstanding at beginning of the year \| $ / shares		$ 15.5100
Granted \| $ / shares		23.3860		$ 13.0177		$ 32.4843
Vested \| $ / shares		14.6771
Forfeited \| $ / shares		19.3649
Outstanding at end of the year \| $ / shares		$ 18.8600		$ 15.5100
Restricted share units vested	¥ 2,765,817	$ 389,557	¥ 1,539,004		¥ 675,837
Unrecognized share-based compensation expenses	¥ 6,824,175						$ 961,165
Weighted-average period for recognition of share-based compensation expense relating to unvested options	2 years 8 months 8 days	2 years 8 months 8 days

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Summary of maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities


	As of December 31, 2023
	RMB	US$

2024	1,763,815	248,428
2025	1,380,948	194,502
2026	758,834	106,880
2027	418,912	59,003
2028 and after	206,396	29,070
Total undiscounted cash flows	4,528,905	637,883
Less: imputed interest	(243,097)	(34,240)
Present value of lease liabilities	4,285,808	603,643

Summary of supplemental information related to leases


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$

Cash payments for operating leases	388,144	534,784	1,075,598	151,495
ROU assets obtained in exchange for new operating lease liabilities	704,142	1,068,063	3,918,460	551,904

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Group's loss before income taxes


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Non-PRC	(6,330,398)	(7,902,201)	(1,495,542)	(210,643)
PRC	16,032,653	44,165,930	73,371,990	10,334,229
	9,702,255	36,263,729	71,876,448	10,123,586

Schedule of income taxes


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Current income tax	1,933,798	5,754,253	11,048,804	1,556,191
Deferred income tax (benefit)/expense	(213)	(1,028,586)	801,100	112,833
	1,933,585	4,725,667	11,849,904	1,669,024

Schedule of reconciliation of difference between the statutory income tax rate and the Group's effective income tax rate


	For the years ended December 31,
	2021	2022	2023
Statutory income tax rate	25.0%	25.0%	25.0%
Tax effect of different tax rates in different jurisdictions	15.7%	5.6%	(4.4)%
Tax effect of preferential tax rates	(14.8)%	(12.3)%	(4.2)%
Tax effect of non-deductible expenses	1.6%	0.9%	0.4%
Tax effect of non-taxable income	(1.4)%	(0.3)%	(0.0)%
Tax effect of tax rate changes on deferred taxes	0.5%	1.5%	0.2%
Tax effect of additional deduction of research and development expenses	(2.3)%	(1.2)%	(1.0)%
Change in valuation allowance	(4.4)%	(6.2)%	0.5%
Effective tax rate	19.9%	13.0%	16.5%

Schedule of significant components of the Group's deferred tax assets


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Deferred tax assets
Tax losses carried forward	1,472,388	740,304	104,270
Carryforwards of non-deductible advertising expenses and donations	79,608	346,089	48,746
Others	58,994	156,199	22,000
Less: valuation allowance	(531,313)	(860,933)	(121,260)
Total deferred tax assets	1,079,677	381,659	53,756
Total deferred tax liabilities	(47,672)	(170,750)	(24,050)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

21.	Commitments and Contingencies

(a)	Operating lease commitments

The Company leases offices and warehouses for operation under operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year is included in Note 8.

(b)	Investment commitments

The Group’s investment commitments primarily relate to capital contributions obligation under certain arrangements which do not have a contractual maturity date. As of December 31, 2023, the total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB80,000 (US$11,268).

The Group is involved in claims, proceedings, and litigation on an ongoing basis. The outcomes of legal proceedings to which the Group is a party and other contingencies are inherently unpredictable, subject to significant uncertainties, and could be material to the Group’s operating results and cash flows for a particular period. The Group evaluates, on a regular basis, developments in legal proceedings it is subject to and other contingencies that could affect the amount of liability. To the best knowledge and judgment of management to date, an estimate for the reasonably possible loss or a range of reasonably possible losses cannot be made as of December 31, 2023.

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Related Party Transactions
Amounts due from Group companies	¥ 7,428,070	$ 1,046,222	¥ 6,318,830
Others	1,238,776	174,478	1,676,391
Related Party [Member] \| Tencent Group
Related Party Transactions
Amounts due from Group companies	3,516,220	495,250	2,763,924
Others	1,112,583	156,704	1,539,694
Related Party [Member] \| Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from Group companies	710,632	100,090	697,632
Related Party [Member] \| Shanghai Fufeitong
Related Party Transactions
Amounts due from Group companies	3,201,218	450,882	2,856,856
Others	¥ 126,193	$ 17,774	¥ 136,697

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

16.	Income Taxes

Cayman Islands

Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed.

Hong Kong

Subsidiaries incorporated in Hong Kong are subject to Hong Kong profits tax at the rate of 16.5% on its activities conducted in Hong Kong and it may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends.

16.	Income Taxes (Continued)

Mainland China

The Company’s subsidiaries and VIE and its subsidiaries in mainland China are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which has been effective since January 1, 2008, except for certain entities eligible for preferential tax rates.

Shanghai Xunmeng Information Technology Co., Ltd., a subsidiary of VIE, was recognized as high and new technology enterprise (“HNTE”) and was eligible for a preferential tax rate of 15% from 2018 to 2023. Walnut Street (Shanghai) Information Technology Co., Ltd., a subsidiary of the Company, was recognized as HNTE and was eligible for a preferential tax rate of 15% from 2021 to 2023.

Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd., a subsidiary of the Company established in April 2018, located in Qianhai District, Shenzhen, Guangdong Province, was eligible for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies that are located in Qianhai District which operate in certain encouraged industries, from 2014 to 2025.

Dividends, interests, rent or royalties payable by the Company’s mainland China subsidiaries, to non-mainland China resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-mainland Chinese resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with mainland China that provides for a reduced withholding tax rate or an exemption from withholding tax.

The Group’s profit before income taxes consisted of:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Non-PRC	(6,330,398)	(7,902,201)	(1,495,542)	(210,643)
PRC	16,032,653	44,165,930	73,371,990	10,334,229
	9,702,255	36,263,729	71,876,448	10,123,586

The Group’s income taxes consisted of:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Current income tax	1,933,798	5,754,253	11,048,804	1,556,191
Deferred income tax (benefit)/expense	(213)	(1,028,586)	801,100	112,833
	1,933,585	4,725,667	11,849,904	1,669,024

16.

Income Taxes (Continued)

Reconciliation of difference between the statutory income tax rate and the Group’s effective tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the years ended December 31,
	2021	2022	2023
Statutory income tax rate	25.0%	25.0%	25.0%
Tax effect of different tax rates in different jurisdictions	15.7%	5.6%	(4.4)%
Tax effect of preferential tax rates	(14.8)%	(12.3)%	(4.2)%
Tax effect of non-deductible expenses	1.6%	0.9%	0.4%
Tax effect of non-taxable income	(1.4)%	(0.3)%	(0.0)%
Tax effect of tax rate changes on deferred taxes	0.5%	1.5%	0.2%
Tax effect of additional deduction of research and development expenses	(2.3)%	(1.2)%	(1.0)%
Change in valuation allowance	(4.4)%	(6.2)%	0.5%
Effective tax rate	19.9%	13.0%	16.5%

The significant components of the Group’s deferred tax balances were as follows:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Deferred tax assets
Tax losses carried forward	1,472,388	740,304	104,270
Carryforwards of non-deductible advertising expenses and donations	79,608	346,089	48,746
Others	58,994	156,199	22,000
Less: valuation allowance	(531,313)	(860,933)	(121,260)
Total deferred tax assets	1,079,677	381,659	53,756
Total deferred tax liabilities	(47,672)	(170,750)	(24,050)

In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2022 and 2023, management recorded full valuation allowance against deferred tax assets in entities that were in a cumulative loss with no forecast profits in the foreseeable future.

As of December 31, 2022 and 2023, the Group had taxable losses of RMB5,744,189 and RMB2,244,328 (US$316,107) derived from entities in mainland China, which can be carried forward for five years to offset future taxable profit, and the period was extended to ten years for entities qualified as HNTEs in 2023 and thereafter. The mainland China taxable loss will expire from December 31, 2024 to 2032 if not utilized. The tax losses in Hong Kong can be carried forward with no expiration date.

The Group plans to indefinitely reinvest a majority of its undistributed earnings. As of December 31, 2022 and 2023, the determination of the associated withholding tax is not practicable.

16.	Income Taxes (Continued)

As of December 31, 2022 and 2023, the Group did not have significant unrecognized tax benefit, all of which were presented on a net basis against the deferred tax assets related to tax loss carry forwards in the consolidated balance sheets. It is possible that the amount of unrecognized benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment.

For the years ended December 31, 2021, 2022 and 2023, no interest expenses were accrued in relation to the unrecognized tax benefit. As of December 31, 2022 and 2023, there were no accumulated interest expenses recorded in unrecognized tax benefit.

As of December 31, 2023, the tax years ended December 31, 2018 through period ended as of the reporting dates for mainland China subsidiaries remain open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

13.

Accumulated Other Comprehensive Income


		Net change in
		unrealized
		(losses)/gains on
	Foreign currency	available-for-
	translation	sale debt
	difference	securities	Total
	RMB	RMB	RMB
Balances as of January 1, 2021	(1,047,728)	—	(1,047,728)
Other comprehensive loss	(1,472,172)	—	(1,472,172)
Balances as of December 31, 2021	(2,519,900)	—	(2,519,900)
Cumulative effect of accounting change	136,096	—	136,096
Balances as of January 1, 2022	(2,383,804)	—	(2,383,804)
Other comprehensive income/(loss)	5,724,208	(18,166)	5,706,042
Balances as of December 31, 2022	3,340,404	(18,166)	3,322,238
Other comprehensive income	1,332,984	68,538	1,401,522
Balances as of December 31, 2023	4,673,388	50,372	4,723,760
Balances as of December 31, 2023 (US$)	658,233	7,095	665,328

The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented.

Intangible Assets - Estimated annual amortization expense (Details) - Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Intangible Assets
2024	¥ 3,007	$ 424
2025	3,007	424
2026	3,007	424
2027	3,007	424
2028 and after	¥ 9,120	$ 1,283

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepayments and Other Current Assets

Prepayments and Other Current Assets

5.	Prepayments and Other Current Assets

The components of prepayments and other current assets are as follows:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Prepayments	966,439	1,326,294	186,805
Value-added tax (“VAT”)	326,427	871,593	122,761
Interest receivables	119,564	367,001	51,691
Rental and other deposits	86,915	119,455	16,825
Others	799,034	1,528,672	215,308
	2,298,379	4,213,015	593,390

The prepayments mainly consist of advertising fees paid in advance.

Fair Value Measurement - Reconciliations of assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Measurement
Balance at Beginning	¥ 1,233,284	¥ 1,290,901
Net unrealized fair value	(749,967)	(221,640)
Foreign currency translation difference	40,746	164,023
Balance at Ending	¥ 524,063	¥ 1,233,284

Other Non-Current Assets - Maturity debt securities, Maturity (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Other Non-Current Asset
Total	¥ 28,784,997	$ 4,054,282	¥ 11,040,283
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent	Other Assets, Noncurrent
Debt Securities Contractual Maturity
Other Non-Current Asset
Due in 1 year through 2 years	¥ 11,510,069	$ 1,621,159	¥ 5,536,768
Due in 2 years through 3 years	17,274,928	2,433,123	5,503,515
Total	¥ 28,784,997	$ 4,054,282	¥ 11,040,283

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

+ Details

Convertible Bonds - Accounting Convertible Bonds (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 01, 2023 USD ($)	Nov. 30, 2020 USD ($) D $ / shares	Sep. 30, 2019 USD ($) $ / shares	Dec. 31, 2023 CNY (¥) D shares	Dec. 31, 2023 USD ($) D	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Convertible Bonds
Class A ordinary shares, par value \| $ / shares								$ 0.000005	$ 0.000005
Interest expenses \| ¥						¥ 1,268,792
Basic earnings per share \| ¥ / shares						¥ 0.25
Diluted earnings per share \| ¥ / shares						¥ 0.17
Class A ordinary shares, issued \| shares				5,503,491,148		5,278,348,396		5,503,491,148	5,278,348,396
2024 Convertible Bonds
Convertible Bonds
Principal amount			$ 1,000,000					$ 91,571
Coupon Rate			0.00%
Debt instrument purchasers over-allotment option			$ 125,000
Principal amount per conversion rate			$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)			23.4680
Initial conversion price (per ADS) \| $ / shares			$ 42.61
Effective interest rate				0.53%				0.53%
Gross proceeds from the issuance of the Notes					$ 1,000,000
Debt issuance costs					15,680
Principal amount of the liability								$ 134,681
Class A ordinary shares, issued \| shares				12,642,752				12,642,752
Converted value					$ 313,901
2024 Convertible Bonds \| Redemption one
Convertible Bonds
Class A ordinary shares, par value \| $ / shares								$ 0.000005
Trading days \| D				20	20
Consecutive trading day \| D				30	30
Percentage of conversion price				130.00%	130.00%
2024 Convertible Bonds \| Redemption two
Convertible Bonds
Principal amount								$ 1,000
Trading days \| D				5	5
Consecutive trading day \| D				10	10
Percentage of conversion price				98.00%	98.00%
2025 Convertible Bonds
Convertible Bonds
Principal amount		$ 2,000,000
Coupon Rate		0.00%
Debt instrument purchasers over-allotment option		$ 250,000
Principal amount per conversion rate		$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)		5.2459
Initial conversion price (per ADS) \| $ / shares		$ 190.63
Effective interest rate				0.34%				0.34%
Gross proceeds from the issuance of the Notes					$ 2,000,000
Debt issuance costs					$ 20,607
2025 Convertible Bonds \| Redemption one
Convertible Bonds
Class A ordinary shares, par value \| $ / shares		$ 0.000005
Trading days \| D		20		20	20
Consecutive trading day \| D		30		30	30
Percentage of conversion price		130.00%		130.00%	130.00%
2025 Convertible Bonds \| Redemption two
Convertible Bonds
Principal amount		$ 1,000
Trading days \| D		5
Consecutive trading day \| D		10
Percentage of conversion price		98.00%
Accounting for Convertible Bonds
Convertible Bonds
Principal amount of the liability								$ 830,205	$ 2,226,252
Unamortized debt discount								0	$ 6,239
Net carrying amount of the liability				¥ 5,880,093		¥ 15,461,506		$ 828,194
Amortization of the discount				¥ 43,987	$ 6,195	¥ 51,655	¥ 1,221,846
Repayments of principal amount	$ 1,261,366

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurement

Schedule of financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB

Recurring
As of December 31, 2022:
Cash equivalents
Money market funds	7,791,628	—	—
Short-term investments:
Trading securities	6,917	—	—
Investments in convertible bonds	—	—	1,233,284
Other non-current assets:
Available-for-sale debt securities	—	3,575,474	—
	7,798,545	3,575,474	1,233,284


	Fair Value Measurements
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
Recurring
As of December 31, 2023:
Cash equivalents
Money market funds	23,593,093	—	—
Short-term investments:
Trading securities	15,664,769	1,486,317	—
Investments in convertible bonds	—	—	524,063
Other non-current assets:
Available-for-sale debt securities	—	16,816,377	—
	39,257,862	18,302,694	524,063

Schedule of reconciliations of assets categorized within level 3 under the fair value hierarchy


		Amounts
		RMB

Balance as of January 1, 2022		1,290,901
Net unrealized fair value		(221,640)
Foreign currency translation difference		164,023
Balance as of December 31, 2022		1,233,284
Net unrealized fair value		(749,967)
Foreign currency translation difference		40,746
Balance as of December 31, 2023		524,063

Schedule of fair value instruments on unobservable input reconciliation


	Fair Value disclosure
	Quoted Price in	Significant
	Active Market	Other	Unobservable
	for Identical	Observable	Inputs
	Assets (Level 1)	Inputs (Level 2)	(Level 3)
	RMB	RMB	RMB
As of December 31, 2022:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	113,872,353	—
Convertible bonds, current portion	—	13,093,448	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	11,040,283	—
Convertible bonds	—	3,056,964	—
As of December 31, 2023:
Short-term investments:
Time deposits and held-to-maturity debt securities	—	139,740,216	—
Convertible bonds, current portion	—	2,229,777	—
Other non-current assets:
Time deposits and held-to-maturity debt securities	—	28,784,997	—
Convertible bonds	—	5,413,685	—

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Schedule of estimated useful lives of the assets


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenues
Revenues	¥ 247,639,205	$ 34,879,253	¥ 130,557,589	¥ 93,949,939
Online marketing services and others
Revenues
Revenues	153,540,553	21,625,735	102,931,095	79,809,490
Transaction services
Revenues
Revenues	¥ 94,098,652	$ 13,253,518	¥ 27,626,494	¥ 14,140,449

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash, Cash Equivalents and Restricted Cash ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	¥ 59,794,469	$ 8,421,875	¥ 34,326,192		¥ 6,426,715
Restricted cash	61,985,436	8,730,466	57,974,225		59,617,256
Total cash, cash equivalents and restricted cash in the statements of cash flows	¥ 121,779,905	$ 17,152,341	¥ 92,300,417	$ 13,000,242	¥ 66,043,971	¥ 74,843,636

Concentration of Risks

12 Months Ended

Dec. 31, 2023

Concentration of Risks

Concentration of Risks

3.	Concentration of Risks

(a)	Concentration of credit risk

Financial instruments that may potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from related parties, short-term investments, and long-term debt investments included in other non-current assets. As of December 31, 2022 and 2023, a majority of the Group’s cash and cash equivalents, restricted cash, short-term investments and long-term debt investments were held at reputable financial institutions with high-credit ratings. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions. There has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms and amounts due from related parties (Note 17) are unsecured and derived from transactions on the Group’s online platforms to consumers, which are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on the selected online payment platforms that are highly reputable and market leaders. There has been no default of payments from these online payment platforms.

(b)	Business, customer, political, social and economic risks

The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; changes in competitive landscape including potential new entrants; advances and new trends in new technology; strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth.

(i)Business supplier risk - the purchases from Tencent and its affiliates (“Tencent Group”) accounted for over 10% of the total purchases of the Group for the years ended December 31, 2021 and 2022. Please refer to Note 17 for disclosure of the related party transactions.

(ii)Customer risk - there were no customers whose revenues individually represent greater than 10% of the total revenues of the Group for the years ended December 31, 2021, 2022 and 2023.

(iii)Economic risk - the Group’s operations could be adversely affected by significant political, economic and social changes.

(c)	Foreign currency exchange rate risk

The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The (depreciation)/appreciation of the US$ against RMB was approximately (2.3)%, 9.2% and 1.7% for the years ended December 31, 2021, 2022 and 2023, respectively. The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. Most of the Group’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, short-term investments and long-term debt investments, are denominated in US$. It is difficult to predict how market forces or PRC or United States government policy may impact the exchange rate between the RMB and the US$ in the future.

(d)	Currency convertibility risk

The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China (the “PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Common share Balance CNY (¥) shares	Common share CNY (¥) shares	Common share USD ($) shares	Additional paid in capital Cumulative effect of change in accounting principle CNY (¥)	Additional paid in capital Balance CNY (¥)	Additional paid in capital CNY (¥)	Additional paid in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated other comprehensive (loss)/income Cumulative effect of change in accounting principle CNY (¥)	Accumulated other comprehensive (loss)/income Balance CNY (¥)	Accumulated other comprehensive (loss)/income CNY (¥)	Accumulated other comprehensive (loss)/income USD ($)	(Accumulated deficits)/retained earnings Cumulative effect of change in accounting principle CNY (¥)	(Accumulated deficits)/retained earnings Balance CNY (¥)	(Accumulated deficits)/retained earnings CNY (¥)	(Accumulated deficits)/retained earnings USD ($)	Cumulative effect of change in accounting principle CNY (¥)	Balance CNY (¥)	CNY (¥) shares	USD ($) shares
Balance at beginning of the year at Dec. 31, 2020		¥ 159				¥ 86,698,660						¥ (1,047,728)				¥ (25,475,203)				¥ 60,175,888
Balance at beginning (in shares) at Dec. 31, 2020 \| shares		4,954,809,968	4,954,809,968
Changes in equity
Net income																7,768,670				7,768,670
Foreign currency translation difference												(1,472,172)								(1,472,172)
Shares issued to depository bank (in shares) \| shares		40,000,000	40,000,000
Exercise of share-based awards						375														375
Exercise of share-based awards (in shares) \| shares		24,395,952	24,395,952
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		(24,395,952)	(24,395,952)
Conversion of the convertible bonds into ordinary shares		¥ 2				3,867,054														3,867,056
Conversion of the convertible bonds into ordinary shares (in shares) \| shares		62,732,708	62,732,708
Share-based compensation						4,774,730														4,774,730
Balance at end of the year at Dec. 31, 2021	¥ 161	¥ 161		¥ (3,818,926)	¥ 91,521,893	95,340,819				¥ 136,096	¥ (2,383,804)	(2,519,900)		¥ 1,366,506	¥ (16,340,027)	(17,706,533)		¥ (2,316,324)	¥ 72,798,223	75,114,547
Balance at end (in shares) at Dec. 31, 2021 \| shares	5,057,542,676	5,057,542,676	5,057,542,676
Changes in equity
Net income																31,538,062				31,538,062
Foreign currency translation difference												5,724,208								5,724,208
Net change in unrealized losses on available-for-sale debt securities												(18,166)								(18,166)
Shares issued to depository bank (in shares) \| shares		220,805,720	220,805,720
Exercise of share-based awards		¥ 9				10,210														10,219
Exercise of share-based awards (in shares) \| shares		241,135,744	241,135,744
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		(241,135,744)	(241,135,744)
Share-based compensation						7,718,365														7,718,365
Appropriation to statutory reserves								¥ 5,000								(5,000)
Balance at end of the year at Dec. 31, 2022		¥ 170				99,250,468		5,000				3,322,238				15,193,035				¥ 117,770,911
Balance at end (in shares) at Dec. 31, 2022 \| shares		5,278,348,396	5,278,348,396																	5,278,348,396	5,278,348,396
Changes in equity
Net income																60,026,544				¥ 60,026,544	$ 8,454,562
Foreign currency translation difference												1,332,984								1,332,984
Net change in unrealized losses on available-for-sale debt securities												68,538								¥ 68,538	$ 9,653
Shares issued to depository bank (in shares) \| shares		212,500,000	212,500,000																	485,955,720	485,955,720
Exercise of share-based awards		¥ 7				8,182														¥ 8,189
Exercise of share-based awards (in shares) \| shares		209,106,852	209,106,852
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares		(209,106,852)	(209,106,852)
Conversion of the convertible bonds into ordinary shares						955,647														955,647
Conversion of the convertible bonds into ordinary shares (in shares) \| shares		12,642,752	12,642,752
Share-based compensation						7,078,794														7,078,794
Appropriation to statutory reserves								100,982								(100,982)
Balance at end of the year at Dec. 31, 2023		¥ 177	$ 25			¥ 107,293,091	$ 15,111,916	¥ 105,982	$ 14,927			¥ 4,723,760	$ 665,328			¥ 75,118,597	$ 10,580,233			¥ 187,241,607	$ 26,372,429
Balance at end (in shares) at Dec. 31, 2023 \| shares		5,503,491,148	5,503,491,148																	5,503,491,148	5,503,491,148

Condensed Financial Information of the Company - Statement of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Statement of cash flows
Net cash generated from operating activities	¥ 94,162,531	$ 13,262,515	¥ 48,507,860	¥ 28,783,011
Cash flows from investing activities:
Proceeds from sales of short-term investments	130,317,231	18,354,797	141,928,351	97,547,038
Net cash used in investing activities	(55,431,278)	(7,807,332)	(22,361,670)	(35,562,365)
Cash flows from financing activities:
Repurchase of convertible bonds	(8,968,817)	(1,263,231)
Others	8,191	1,153	10,079	318
Net cash (used in)/generated from financing activities	(8,960,626)	(1,262,078)	10,079	(1,875,154)
Exchange rate effect on cash, cash equivalents and restricted cash	(291,139)	(41,006)	100,177	(145,157)
(Decrease)/increase in cash, cash equivalents and restricted cash	29,479,488	4,152,099	26,256,446	(8,799,665)
Cash, cash equivalents and restricted cash at beginning of the year	92,300,417	13,000,242	66,043,971	74,843,636
Cash, cash equivalents and restricted cash at end of the year	121,779,905	17,152,341	92,300,417	66,043,971
Parent Company \| Reportable legal entity
Statement of cash flows
Net cash generated from operating activities	71,615	10,087	(24,202)	82,074
Cash flows from investing activities:
Proceeds from sales of short-term investments				5,764,134
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	8,816,124	1,241,725	65,707
Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net				(5,855,304)
Net cash used in investing activities	8,816,124	1,241,725	65,707	(91,170)
Cash flows from financing activities:
Repurchase of convertible bonds	(8,968,817)	(1,263,231)
Others	8,191	1,153	10,079	318
Net cash (used in)/generated from financing activities	(8,960,626)	(1,262,078)	10,079	318
Exchange rate effect on cash, cash equivalents and restricted cash	14,450	2,035	7,700	4,481
(Decrease)/increase in cash, cash equivalents and restricted cash	(58,437)	(8,231)	59,284	(4,297)
Cash, cash equivalents and restricted cash at beginning of the year	61,553	8,670	2,269	6,566
Cash, cash equivalents and restricted cash at end of the year	¥ 3,116	$ 439	¥ 61,553	¥ 2,269

Restricted Net Assets (Details) - 12 months ended Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Restricted Net Assets
Minimum percentage of after tax profit to be allocated to general reserve	10.00%
Limit of general reserve fund as a percentage of registered capital, after which allocations to general reserve fund are no longer required	50.00%
Restricted net assets of Company's mainland China subsidiaries, the VIE and subsidiaries of the VIE	¥ 80,755,482	$ 11,374,172

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Earnings Per Share

18.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the following periods:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Numerator:
Net income	7,768,670	31,538,062	60,026,544	8,454,562
Net income attributable to ordinary shareholders – basic	7,768,670	31,538,062	60,026,544	8,454,562
Dilution effect arising from convertible bonds	—	51,655	43,987	6,195
Net income attributable to ordinary shareholders – diluted	7,768,670	31,589,717	60,070,531	8,460,757

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic	5,012,651	5,057,540	5,416,106	5,416,106
Adjustments for dilutive RSUs and share options	701,113	640,545	387,224	387,224
Conversion of convertible bonds to Class A ordinary shares	—	63,206	36,300	36,300
Weighted-average number of ordinary shares outstanding – diluted	5,713,764	5,761,291	5,839,630	5,839,630

Earnings per share – basic	1.55	6.24	11.08	1.56
Earnings per share – diluted	1.36	5.48	10.29	1.45

During the years ended December 31, 2021, 2022 and 2023, the Company issued 40,000,000, 220,805,720 and 212,500,000 ordinary shares to its share depositary bank, respectively. No consideration was received by the Company for the issuance. As of December 31, 2023, 480,156,676 out of the total 485,955,720 ordinary shares were used to settle share-based compensation. The remaining 5,799,044 ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings per share.

The Group did not include the effect of convertible bonds in the computation of diluted earnings per share for the year ended December 31, 2021 because those convertible bonds were anti-dilutive.

Condensed Financial Information of the Company - Balance sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2020 CNY (¥)
Current assets
Cash and cash equivalents	¥ 59,794,469	$ 8,421,875	¥ 34,326,192		¥ 6,426,715
Short-term investments	157,415,365	22,171,490	115,112,554
Prepayments and other current assets	4,213,015	593,390	2,298,379
Total current assets	294,750,472	41,514,735	216,617,876
Non-current assets
Intangible assets	21,148	2,979	134,002
Total non-current assets	53,327,648	7,511,043	20,502,077
Total Assets	348,078,120	49,025,778	237,119,953
Current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB91,703,662 and RMB94,196,915 (US$13,267,359) as of December 31, 2022 and 2023, respectively)
Accrued expenses and other liabilities	55,351,399	7,796,081	20,960,723
Convertible bonds, current portion	648,570	91,349	13,885,751
Total current liabilities	152,900,901	21,535,641	116,889,480
Total non-current liabilities	7,935,612	1,117,708	2,459,562
Total liabilities	¥ 160,836,513	$ 22,653,349	¥ 119,349,042
Shareholders' equity
Class A ordinary shares, par value \| $ / shares		$ 0.000005		$ 0.000005
Class A ordinary shares, shares authorized	77,300,000,000	77,300,000,000	77,300,000,000
Class A ordinary shares, issued	5,503,491,148	5,503,491,148	5,278,348,396
Class A ordinary shares, outstanding	5,503,491,148	5,503,491,148	5,278,348,396
Equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	¥ 177	$ 25	¥ 170
Additional paid-in capital	107,293,091	15,111,916	99,250,468
Statutory reserves	105,982	14,927	5,000
Accumulated other comprehensive income	4,723,760	665,328	3,322,238
Retained earnings	75,118,597	10,580,233	15,193,035
Total shareholders' equity	187,241,607	26,372,429	117,770,911		¥ 75,114,547	¥ 60,175,888
Total liabilities and shareholders' equity	348,078,120	49,025,778	237,119,953
Parent Company \| Reportable legal entity
Current assets
Cash and cash equivalents	3,116	439	61,553
Prepayments and other current assets	70	10	443
Total current assets	3,186	449	61,996
Non-current assets
Intangible assets \| ¥			109,847
Investments in subsidiaries, the VIE and subsidiaries of the VIE	193,146,679	27,204,141	133,085,591
Total non-current assets	193,146,679	27,204,141	133,195,438
Total Assets	193,149,865	27,204,590	133,257,434
Current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB91,703,662 and RMB94,196,915 (US$13,267,359) as of December 31, 2022 and 2023, respectively)
Accrued expenses and other liabilities	28,165	3,967	25,017
Convertible bonds, current portion	648,570	91,349	13,885,751
Total current liabilities	676,735	95,316	13,910,768
Convertible bonds	5,231,523	736,845	1,575,755
Total non-current liabilities	5,231,523	736,845	1,575,755
Total liabilities	¥ 5,908,258	$ 832,161	¥ 15,486,523
Shareholders' equity
Class A ordinary shares, par value \| $ / shares				$ 0.000005
Class A ordinary shares, shares authorized			77,300,000,000		77,300,000,000
Class A ordinary shares, issued	5,503,491,148	5,503,491,148	5,278,348,396
Class A ordinary shares, outstanding	5,503,491,148	5,503,491,148	5,278,348,396
Equity
Additional paid-in capital	¥ 107,293,091	$ 15,111,916	¥ 99,250,468
Statutory reserves	105,982	14,927	5,000
Accumulated other comprehensive income	4,723,760	665,328	3,322,238
Retained earnings	75,118,597	10,580,233	15,193,035
Total shareholders' equity	187,241,607	26,372,429	117,770,911
Total liabilities and shareholders' equity	193,149,865	27,204,590	133,257,434
Parent Company \| Reportable legal entity \| Class A ordinary shares
Equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	¥ 177	$ 25	¥ 170

Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Restricted Net Assets

Restricted Net Assets

19.	Restricted Net Assets

The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries, the VIE and subsidiaries of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s mainland China subsidiaries, the VIE and subsidiaries of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and subsidiaries of the VIE.

In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s mainland China subsidiaries, a foreign-invested enterprise established in mainland China is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The wholly foreign-owned subsidiaries in the mainland China are treated as foreign-invested enterprises and, therefore, are subject to the above mandated restrictions on distributable profits.

19.	Restricted Net Assets (Continued)

Foreign exchange and other regulations in mainland China may further restrict the Company’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Company’s mainland China subsidiaries and the equity of the VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2023, restricted net assets of the Company’s mainland China subsidiaries, the VIE and subsidiaries of the VIE were RMB80,755,482 (US$11,374,172).

Earnings Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) ¥ / shares shares	Dec. 31, 2021 CNY (¥) ¥ / shares shares
Numerator:
Net income	¥ 60,026,544	$ 8,454,562	¥ 31,538,062	¥ 7,768,670
Net income attributable to ordinary shareholders	60,026,544	8,454,562	31,538,062	7,768,670
Dilution effect arising from convertible bonds	43,987	6,195	51,655
Net income attributable to ordinary shareholders - diluted	¥ 60,070,531	$ 8,460,757	¥ 31,589,717	¥ 7,768,670
Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding - basic	5,416,106	5,416,106	5,057,540	5,012,651
Adjustments for dilutive RSUs and share options	387,224	387,224	640,545	701,113
Conversion of convertible bonds to Class A ordinary shares	36,300,000	36,300,000	63,206,000
Weighted-average number of ordinary shares outstanding - diluted	5,839,630	5,839,630	5,761,291	5,713,764
Earnings per share - basic \| (per share)	¥ 11.08	$ 1.56	¥ 6.24	¥ 1.55
Earnings per share - diluted \| (per share)	¥ 10.29	$ 1.45	¥ 5.48	¥ 1.36
Shares issued to depository bank (in shares)	485,955,720	485,955,720
Shares settled	480,156,676	480,156,676
Escrow Shares Settled	5,799,044	5,799,044
Common share
Denominator (in thousands of shares):
Shares issued to depository bank (in shares)	212,500,000	212,500,000	220,805,720	40,000,000

Income Taxes - Group's loss before income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income Taxes
Profit before income taxes	¥ 71,876,448	$ 10,123,586	¥ 36,263,729	¥ 9,702,255
Non-PRC
Income Taxes
Profit before income taxes	(1,495,542)	(210,643)	(7,902,201)	(6,330,398)
PRC
Income Taxes
Profit before income taxes	¥ 73,371,990	$ 10,334,229	¥ 44,165,930	¥ 16,032,653

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Equipment and Software, Net

Schedule of property, equipment and software, net


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
At cost:
Computer equipment, office equipment and purchased software	3,591,861	4,149,947	584,507
Leasehold improvement	30,249	69,691	9,816
	3,622,110	4,219,638	594,323
Less: accumulated depreciation	(2,577,263)	(3,240,041)	(456,350)
	1,044,847	979,597	137,973

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Non-current Assets

Schedule of long-term time deposits and held-to-maturity debt securities by contractual maturity date


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$

Due in 1 year through 2 years	5,536,768	11,510,069	1,621,159
Due in 2 years through 3 years	5,503,515	17,274,928	2,433,123
	11,040,283	28,784,997	4,054,282

Schedule of contractual maturity date of the investments


	As of December 31, 2022
		Gross	Gross	Fair Value
	Amortized	Unrealized	Unrealized	(Net Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB

Due in 5 years through 10 years	3,596,846	4,626	(25,998)	3,575,474


	As of December 31, 2023
				Fair Value	Fair Value
		Gross	Gross	(Net	(Net
	Amortized	Unrealized	Unrealized	Carrying	Carrying
	Cost	Gains	Losses	Amount)	Amount)
	RMB	RMB	RMB	RMB	US$

Due in 1 year through 5 years	14,140,990	43,561	—	14,184,551	1,997,852
Due in 5 years through 10 years	2,608,225	29,958	(6,357)	2,631,826	370,685
	16,749,215	73,519	(6,357)	16,816,377	2,368,537

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Revenues	¥ 247,639,205	$ 34,879,253	¥ 130,557,589	¥ 93,949,939
Foreign currency translation difference, tax	0		0	0
Related Party [Member]
Revenues	4,272	602	10,765	0
Related Party [Member] \| Costs of revenues
Services received from related parties	6,031,719	849,550	5,353,661	5,166,381
Related Party [Member] \| Sales and marketing expenses
Services received from related parties	1,795,959	252,956	2,004,654	2,857,063
Related Party [Member] \| Research and development expenses
Services received from related parties	¥ 194,803	$ 27,437	¥ 356,789	¥ 604,605

- Definition

+ References

+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis of presentation

(a)	Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of consolidation

(b)	Principles of consolidation

The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the subsidiaries of the VIE. All significant inter-company transactions and balances among the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.

Use of estimates

(c)	Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to allowance for doubtful accounts arising from expected credit losses, economic lives and impairment of long-lived assets, commitments and contingencies, valuation of short-term and long-term investments, valuation allowance for deferred tax assets, uncertain tax position, valuation for share-based compensation and incremental borrowing rates for operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

Foreign currency

(d)	Foreign currency

The functional currency of the Company is the US$. The Company’s subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies based on the criteria of ASC 830, Foreign Currency Matters. The Group uses the RMB as its reporting currency.

Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income.

The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity.

Convenience translation

(e)	Convenience translation

Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB7.0999 on December 29, 2023, the last business day in December 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Cash and cash equivalents

(f)	Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.

Restricted cash

(g)	Restricted cash

Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.

Investments

(h)	Investments

The Group’s short-term investments and long-term investments included in other non-current assets primarily consist of time deposits, held-to-maturity debt securities, trading securities, investments in convertible bonds, available-for-sale debt securities and equity method investments. The classification of an investment is determined based on the Group’s ability and intent to hold the investment, the nature of the investment, and the degree to which the Group may exercise influence over the investee. All highly liquid investments with original maturities of greater than three months but less than twelve months, and investments that are expected to be realized in cash during the next twelve months are classified as short-term investments, otherwise, as long-term investments included in other non-current assets.

Investments in debt securities that the Group has positive intent and ability to hold to maturity are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. Any realized gains or losses on the sale of the held-to-maturity debt securities and trading securities are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income.

The Group has elected the fair value option for investments in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities. The financial instruments guidance in ASC 825-10 permits reporting entities to apply the fair value option on an instrument-by-instrument basis. Therefore, a reporting entity can elect the fair value option for certain instruments but not others within a group of similar instruments. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with realized and unrealized gains or losses recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income.

The Group accounts for available-for-sale debt securities in accordance with ASC Topic 320, Investments-Debt Securities. Available-for-sale debt securities are stated at fair value, with the unrealized gains and losses, net of tax, reported in other comprehensive income/(loss). The net carrying value of debt securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization is computed using the effective interest method and included in interest income.

The Group’s investments in common stock or in-substance common stock in entities in which it can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting and classified as “equity method investments” in accordance with ASC Subtopics 323-10 (“ASC 323-10”), Investments-Equity Method and Joint Ventures: Overall. The Group applies the equity method of accounting that is consistent with ASC 323-10 in limited partnerships which the Group has significant influence. After the date of investment, the Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investees’ profits or loss into earnings. The Group evaluates the equity method investments for impairment under ASC 323-10. An impairment loss on the equity method investments is recognized in earnings when the decline in value is determined to be other-than-temporary.

Property, equipment and software, net

(i)	Property, equipment and software, net

Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

Repair and maintenance costs are charged to expense as incurred, whereas the costs of renewals and betterments that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income.

Impairment of long-lived assets other than goodwill

(j)	Impairment of long-lived assets other than goodwill

The Group evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available.

For all periods presented, there were no impairment of any of the Group’s long-lived assets.

Fair value of financial instruments

(k)	Fair value of financial instruments

The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from/to related parties, merchant deposits, payable to merchants, short-term investments, long-term debt investments included in other non-current assets and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of time deposits and long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 12.

The Group applies ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 requires disclosures to be provided on fair value measurement.

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

(k)	Fair value of financial instruments (Continued)

ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

Revenue recognition

(l)	Revenue recognition

Revenues are principally comprised of those generated from online platform services and merchandise sales. Revenues from online platform services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of indirect taxes. Consistent with the criteria of ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers, the Group recognizes revenue when the performance obligation in a contract is satisfied by transferring the control of a promised good or service to a customer. The Group also evaluates whether it is appropriate to report revenue as the gross amounts of goods and services sold and the related costs, or the net amounts. Payments for services or goods are generally received before deliveries.

Online marketing services

The Group entered into contractual agreements with certain merchants to provide various types of online marketing services on the Group’s online platform for which it receives service fees from the merchants. The Group matches product listings appearing in search or browser results on its online platform and charges merchants based on impressions or clicks. The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices.

In general, the merchants need to prepay for the service and the prepayments are accounted for as customer advances and deferred revenues. Under ASC 606, revenues are primarily recognized at a point in time when consumers view or click on the merchants’ product listings or over the period during which the advertising services are provided, depending on the type of online marketing services selected by the merchants.

Transaction services

The Group provides transaction services, including fulfillment services to merchants, and earns related fees for sales of the products completed on our platforms. The Group does not take control of the products provided by merchants at any point in time during the transactions. Revenues related to transaction services are recognized in consolidated statements of comprehensive income at a point in time when the Group’s service obligation to the merchants is determined to have been completed under each sales transaction completed. Variable consideration is estimated and included in the transaction price to the extent that it is probable that a significant revenue reversal will not occur. Adjustments to the estimated variable consideration related to prior reporting periods were not material.

Merchandise sales

The Group in certain cases acquires merchandise from suppliers and sells directly to the customers. The Group acts as a principal as it obtains control of merchandise, is primarily obligated for merchandise sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the product is delivered and title is passed to customers in this type of transaction. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues.

Incentives provided to the consumers

In order to promote its online platforms and attract more registered consumers who are not customers of the Group, the Group at its own discretion provides various forms of incentives. These incentives, including coupons, credits and other subsidies that are not specific to any merchants, can be used by the consumers to purchase merchandise provided on the Group’s online platforms at reduced prices or to redeem for cash from the Group.

Despite the absence of any explicit contractual obligations to incentivize the consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine whether the incentives represent implicit obligations to the consumers on behalf of merchants and if so, should be recorded as reduction of revenues. If the Group has determined that incentives provided to the consumers are not considered as payments to the merchant-customers, the Group records these incentives as marketing expenses.

Costs of revenues

(m)	Costs of revenues

Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platforms and others, such as costs and expenses attributable to merchandise sales, fulfillment fees, merchant support services, bandwidth and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, surcharges and other expenses directly attributable to the online platform services.

Advertising expenditures

(n)	Advertising expenditures

Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB41,456,838, RMB49,971,418 and RMB76,428,811 (US$10,764,773) for the years ended December 31, 2021, 2022 and 2023, respectively.

Research and development expenses

(o)	Research and development expenses

Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements.

Government subsidies

(p)	Government subsidies

Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. Such amounts are recognized as “Other income, net” upon receipt and when all conditions attached to the grants are fulfilled.

Credit loss

(q)	Credit loss

The Group follows Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The Group’s allowance for credit losses as of December 31, 2022 and 2023 reflects the best estimation of the expected future losses for its financial instruments measured at amortized cost, based on the current economic conditions; however, as a result of the uncertainty caused by other factors, these estimates may change and future actual losses may differ from the estimates. The Group will continue to monitor economic conditions and will revise the estimates of the expected future losses for financial instruments measured at amortized cost as necessary.

Leases

(r)

Leases

The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2021, 2022 and 2023. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. The Group also elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less.

At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. The Group accounts for lease and non-lease components separately.

Income taxes

(s)	Income taxes

The Group follows the liability method of accounting for income taxes in accordance with ASC 740(‘‘ASC 740’’), Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate.

The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income as income tax expenses.

Share-based compensation

(t)	Share-based compensation

The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation, to account for its employee share-based payments. In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or an equity award. All of the Group’s share-based awards to employees were classified as equity awards. The Group measures the employee share-based compensation based on the fair value of the award at the grant date. Expense is recognized using accelerated method over the requisite service period. The fair value of share options at the time of grant is determined using the binomial-lattice option pricing model. In accordance with ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting, the Group elected to account for forfeitures as they occurred.

Employee benefit expenses

(u)	Employee benefit expenses

As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of mainland China.

Comprehensive income/(loss)

(v)	Comprehensive income

Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income, requires that all items that are required to be recognized under current accounting standards as components of comprehensive income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive income includes net income, foreign currency translation difference and unrealized holding gains or losses associated with the available-for-sale debt securities and is presented in the consolidated statements of comprehensive income.

Earnings per share

(w)	Earnings per share

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (‘‘RSUs’’) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.

Segment reporting

(x)	Segment reporting

The Group follows ASC 280, Segment Reporting. The Group’s Co-Chief Executive Officers as the chief operating decision-maker review operating metrics and consolidated financial statements when making decisions about allocating resources and assessing the performance of the Group as a whole and hence, the Group has only one reportable segment. The Group operates and manages its business as a single segment. As substantially all of the Group’s long-lived assets are located in the PRC, and substantially all of the Group’s revenues are derived from within the PRC, no geographical segments are presented.

Recent accounting pronouncements

(y)	Recent accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses enabling investors to better understand an entity’s overall performance and assess potential future cash flows. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The standard will be effective for annual reporting periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Group is currently in the process of evaluating the disclosure impact of adopting ASU 2023-07.

Comparatives

(z)	Comparatives

Certain prior period amounts have been reclassified to conform to the current period presentation.

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Other Non-current Assets

Other Non-current Assets

9.	Other Non-current Assets

Other non-current assets mainly include time deposits, held-to-maturity debt securities, available-for-sale debt securities, and equity method investments.

Time deposits and held-to-maturity debt securities represent the time deposits made in financial institutions and debt securities that the Group has positive intent and ability to hold to maturity with maturities of more than one year. As of December 31, 2022 and 2023, the carrying amounts for the investments, net of allowance for credit losses, were RMB11,040,283 and RMB28,784,997 (US$4,054,282), respectively. As of December 31, 2022 and 2023, the allowance for credit losses was RMB12,873 and RMB40,466 (US$5,700), respectively. The gross unrecognized holding gains or losses on the investments were nil as of December 31, 2022 and 2023. Interest income recorded on these time deposits and held-to-maturity debt securities in the consolidated statements of comprehensive income were RMB83,728, RMB151,299 and RMB336,789 (US$47,436) for the years ended December 31, 2021, 2022 and 2023, respectively.

The following table summarizes the net carrying amount of long-term time deposits and held-to-maturity debt securities with stated contractual dates, classified by the contractual maturity dates of the investments:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$

Due in 1 year through 2 years	5,536,768	11,510,069	1,621,159
Due in 2 years through 3 years	5,503,515	17,274,928	2,433,123
	11,040,283	28,784,997	4,054,282

As of December 31, 2022 and 2023, available-for-sale debt securities include government bonds purchased from financial institutions, with maturities of greater than twelve months. The following table summarizes the details of available-for-sale debt securities with stated contractual dates, classified by the contractual maturity dates of the investments:


	As of December 31, 2022
		Gross	Gross	Fair Value
	Amortized	Unrealized	Unrealized	(Net Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB

Due in 5 years through 10 years	3,596,846	4,626	(25,998)	3,575,474


	As of December 31, 2023
				Fair Value	Fair Value
		Gross	Gross	(Net	(Net
	Amortized	Unrealized	Unrealized	Carrying	Carrying
	Cost	Gains	Losses	Amount)	Amount)
	RMB	RMB	RMB	RMB	US$

Due in 1 year through 5 years	14,140,990	43,561	—	14,184,551	1,997,852
Due in 5 years through 10 years	2,608,225	29,958	(6,357)	2,631,826	370,685
	16,749,215	73,519	(6,357)	16,816,377	2,368,537

For available-for-sale debt securities where the fair value is below the amortized cost basis of its investments, the Group does not intend to sell these debt securities and considers the decline in fair value below the amortized cost basis is not the result of a credit loss as of December 31, 2022 and 2023. Hence, no allowance for credit loss was recorded as of December 31, 2022 and 2023.

Equity method investments consist of the Group’s investments as a limited partner in certain limited partnership funds to make strategic investments. As of December 31, 2022 and 2023, the carrying amount for the investments was RMB2,049,616 and RMB1,922,988 (US$270,847), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2022 and 2023. There was no impairment on these investments during the years ended December 31, 2021, 2022 and 2023.

Property, Equipment and Software, Net - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Property, Equipment and Software, Net
Depreciation expenses	¥ 672,020	$ 94,652	¥ 1,615,551	¥ 911,964

Property, Equipment and Software, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Property, equipment and software
At cost	¥ 4,219,638	$ 594,323	¥ 3,622,110
Less: accumulated depreciation	(3,240,041)	(456,350)	(2,577,263)
Property, equipment and software, net	979,597	137,973	1,044,847
Computer equipment, office equipment and purchased software
Property, equipment and software
At cost	4,149,947	584,507	3,591,861
Leasehold improvement
Property, equipment and software
At cost	¥ 69,691	$ 9,816	¥ 30,249

Fair Value Measurement - Fair value of the convertible bonds (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Fair Value Measurement
Convertible bonds, current portion	¥ 648,570	$ 91,349	¥ 13,885,751
Level 2
Fair Value Measurement
Time deposits and held-to-maturity debt securities - current	139,740,216		113,872,353
Time deposits and held-to-maturity debt securities - other non-current	28,784,997		11,040,283
Convertible bonds, current portion	2,229,777		13,093,448
Convertible bonds	¥ 5,413,685		¥ 3,056,964

Fair Value Measurement - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Non-recurring
Fair Value Measurements
Liabilities fair value	¥ 0	¥ 0
Assets fair value	0	0
Impairment charge	0	0
Level 1 \| Recurring
Fair Value Measurements
Assets fair value	39,257,862	7,798,545
Level 1 \| Recurring \| Money Market Funds
Fair Value Measurements
Assets fair value	23,593,093	7,791,628
Level 1 \| Recurring \| Trading securities
Fair Value Measurements
Assets fair value	15,664,769	6,917
Level 2 \| Recurring
Fair Value Measurements
Assets fair value	18,302,694	3,575,474
Level 2 \| Recurring \| Trading securities
Fair Value Measurements
Assets fair value	1,486,317
Level 2 \| Recurring \| Debt Securities, Available for Sale
Fair Value Measurements
Assets fair value	16,816,377	3,575,474
Level 3 \| Recurring
Fair Value Measurements
Assets fair value	524,063	1,233,284
Level 3 \| Recurring \| Investment in convertible bonds
Fair Value Measurements
Assets fair value	¥ 524,063	¥ 1,233,284

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Accumulated Other Comprehensive Income

Schedule of accumulated other comprehensive income


		Net change in
		unrealized
		(losses)/gains on
	Foreign currency	available-for-
	translation	sale debt
	difference	securities	Total
	RMB	RMB	RMB
Balances as of January 1, 2021	(1,047,728)	—	(1,047,728)
Other comprehensive loss	(1,472,172)	—	(1,472,172)
Balances as of December 31, 2021	(2,519,900)	—	(2,519,900)
Cumulative effect of accounting change	136,096	—	136,096
Balances as of January 1, 2022	(2,383,804)	—	(2,383,804)
Other comprehensive income/(loss)	5,724,208	(18,166)	5,706,042
Balances as of December 31, 2022	3,340,404	(18,166)	3,322,238
Other comprehensive income	1,332,984	68,538	1,401,522
Balances as of December 31, 2023	4,673,388	50,372	4,723,760
Balances as of December 31, 2023 (US$)	658,233	7,095	665,328

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

(a)	Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(b)	Principles of consolidation

(c)	Use of estimates

(d)	Foreign currency

(e)	Convenience translation

(f)	Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.

(g)	Restricted cash

Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.

2.	Summary of Significant Accounting Policies (Continued)

(h)	Investments

2.	Summary of Significant Accounting Policies (Continued)

(i)	Property, equipment and software, net

Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Computer equipment		1-3 years
Office equipment		3 years
Purchased software		3-5 years
Leasehold improvements		Over the shorter of lease terms or the estimated useful lives of the assets

(j)	Impairment of long-lived assets other than goodwill

For all periods presented, there were no impairment of any of the Group’s long-lived assets.

(k)	Fair value of financial instruments

ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

2.	Summary of Significant Accounting Policies (Continued)

(k)	Fair value of financial instruments (Continued)

(l)	Revenue recognition

Online marketing services

Transaction services

Merchandise sales

2.	Summary of Significant Accounting Policies (Continued)

(l)	Revenue recognition (Continued)

Incentives provided to the consumers

(m)	Costs of revenues

(n)	Advertising expenditures

(o)	Research and development expenses

2.	Summary of Significant Accounting Policies (Continued)

(p)	Government subsidies

(q)	Credit loss

(r)

Leases

2.	Summary of Significant Accounting Policies (Continued)

(s)	Income taxes

(t)	Share-based compensation

(u)	Employee benefit expenses

As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of mainland China.

(v)	Comprehensive income

2.	Summary of Significant Accounting Policies (Continued)

(w)	Earnings per share

(x)	Segment reporting

(y)	Recent accounting pronouncements

(z)	Comparatives

Certain prior period amounts have been reclassified to conform to the current period presentation.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

17.	Related Party Transactions

(a)	Related parties


Names of related parties		Relationship with the Group
Tencent Group		A shareholder of the Company
Ningbo Hexin Equity Investment Partnership		Company controlled by one of the executive officers of the Company
Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”)		Company controlled by one of the executive officers of the Company

(b)	Other than disclosed elsewhere, the Group had the following significant related party transactions for the years ended December 31, 2021, 2022 and 2023, respectively:


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Services provided to:
Fufeitong Group	—	10,765	4,272	602

Services received from:
Tencent Group	8,416,635	7,061,132	7,182,496	1,011,634
Fufeitong Group	211,414	653,972	839,985	118,309

In 2021, the Group purchased a batch of computer equipment from Tencent Group with a total amount of RMB1,833,495.

17.	Related Party Transactions (Continued)

(c)	The Group had the following significant related party balances as of December 31, 2022 and 2023:


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Amounts due from related parties:
Current:
Tencent Group*	2,763,924	3,516,220	495,250
Ningbo Hexin Equity Investment Partnership **	697,632	710,632	100,090
Fufeitong Group***	2,856,856	3,201,218	450,882
Amounts due to related parties:
Current:
Tencent Group	1,539,694	1,112,583	156,704
Fufeitong Group	136,697	126,193	17,774

*The balance primarily represents receivables due from the online payment platform operated by Tencent Group.

**The balance represents loans to Ningbo Hexin Equity Investment Partnership, an entity controlled by one of the executive officers of the Company.

***The balance primarily represents receivables due from the online payment platform operated by Fufeitong Group.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-38591
Entity Registrant Name	PDD Holdings Inc.
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	First Floor, 25 St Stephen’s Green
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 XF99
Entity Address, Country	IE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001737806
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Auditor Name	Ernst & Young Hua Ming LLP
Auditor Firm ID	1408
Auditor Location	Shanghai, the People’s Republic of China
Business Contact
Document and Entity Information
Entity Address, Address Line One	First Floor, 25 St Stephen’s Green
Entity Address, City or Town	Dublin 2
Entity Address, Postal Zip Code	D02 XF99
Entity Address, Country	IE
Contact Personnel Name	Jun Liu
City Area Code	+353-1
Local Phone Number	5397938
Contact Personnel Email Address	investor@pddholdings.com
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.000005 per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	5,503,491,148
No Trading Symbol Flag	true
Class A ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	0
ADSs
Document and Entity Information
Title of 12(b) Security	American Depositary Shares (one Americandepositary share representing four Class Aordinary shares, par value US$0.000005 per share)
Trading Symbol	PDD
Security Exchange Name	NASDAQ

Condensed Financial Information of the Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information of the Company

Condensed balance sheets of parent company


	As of December 31,
	2022	2023
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	61,553	3,116	439
Others	443	70	10
Total current assets	61,996	3,186	449
Non-current assets
Intangible asset	109,847	—	—
Investments in subsidiaries, the VIE and subsidiaries of the VIE	133,085,591	193,146,679	27,204,141
Total non-current assets	133,195,438	193,146,679	27,204,141
Total assets	133,257,434	193,149,865	27,204,590

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accrued expenses and other liabilities	25,017	28,165	3,967
Convertible bonds, current portion	13,885,751	648,570	91,349
Total current liabilities	13,910,768	676,735	95,316

Convertible bonds	1,575,755	5,231,523	736,845
Total non-current liabilities	1,575,755	5,231,523	736,845
Total liabilities	15,486,523	5,908,258	832,161

Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	170	177	25
Additional paid-in capital	99,250,468	107,293,091	15,111,916
Statutory reserves	5,000	105,982	14,927
Accumulated other comprehensive income	3,322,238	4,723,760	665,328
Retained earnings	15,193,035	75,118,597	10,580,233
Total shareholders’ equity	117,770,911	187,241,607	26,372,429
Total liabilities and shareholders’ equity	133,257,434	193,149,865	27,204,590

Condensed statements of comprehensive income of parent company


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$

Costs of revenues	(580,506)	(605,611)	(111,208)	(15,663)

Sales and marketing expenses	(27,839)	—	—	—
General and administrative expenses	(40,826)	(54,605)	(45,183)	(6,364)
Total operating expenses	(68,665)	(54,605)	(45,183)	(6,364)
Operating loss	(649,171)	(660,216)	(156,391)	(22,027)

Interest income	32,452	11,693	6,269	883
Interest expenses	(1,221,846)	(51,655)	(43,987)	(6,195)
Other income/(loss), net	27,497	(14)	107,664	15,164
Share of results from subsidiaries, the VIE and subsidiaries of the VIE	9,579,738	32,238,254	60,112,989	8,466,737
Profit before income tax	7,768,670	31,538,062	60,026,544	8,454,562
Income tax expenses	—	—	—	—
Net income	7,768,670	31,538,062	60,026,544	8,454,562

Other comprehensive (loss)/income
Foreign currency translation difference, net of tax of nil	(1,472,172)	5,860,304	1,332,984	187,746
Unrealized (losses)/gains on available-for-sale debt securities, net of tax	—	(18,166)	68,538	9,653
Total other comprehensive (loss)/income	(1,472,172)	5,842,138	1,401,522	197,399
Comprehensive income	6,296,498	37,380,200	61,428,066	8,651,961

Condensed statement of cash flows of parent company


	For the years ended December 31,
	2021	2022	2023
	RMB	RMB	RMB	US$
Net cash generated from/(used in) operating activities	82,074	(24,202)	71,615	10,087
Cash flows from investing activities:
Proceeds from sales of short-term investments	5,764,134	—	—	—
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	—	65,707	8,816,124	1,241,725
Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net	(5,855,304)	—	—	—
Net cash (used in)/generated from investing activities	(91,170)	65,707	8,816,124	1,241,725
Cash flows from financing activities:
Repurchase of convertible bonds	—	—	(8,968,817)	(1,263,231)
Others	318	10,079	8,191	1,153
Net cash generated from/(used in) financing activities	318	10,079	(8,960,626)	(1,262,078)
Exchange rate effect on cash, cash equivalents and restricted cash	4,481	7,700	14,450	2,035
(Decrease)/increase in cash, cash equivalents and restricted cash	(4,297)	59,284	(58,437)	(8,231)
Cash, cash equivalents and restricted cash at beginning of the year	6,566	2,269	61,553	8,670
Cash, cash equivalents and restricted cash at end of the year	2,269	61,553	3,116	439

Income Taxes - Components of deferred tax assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2022 USD ($)
Deferred tax assets
Tax losses carried forward				¥ 740,304	$ 104,270	¥ 1,472,388
Carryforwards of non-deductible advertising expenses and donations				346,089	48,746	79,608
Others				156,199	22,000	58,994
Less: valuation allowance				(860,933)	(121,260)	(531,313)
Total deferred tax assets				381,659	53,756	1,079,677
Deferred tax liabilities
Total deferred tax liabilities				(170,750)	(24,050)	(47,672)
Unrecognized tax benefit on interest expenses	$ 0	$ 0	$ 0
Unrecognized tax benefit on accumulated interest expense					0		$ 0
Mainland China
Deferred tax liabilities
Taxable losses				¥ 2,244,328	$ 316,107	¥ 5,744,189
Minimum
Deferred tax liabilities
Period for extension	5 years
Maximum
Deferred tax liabilities
Period for extension	10 years

Share-Based Compensation - Assumptions to estimate the fair value of options (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation
Risk-free interest rate, minimum (in percent)	3.81%	1.52%	1.31%
Risk-free interest rate, maximum (in percent)	5.13%	4.08%	1.69%
Expected volatility, minimum (in percent)	50.31%	46.29%	46.28%
Expected volatility, maximum (in percent)	50.55%	50.26%	46.87%
Expected dividend yield (in percent)	0.00%	0.00%	0.00%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0.00%	0.00%	0.00%
Fair value of underlying Ordinary Share, minimum (in dollars per share)	$ 17.1475	$ 10.6625	$ 22.0375
Fair value of underlying Ordinary Share, maximum (in dollars per share)	36.3175	17.8550	46.5375
Fair value of share option, minimum	17.1425	10.6560	22.0310
Fair value of share option, maximum	$ 36.3127	$ 17.8485	$ 46.5310

Convertible Bonds - Cumulative effect of change in balance sheet (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Jan. 01, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Equity
Additional paid-in capital	¥ 107,293,091	$ 15,111,916	¥ 99,250,468
Accumulated other comprehensive income	4,723,760	665,328	3,322,238
Accumulated deficit	¥ 75,118,597	$ 10,580,233	¥ 15,193,035
ASU 2020-06
Liabilities
Convertible bonds					¥ 11,788,907
Equity
Additional paid-in capital					95,340,819
Accumulated other comprehensive income					(2,519,900)
Accumulated deficit					¥ (17,706,533)
Adjustment \| ASU 2020-06
Liabilities
Convertible bonds				¥ 2,316,324
Equity
Additional paid-in capital				(3,818,926)
Accumulated other comprehensive income				136,096
Accumulated deficit				1,366,506
Balance at January 1, 2022 \| ASU 2020-06
Liabilities
Convertible bonds				14,105,231
Equity
Additional paid-in capital				91,521,893
Accumulated other comprehensive income				(2,383,804)
Accumulated deficit				¥ (16,340,027)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Share-Based Compensation - Summary (Details) - shares	1 Months Ended		12 Months Ended
Share-Based Compensation - Summary (Details) - shares	Mar. 31, 2021	Jul. 31, 2018	Dec. 31, 2023
2015 Plan and the 2018 Plan \| Stock Options
Share-Based Compensation
Required Service period (in years)			4 years
Annual vesting percentage			25.00%
Restricted period of holding after exercise (in years)			3 years
Additional implicit service period (in years)			3 years
Vesting period (in years)			7 years
2015 Plan \| Stock Options
Share-Based Compensation
Number of shares authorized			581,972,860
Term of the options (in years)			20 years
2018 Plan \| RSU
Share-Based Compensation
Number of shares authorized		363,130,400
Term of the options (in years)			4 years
Percentage of annual increase on shares issued	3.00%	1.00%
Annual vesting percentage			25.00%
Vesting percentage on 2nd anniversary of the grant date			50.00%
Vesting percentage on 3rd and 4th anniversary of the grant date			25.00%

Organization - The VIE agreements (Details) ¥ in Thousands	12 Months Ended
Organization - The VIE agreements (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
The VIE agreements
Registered capital	¥ 121,000
PRC statutory reserves	¥ 5,889
Exclusive Consulting and Services Agreement
The VIE agreements
Term of agreement (in years)	10 years
Automatic extended term of agreement (in years)	10 years
Notice period for termination of agreement (in months)	3 months

Share-Based Compensation - Summary of Group's option activities (Details) - 2015 Plan and the 2018 Plan $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2021 $ / shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of share options
Outstanding at beginning of the year (in shares) \| shares	511,631,888	511,631,888
Granted (in shares) \| shares	98,048,400	98,048,400
Forfeited (in shares) \| shares	(11,854,180)	(11,854,180)
Exercised (in shares) \| shares	(182,380,476)	(182,380,476)
Outstanding at end of the year (in shares) \| shares	415,445,632	415,445,632	511,631,888	511,631,888
Vested and expected to vest at end of the year (in shares) \| shares	415,445,632						415,445,632
Exercisable at end of the year (in shares) \| shares	284,151,962						284,151,962
Weighted average exercise price
Outstanding at beginning of the year (in dollars per share)		$ 0.0065
Granted (in dollars per share)		0.0065
Forfeited (in dollars per share)		0.0065
Exercised (in dollars per share)		0.0065
Outstanding at end of the year (in dollars per share)		0.0065		$ 0.0065
Vested and expected to vest at end of the year (in dollars per share)							$ 0.0065
Exercisable at end of the year (in dollars per share)							0.0065
Weighted average grant date fair value
Outstanding at beginning of the year		5.2248
Granted		24.5402		13.4311		$ 32.0457
Forfeited		5.8944
Exercised		3.6994
Outstanding at end of the year		$ 10.4340		$ 5.2248
Vested and expected to vest at end of the year							10.4340
Exercisable at end of the year							$ 4.5980
Aggregate intrinsic value
Outstanding at beginning of the year (in dollars) \| $		$ 10,427,570
Exercised (in dollars)	¥ 24,817,686	3,495,498	¥ 32,530,282		¥ 1,252,115
Outstanding at end of the year (in dollars) \| $		$ 15,193,262		$ 10,427,570
Vested and expected to vest at end of the year (in dollars) \| $							$ 15,193,262
Exercisable at end of the year (in dollars) \| $							10,391,721
Weighted average remaining contractual term
Outstanding (in years)	15 years 8 months 15 days	15 years 8 months 15 days	15 years 5 months 8 days	15 years 5 months 8 days
Vested and expected to vest at end of the year (in years)	15 years 8 months 15 days	15 years 8 months 15 days
Exercisable at end of the year (in years)	14 years 1 month 2 days	14 years 1 month 2 days
Fair value of vested options	¥ 3,285,026	$ 462,686	¥ 4,770,523		¥ 3,949,471
Unrecognized share-based compensation expense relating to unvested options	¥ 21,673,425						$ 3,052,638
Weighted-average period for recognition of share-based compensation expense relating to unvested options	2 years 10 months 20 days	2 years 10 months 20 days

Income Taxes - Reconciliation of difference between the statutory income tax rate and effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Statutory income tax rate	25.00%	25.00%	25.00%
Tax effect of different tax rates in different jurisdictions	(4.40%)	5.60%	15.70%
Tax effect of preferential tax rates	(4.20%)	(12.30%)	(14.80%)
Tax effect of non-deductible expenses	0.40%	0.90%	1.60%
Tax effect of non-taxable income	(0.00%)	(0.30%)	(1.40%)
Tax effect of tax rate changes on deferred taxes	0.20%	1.50%	0.50%
Tax effect of additional deduction of research and development expenses	(1.00%)	(1.20%)	(2.30%)
Change in valuation allowance	0.50%	(6.20%)	(4.40%)
Effective tax rate	16.50%	13.00%	19.90%

Summary of Significant Accounting Policies - Property, equipment and software (Details)	Dec. 31, 2023
Computer equipment \| Minimum
Property, equipment and software
Estimated useful life	1 year
Computer equipment \| Maximum
Property, equipment and software
Estimated useful life	3 years
Office equipment
Property, equipment and software
Estimated useful life	3 years
Purchased software \| Minimum
Property, equipment and software
Estimated useful life	3 years
Purchased software \| Maximum
Property, equipment and software
Estimated useful life	5 years

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share

Schedule of computation of basic and diluted earnings per share


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Numerator:
Net income	7,768,670	31,538,062	60,026,544	8,454,562
Net income attributable to ordinary shareholders – basic	7,768,670	31,538,062	60,026,544	8,454,562
Dilution effect arising from convertible bonds	—	51,655	43,987	6,195
Net income attributable to ordinary shareholders – diluted	7,768,670	31,589,717	60,070,531	8,460,757

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic	5,012,651	5,057,540	5,416,106	5,416,106
Adjustments for dilutive RSUs and share options	701,113	640,545	387,224	387,224
Conversion of convertible bonds to Class A ordinary shares	—	63,206	36,300	36,300
Weighted-average number of ordinary shares outstanding – diluted	5,713,764	5,761,291	5,839,630	5,839,630

Earnings per share – basic	1.55	6.24	11.08	1.56
Earnings per share – diluted	1.36	5.48	10.29	1.45

Related Party Transactions - Significant related party transactions (Details) - Related Party [Member] ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Tencent Group
Related Party Transactions
Services received from related party	¥ 7,182,496	$ 1,011,634	¥ 7,061,132	¥ 8,416,635
Tencent Group \| Computer equipment
Related Party Transactions
Services received from related party				1,833,495
Shanghai Fufeitong
Related Party Transactions
Services received from related party	839,985	118,309	653,972	¥ 211,414
Services provided to related party	¥ 4,272	$ 602	¥ 10,765

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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-Subparagraph (SX 210.13-01(a)(5))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

+ Details

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Accrued Expenses and Other Liabilities
Accrued advertising and marketing expenses	¥ 13,485,287	$ 1,899,363	¥ 5,850,125
VAT and other tax payable	16,928,603	2,384,344	6,970,790
Payroll payable	3,200,108	450,726	2,364,723
Accounts payable	16,905,439	2,381,081	3,978,818
Others	4,831,962	680,567	1,796,267
Total	¥ 55,351,399	$ 7,796,081	¥ 20,960,723

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of options


	For the years ended December 31,
	2021	2022	2023

Risk-free interest rates	1.31%-1.69%	1.52%-4.08%	3.81%-5.13%
Expected volatility	46.28%-46.87%	46.29%-50.26%	50.31%-50.55%
Expected dividend yield	0%	0%	0%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0%	0%	0%
Fair value of underlying ordinary shares	$22.0375-$46.5375	$10.6625-$17.8550	$17.1475-$36.3175
Fair value of share option	$22.0310-$46.5310	$10.6560-$17.8485	$17.1425-$36.3127

Schedule of recognized share-based compensation expenses


	For the years ended December 31,
	2021	2022	2023	2023
	RMB	RMB	RMB	US$
Costs of revenues	26,624	33,788	132,470	18,658
Sales and marketing expenses	1,612,219	2,158,676	2,354,097	331,568
General and administrative expenses	792,421	3,004,327	2,289,272	322,437
Research and development expenses	2,343,466	2,521,574	2,302,955	324,364
	4,774,730	7,718,365	7,078,794	997,027

Stock option

Share-Based Compensation

Schedule of Group's share-based compensation activities


					Weighted
		Weighted	Weighted		average
		average	average	Aggregate	remaining
	Number of	exercise	grant date	intrinsic	contractual
	share options	price	fair value	value	term
		US$	US$	US$	Years
Outstanding as of December 31, 2022	511,631,888	0.0065	5.2248	10,427,570	15.44
Granted	98,048,400	0.0065	24.5402
Forfeited	(11,854,180)	0.0065	5.8944
Exercised	(182,380,476)	0.0065	3.6994
Outstanding as of December 31, 2023	415,445,632	0.0065	10.4340	15,193,262	15.71
Vested and expected to vest as of December 31, 2023	415,445,632	0.0065	10.4340	15,193,262	15.71
Exercisable as of December 31, 2023	284,151,962	0.0065	4.5980	10,391,721	14.09

RSU

Share-Based Compensation

Schedule of Group's share-based compensation activities


		Weighted
		average grant
	Number of RSUs	date fair value
		US$
Outstanding as of December 31, 2022	81,984,488	15.5100
Granted	36,331,044	23.3860
Vested	(26,726,376)	14.6771
Forfeited	(3,126,540)	19.3649
Outstanding as of December 31, 2023	88,462,616	18.8600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepayments and Other Current Assets

Schedule of components of prepayments and other current assets


	As of December 31,
	2022	2023	2023
	RMB	RMB	US$
Prepayments	966,439	1,326,294	186,805
Value-added tax (“VAT”)	326,427	871,593	122,761
Interest receivables	119,564	367,001	51,691
Rental and other deposits	86,915	119,455	16,825
Others	799,034	1,528,672	215,308
	2,298,379	4,213,015	593,390

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Consolidated balance sheet
Total Assets	¥ 348,078,120		¥ 237,119,953		$ 49,025,778
Total liabilities	160,836,513		119,349,042		22,653,349
Consolidated statement of income (loss)
Revenues	247,639,205	$ 34,879,253	130,557,589	¥ 93,949,939
Net income	60,026,544	8,454,562	31,538,062	7,768,670
Consolidated statement of cashflows
Net cash generated from operating activities	94,162,531	13,262,515	48,507,860	28,783,011
Net cash used in investing activities	(55,431,278)	(7,807,332)	(22,361,670)	(35,562,365)
Net cash generated from/(used in) financing activities	(8,960,626)	(1,262,078)	10,079	(1,875,154)
Net increase/(decrease) in cash, cash equivalents and restricted cash	29,479,488	4,152,099	26,256,446	(8,799,665)
Related Party [Member]
Consolidated statement of income (loss)
Revenues	4,272	602	10,765	0
Consolidated VIEs \| Consolidated revenues
Consolidated statement of income (loss)
Revenues	¥ 113,113,671	$ 15,931,727	¥ 73,431,914	¥ 55,740,613
Consolidated VIEs \| Consolidated revenues \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	45.70%	45.70%	56.20%	59.30%
Consolidated VIEs \| Consolidated total assets
Consolidated balance sheet
Total Assets	¥ 143,954,687		¥ 125,627,773		20,275,594
Consolidated VIEs \| Consolidated total assets \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	41.40%	41.40%	53.00%
Consolidated VIEs \| Consolidated total liabilities
Consolidated balance sheet
Total liabilities	¥ 94,436,897		¥ 91,994,074		13,301,160
Consolidated VIEs \| Consolidated total liabilities \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	58.70%	58.70%	77.10%
Reportable legal entity \| Consolidated VIEs
Consolidated balance sheet
Total Assets	¥ 213,209,549		¥ 160,437,905		30,029,937
Total liabilities	143,750,305		114,446,107		$ 20,246,808
Consolidated statement of income (loss)
Revenues	131,868,973	$ 18,573,356	103,631,702	¥ 77,877,339
Net income	23,398,906	3,295,667	33,595,051	15,169,180
Consolidated statement of cashflows
Net cash generated from operating activities	49,705,625	7,000,891	25,650,939	34,365,025
Net cash used in investing activities	(43,637,362)	(6,146,194)	(43,513,150)	(26,828,581)
Net cash generated from/(used in) financing activities	3,390,438	477,533	16,710,269	(1,445,969)
Net increase/(decrease) in cash, cash equivalents and restricted cash	¥ 9,458,701	$ 1,332,230	¥ (1,151,942)	¥ 6,090,475

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Current assets
Cash and cash equivalents	¥ 59,794,469	$ 8,421,875	¥ 34,326,192
Restricted cash	61,985,436	8,730,466	57,974,225
Receivables from online payment platforms	3,914,117	551,292	587,696
Short-term investments	157,415,365	22,171,490	115,112,554
Amounts due from related parties	7,428,070	1,046,222	6,318,830
Prepayments and other current assets	4,213,015	593,390	2,298,379
Total current assets	294,750,472	41,514,735	216,617,876
Non-current assets
Property, equipment and software, net	979,597	137,973	1,044,847
Intangible assets	21,148	2,979	134,002
Right-of-use assets	4,104,889	578,162	1,416,081
Deferred tax assets	270,738	38,133	1,045,030
Other non-current assets	47,951,276	6,753,796	16,862,117
Total non-current assets	53,327,648	7,511,043	20,502,077
Total Assets	348,078,120	49,025,778	237,119,953
Current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB91,703,662 and RMB94,196,915 (US$13,267,359) as of December 31, 2022 and 2023, respectively)
Amounts due to related parties	1,238,776	174,478	1,676,391
Customer advances and deferred revenues	2,144,610	302,062	1,389,655
Payable to merchants	74,997,252	10,563,142	63,316,695
Accrued expenses and other liabilities	55,351,399	7,796,081	20,960,723
Merchant deposits	16,878,746	2,377,322	15,058,229
Convertible bonds, current portion	648,570	91,349	13,885,751
Lease liabilities	1,641,548	231,207	602,036
Total current liabilities	152,900,901	21,535,641	116,889,480
Non-current liabilities (including amounts of the VIE and its subsidiaries without recourse to the primary beneficiary of RMB290,412 and RMB239,982 (US$33,801) as of December 31, 2022 and 2023, respectively)
Convertible bonds	5,231,523	736,845	1,575,755
Lease liabilities	2,644,260	372,436	870,782
Deferred tax liabilities	59,829	8,427	13,025
Total non-current liabilities	7,935,612	1,117,708	2,459,562
Total liabilities	160,836,513	22,653,349	119,349,042
Commitments and contingencies
Shareholders' equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized, 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively)	177	25	170
Additional paid-in capital	107,293,091	15,111,916	99,250,468
Statutory reserves	105,982	14,927	5,000
Accumulated other comprehensive income	4,723,760	665,328	3,322,238
Retained earnings	75,118,597	10,580,233	15,193,035
Total shareholders' equity	187,241,607	26,372,429	117,770,911
Total liabilities and shareholders' equity	¥ 348,078,120	$ 49,025,778	¥ 237,119,953