0001104659-26-050727 | 20-F | XBRL Viewer

Print Document

Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
Revenues (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Revenues
Total revenues	¥ 431,845,713	$ 61,753,116	¥ 393,836,097	¥ 247,639,205
Online marketing services and others
Revenues
Total revenues	217,783,028	31,142,559	197,934,192	153,540,553
Transaction services
Revenues
Total revenues	¥ 214,062,685	$ 30,610,557	¥ 195,901,905	¥ 94,098,652

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 91
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479777/606-10-55-91

+ 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: 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 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Schedule of relationship with related parties


Names of related parties		Relationship with the Group
Tencent and its affiliates (“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 Payment Service Co., Ltd. (formerly known as 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,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Services provided to:
Fufeitong Group		4,272		—		—		—

Services received from:
Tencent Group		7,182,496		6,772,163		6,476,166		926,079
Fufeitong Group		839,985		902,266		811,030		115,976

Schedule of related party balances


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Amounts due from related parties:
Current:
Tencent Group*		3,427,778		3,826,908		547,240
Ningbo Hexin Equity Investment Partnership **		710,632		910,632		130,219
Fufeitong Group***		3,430,770		5,467,588		781,855

Amounts due to related parties:
Current:
Tencent Group		669,635		976,780		139,678
Fufeitong Group		132,224		109,760		15,695

*	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.

Organization

12 Months Ended

Dec. 31, 2025

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 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 PRC 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.

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.

1.	Organization (Continued)

The VIE agreements (Continued)

Exclusive Consulting and Services Agreement Pursuant to the Exclusive Consulting and Services Agreement (the “Consulting and Services Agreement”), dated June 5, 2015, 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, 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. The agreement has been renewed for another term until June 5, 2035.

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.

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 45.7%, 22.5% and 13.1% of the Group’s consolidated revenues for the years ended December 31, 2023, 2024 and 2025, respectively. As of December 31, 2024 and 2025, the VIE and its subsidiaries accounted for an aggregate of 35.1% and 38.5%, respectively of the consolidated total assets, and 51.9% and 50.3%, respectively of the consolidated total liabilities.

1.	Organization (Continued)

The VIE agreements (Continued)

The following tables represent the financial information for the VIE and its subsidiaries as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 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,
	2024	2025	2025
	RMB	RMB	US$
Total assets	217,009,461	293,479,167	41,966,962
Total liabilities	124,142,846	180,151,655	25,761,345


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Total revenues	131,868,973	121,108,780	113,748,348	16,265,797
Net income	23,398,906	22,921,391	20,687,326	2,958,248


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Net cash generated from operating activities	49,705,625	15,819,139	24,682,511	3,529,552
Net cash used in investing activities	(43,637,362)	(36,090,803)	(62,690,562)	(8,964,631)
Net cash generated from financing activities	3,390,438	20,020,807	45,135,333	6,454,267
Net increase/(decrease) in cash, cash equivalents and restricted cash	9,458,701	(250,857)	7,127,282	1,019,188

As of December 31, 2024 and 2025, the total assets of the VIE and its subsidiaries excluding the intra-company balances and transactions within the Group were RMB177,374,893 and RMB242,454,097 (US$34,670,476), 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, 2024 and 2025, the total liabilities of the VIE and its subsidiaries after eliminating the intra-company balances and transactions within the Group were RMB99,445,020 and RMB109,013,289 (US$15,588,694), respectively, which were consisting of amounts due to related parties, customer advances and deferred revenues, lease liabilities, merchant deposits, payable to merchants, accrued expenses and other liabilities and deferred tax liabilities.

For the years ended December 31, 2023, 2024 and 2025, the total revenues of the VIE and its subsidiaries were RMB113,113,671, RMB88,762,725 and RMB56,770,921 (US$8,118,134), 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, 2025, 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 (US$17,303) and RMB5,889 (US$842), 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 18 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.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - 12 months ended Dec. 31, 2025 ¥ in Millions, $ in Millions	CNY (¥)	USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Income taxes paid in PRC	¥ 21,200	$ 3,000
Income taxes paid in jurisdictions outside PRC	¥ 366	$ 52

Income Taxes - Reconciliation (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income taxes, reconciliation, amount
Income tax computed at the statutory income tax rate	¥ 29,893,824	$ 4,274,760
Preferential tax rate differential	(9,598,681)	(1,372,593)
Non-deductible expenses	421,856	60,325
Interest and investment income, net	(3,308,795)	(473,152)
Valuation allowance movement	1,829,325	261,590
Income tax expenses	¥ 21,732,756	$ 3,107,743	¥ 20,266,781	¥ 11,849,904
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC	PRC
Income taxes, reconciliation, percent
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Tax effect of different tax rates in different jurisdictions			(6.60%)	(4.40%)
Preferential tax rate	(8.00%)	(8.00%)
Tax effect of non-deductible expenses	0.40%	0.40%	0.10%	0.40%
Tax effect of non-taxable income			(0.10%)	0.00%
Interest and investment income, net	(2.80%)	(2.80%)
Change in valuation allowance	1.50%	1.50%
Tax effect of preferential tax rates			(2.70%)	(4.20%)
Tax effect of tax rate changes on deferred taxes			0.20%	0.20%
Tax effect of additional deduction of research and development expenses			(0.50%)	(1.00%)
Change in valuation allowance			(0.10%)	0.50%
Effective tax rate	18.20%	18.20%	15.30%	16.50%
PRC
Income taxes, reconciliation, amount
Other foreign jurisdictions	¥ 662,187	$ 94,691
Income taxes, reconciliation, percent
Other foreign jurisdictions	0.50%	0.50%
Cayman Islands
Income taxes, reconciliation, amount
Statutory tax rate difference	¥ 1,984,409	$ 283,767
Income taxes, reconciliation, percent
Tax effect of different tax rates in different jurisdictions	1.70%	1.70%
Foreign
Income taxes, reconciliation, amount
Other foreign jurisdictions	¥ (151,369)	$ (21,645)
Income taxes, reconciliation, percent
Other foreign jurisdictions	(0.10%)	(0.10%)

Leases - Other supplemental (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases
Cash payments for operating leases	¥ 2,302,946	$ 329,317	¥ 2,041,347	¥ 1,075,598
ROU assets obtained in exchange for new operating lease liabilities	¥ 2,279,851	$ 326,014	¥ 2,968,352	¥ 3,918,460

Fair Value Measurement - Fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Nonrecurring
Fair Value Measurements
Assets fair value	¥ 0	¥ 0
Liabilities fair value	0	0
Impairment charge	0	0
Level 1 \| Recurring
Fair Value Measurements
Assets fair value	138,715,195	75,814,754
Level 1 \| Recurring \| Money Market Funds
Fair Value Measurements
Cash equivalents	72,681,599	31,335,350
Level 1 \| Recurring \| Equity securities
Fair Value Measurements
Short-term investments	66,033,596	44,479,404
Level 2 \| Recurring
Fair Value Measurements
Assets fair value	51,749,817	30,174,210
Level 2 \| Recurring \| Available-for-sale debt securities
Fair Value Measurements
Short-term investments	19,599,692	6,319,014
Other non-current assets	32,150,125	23,855,196
Level 3 \| Recurring
Fair Value Measurements
Assets fair value	494,889	506,126
Level 3 \| Recurring \| Investments in convertible bonds
Fair Value Measurements
Short-term investments	¥ 494,889	¥ 506,126

Earnings Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Numerator:
Net income	¥ 97,842,539	$ 13,991,297	¥ 112,434,512	¥ 60,026,544
Net income attributable to ordinary shareholders	97,842,539	13,991,297	112,434,512	60,026,544
Dilution effect arising from convertible bonds	0	0		43,987
Net income attributable to ordinary shareholders - diluted	¥ 97,842,539	$ 13,991,297	¥ 112,434,512	¥ 60,070,531
Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding - basic	5,590,930	5,590,930	5,536,049	5,416,106
Adjustments for dilutive RSUs and share options	338,646	338,646	364,270	387,224
Conversion of convertible bonds to Class A ordinary shares	0	0	16,273	36,300
Weighted-average number of ordinary shares outstanding - diluted	5,929,576	5,929,576	5,916,592	5,839,630
Earnings per share - basic \| (per share)	¥ 17.5	$ 2.5	¥ 20.31	¥ 11.08
Earnings per share - diluted \| (per share)	¥ 16.5	$ 2.36	¥ 19	¥ 10.29
Shares issued to depository bank (in shares)	667,455,720	667,455,720
Consideration received for the issuance \| ¥	¥ 0		¥ 0	¥ 0
Shares settled	588,978,024	588,978,024
Escrow Shares Settled	78,477,696	78,477,696
Common share
Denominator (in thousands of shares):
Shares issued to depository bank (in shares)	125,000,000	125,000,000	56,500,000	212,500,000

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, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 $ / shares	Dec. 31, 2025 USD ($) $ / shares shares
Number of share options
Outstanding at beginning of the year (in shares) \| shares	390,422,524	390,422,524
Granted (in shares) \| shares	3,501,400	3,501,400
Forfeited (in shares) \| shares	(8,743,700)	(8,743,700)
Exercised (in shares) \| shares	(29,991,124)	(29,991,124)
Outstanding at end of the year (in shares) \| shares	355,189,100	355,189,100	390,422,524	390,422,524
Vested and expected to vest at end of the year (in shares) \| shares	355,189,100						355,189,100
Exercisable at end of the year (in shares) \| shares	291,003,700						291,003,700
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		11.4851
Granted		28.4508		30.9747		$ 24.5402
Forfeited		15.7685
Exercised		6.1302
Outstanding at end of the year		$ 11.9991		$ 11.4851
Vested and expected to vest at end of the year							11.9991
Exercisable at end of the year							$ 9.1819
Aggregate intrinsic value
Outstanding at beginning of the year (in dollars) \| $		$ 9,464,232
Exercised (in dollars)	¥ 6,374,494	911,541	¥ 6,053,177		¥ 24,817,686
Outstanding at end of the year (in dollars) \| $		$ 10,066,414		$ 9,464,232
Vested and expected to vest at end of the year (in dollars) \| $							$ 10,066,414
Exercisable at end of the year (in dollars) \| $							8,247,336
Weighted average remaining contractual term
Outstanding (in years)	14 years 21 days	14 years 21 days	14 years 11 months 4 days	14 years 11 months 4 days
Vested and expected to vest at end of the year (in years)	14 years 21 days	14 years 21 days
Exercisable at end of the year (in years)	13 years 2 months 26 days	13 years 2 months 26 days
Fair value of vested options	¥ 6,280,381	$ 898,083	¥ 6,609,570		¥ 3,285,026
Unrecognized share-based compensation expense relating to unvested options	¥ 12,813,052						$ 1,832,242
Weighted-average period for recognition of share-based compensation expense relating to unvested options	1 year 11 months 4 days	1 year 11 months 4 days

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share

Schedule of computation of basic and diluted earnings per share


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Numerator:
Net income		60,026,544		112,434,512		97,842,539		13,991,297
Net income attributable to ordinary shareholders – basic		60,026,544		112,434,512		97,842,539		13,991,297
Dilution effect arising from convertible bonds		43,987		—		—		—
Net income attributable to ordinary shareholders – diluted		60,070,531		112,434,512		97,842,539		13,991,297

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic		5,416,106		5,536,049		5,590,930		5,590,930
Adjustments for dilutive RSUs and share options		387,224		364,270		338,646		338,646
Conversion of convertible bonds to Class A ordinary shares		36,300		16,273		—		—
Weighted-average number of ordinary shares outstanding – diluted		5,839,630		5,916,592		5,929,576		5,929,576

Earnings per share – basic		11.08		20.31		17.50		2.50
Earnings per share – diluted		10.29		19.00		16.50		2.36

Property, Equipment and Software, Net

12 Months Ended

Dec. 31, 2025

Property, Equipment and Software, Net

Property, Equipment and Software, Net

6.	Property, Equipment and Software, Net


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
At cost:
Computer equipment, office equipment and purchased software		4,675,976		5,599,823		800,763
Leasehold improvements		128,743		200,676		28,696
		4,804,719		5,800,499		829,459
Less: accumulated depreciation		(3,925,392)		(4,494,455)		(642,697)
		879,327		1,306,044		186,762

For the years ended December 31, 2023, 2024 and 2025, the Group recorded depreciation expenses of RMB672,020, RMB705,069 and RMB597,684 (US$85,468), respectively.

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share

Earnings Per Share

17.

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,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Numerator:
Net income		60,026,544		112,434,512		97,842,539		13,991,297
Net income attributable to ordinary shareholders – basic		60,026,544		112,434,512		97,842,539		13,991,297
Dilution effect arising from convertible bonds		43,987		—		—		—
Net income attributable to ordinary shareholders – diluted		60,070,531		112,434,512		97,842,539		13,991,297

Denominator (in thousands of shares):
Weighted-average number of ordinary shares outstanding – basic		5,416,106		5,536,049		5,590,930		5,590,930
Adjustments for dilutive RSUs and share options		387,224		364,270		338,646		338,646
Conversion of convertible bonds to Class A ordinary shares		36,300		16,273		—		—
Weighted-average number of ordinary shares outstanding – diluted		5,839,630		5,916,592		5,929,576		5,929,576

Earnings per share – basic		11.08		20.31		17.50		2.50
Earnings per share – diluted		10.29		19.00		16.50		2.36

During the years ended December 31, 2023, 2024 and 2025, the Company issued 212,500,000, 56,500,000 and 125,000,000 ordinary shares to its share depositary bank, respectively. No consideration was received by the Company for the issuance. As of December 31, 2025, 588,978,024 out of the total 667,455,720 ordinary shares were used to settle share-based compensation. The remaining 78,477,696 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.

Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 97,842,539	$ 13,991,297	¥ 112,434,512	¥ 60,026,544

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 6: 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)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 480
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3A
-Subparagraph (24)(d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: 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(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 20: 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 21: 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 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: 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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: 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 35: 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)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: 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)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: 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)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-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 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: 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(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2025

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 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
Other comprehensive income		2,605,982		494,803		3,100,785
Balances as of December 31, 2024		7,279,370		545,175		7,824,545
Other comprehensive loss		(5,476,543)		(232,319)		(5,708,862)
Balances as of December 31, 2025		1,802,827		312,856		2,115,683
Balances as of December 31, 2025 (US$)		257,801		44,738		302,539

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Other Non-current Assets

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


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$

Due in 1 year through 2 years		40,641,146		49,741,549		7,112,947
Due in 2 years through 3 years		16,668,409		20,554,711		2,939,284
		57,309,555		70,296,260		10,052,231

Schedule of contractual maturity date of the investments


	As of December 31, 2024
		Gross	Gross	Fair Value
	Amortized	Unrealized	Unrealized	(Net Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB

Due in 1 year through 5 years	20,635,590	396,362	—	21,031,952
Due in 5 years through 10 years	2,607,675	215,569	—	2,823,244
	23,243,265	611,931	—	23,855,196


		As of December 31, 2025
								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		29,229,334		137,680		(1,810)		29,365,204		4,199,168
Due in 5 years through 10 years		2,607,255		177,666		—		2,784,921		398,239
		31,836,589		315,346		(1,810)		32,150,125		4,597,407

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepayments and Other Current Assets

Schedule of components of prepayments and other current assets


	As of December 31,
	2024	2025	2025
	RMB	RMB	US$
Prepayments	1,357,173	1,672,528	239,168
Taxes receivables	699,033	3,024,945	432,561
Interest receivables	205,041	191,568	27,394
Rental and other deposits	552,878	1,150,725	164,551
Others	1,599,341	1,486,776	212,606
	4,413,466	7,526,542	1,076,280

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Short-term Investments

Schedule of Short-term Investments


	As of December 31,
	2024	2025	2025
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	210,368,027	220,422,862	31,520,049
Equity securities	44,479,404	66,033,596	9,442,679
Available-for-sale debt securities	6,319,014	19,599,692	2,802,719
Other debt investments	12,625,411	7,351,532	1,051,255
	273,791,856	313,407,682	44,816,702

Schedule of summary of details of available-for-sale debt securities


	As of December 31, 2024
				Fair Value
		Gross	Gross	(Net
	Amortized	Unrealized	Unrealized	Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB
Due in 1 year	6,289,405	29,613	(4)	6,319,014


	As of December 31, 2025
							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	19,544,915		55,198		(421)		19,599,692		2,802,719

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Share-Based Compensation - Summary of RSU activities (Details) - 2018 Plan - Restricted Stock Units (RSUs) [Member] $ / shares in Units, ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 $ / shares	Dec. 31, 2025 USD ($)
Number of RSUs
Outstanding at beginning of the year (in shares) \| shares	67,741,348	67,741,348
Granted (in shares) \| shares	13,703,508	13,703,508
Vested (in shares) \| shares	(22,865,316)	(22,865,316)
Forfeited (in shares) \| shares	(2,980,244)	(2,980,244)
Outstanding at end of the year (in shares) \| shares	55,599,296	55,599,296	67,741,348
Weighted average grand date fair value
Outstanding at beginning of the year \| $ / shares		$ 21.173
Granted \| $ / shares		29.9743		$ 30.6378		$ 23.386
Vested \| $ / shares		19.188
Forfeited \| $ / shares		25.9896
Outstanding at end of the year \| $ / shares		$ 23.9004		$ 21.173
Restricted share units vested	¥ 3,133,340	$ 448,062	¥ 3,797,104		¥ 2,765,817
Unrecognized share-based compensation expenses	¥ 3,597,971						$ 514,503
Weighted-average period for recognition of share-based compensation expense relating to unvested options	1 year 10 months 2 days	1 year 10 months 2 days

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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

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.

(c)	Use of estimates

The preparation of consolidated 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.

(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.

(e)	Convenience translation

Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB6.9931 on December 31, 2025, the last business day in December 2025, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

(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

The Group’s short-term and long-term investments included in other non-current assets primarily consist of time deposits, held-to-maturity debt securities, equity securities, available-for-sale debt securities, equity method investments and other debt 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”. Equity securities with readily determinable fair value that are not accounted for under the equity method are measured at fair value. 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 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. 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. Any realized gains or losses on the sale of the available-for-sale debt securities are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized.

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 investments 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.

Other debt investments primarily consist of loan investments, which are accounted for at amortized cost. Interest income on loan investments is recognized over the life of the loan and is recorded on an accrual basis in “Interest and investment income, net” in the consolidated statements of comprehensive income.

The Group enters into lending agreements with certain financial institutions, under which it lends certain securities to the counterparty. The Group accounts for these transactions in accordance with ASC Topic 860, Transfers and Servicing (“ASC 860”). Since the criteria for sale accounting under ASC 860 are not met, the assets remain on the consolidated balance sheets, and interest income arising from the lending agreements is recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income.

As of December 31, 2024 and 2025, certain time deposits, held-to-maturity debt securities and available-for-sale debt securities, with the net carrying amount of RMB3,670,176 and RMB3,872,460 (US$553,754), respectively, were pledged mainly for the issuance of letters of guarantee.

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

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.

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

The Group evaluates its long-lived assets 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.

(k)	Fair value of financial instruments

The Group’s financial instruments primarily 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 those measured at fair value, their carrying amount approximate their respective fair values because of the general short maturities. The carrying amounts of long-term time deposits and 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, which are not reported at fair value, is disclosed in Note 11.

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.

2.	Summary of Significant Accounting Policies (Continued)

(l)	Revenue recognition

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.

Revenues are principally generated from online platform services. 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 at 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 enters into contractual agreements with certain merchants to provide various types of online marketing services on the Group’s online platforms for which it receives service fees from the merchants. The Group matches product listings appearing in search or browser results on its online platforms 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 the Group’s online platforms. The Group does not control the products provided by merchants at any point in time during the transactions. Revenues related to transaction services are recognized in the 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.

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 may or may not be 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.

The Group records the incentives as reduction of revenues if they are considered as variable consideration or when there are explicit contractual obligations to incentivize the consumers on behalf of the merchants. In the absence of such explicit obligations, the Group further evaluated varying features of different incentive programs to determine whether the incentives represent implicit obligations to the consumers on behalf of merchants. If so, the incentives are recorded as reduction of revenues. If the Group determined that incentives provided to the consumers are not considered as payments to the merchant-customers, the Group records these incentives as “sales and marketing expenses”.

2.	Summary of Significant Accounting Policies (Continued)

(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 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.

(n)	Advertising expenditures and incentive programs

Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. For the years ended December 31, 2023, 2024 and 2025, the advertising expenditures were RMB56,415,274, RMB68,474,437 and RMB74,925,712 (US$10,714,234), and incentive programs recognized in sales and marketing expenses were RMB20,013,537, RMB35,843,202 and RMB42,348,670 (US$6,055,779), respectively.

(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 bandwidth and server costs, 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.

(p)	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, 2024 and 2025 reflects the best estimate 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.

(q)

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, 2023, 2024 and 2025. 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.

2.	Summary of Significant Accounting Policies (Continued)

(r)	Income taxes

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which improves income tax disclosures. The amendments require the disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendments also require disaggregated information about the amount of income taxes paid (net of refunds received), income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) from continuing operations. The new guidance is required to be applied either prospectively or retrospectively. This guidance is effective for the Group’s fiscal years beginning after December 15, 2024. Early adoption is permitted. Beginning January 1, 2025, the Group adopted ASU 2023-09 prospectively. Please refer to Note 15 for the inclusion of new disclosures required.

The Group follows the liability method of accounting for income taxes in accordance with ASC 740. 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 income 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 are classified in the consolidated statements of comprehensive income as income tax expenses.

(s)	Share-based compensation

The Group applies ASC 718, Compensation—Stock Compensation (‘‘ASC 718’’), 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 occur.

(t)	Employee benefit expenses

As stipulated by the regulations of Chinese mainland, 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 Chinese mainland.

(u)	Comprehensive income

Comprehensive income is defined as the change 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 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 differences and unrealized holding gains or losses associated with available-for-sale debt securities and is presented in the consolidated statements of comprehensive income.

2.	Summary of Significant Accounting Policies (Continued)

(v)	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 units (‘‘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.

(w)	Segment reporting

The Group operates and manages its business as a single segment and has one operating and reportable segment, the provision of e-commerce services. The Group’s Co-Chief Executive Officers are the chief operating decision-makers (“CODMs”). When making decisions about allocating resources and assessing the performance of the Group as a whole, the CODMs review operating metrics and consolidated financial statements.

The Group concluded that consolidated net income reported in the consolidated statements of comprehensive income is the measure of segment profitability, and consolidated total assets reported in the consolidated balance sheets is the measure of segment assets. The CODMs refer to consolidated operating results and financial condition when addressing strategic and operational matters and allocating resources. Significant expense categories regularly provided to and reviewed by the CODMs are those presented in the consolidated statements of comprehensive income. 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.

(x)	Recent accounting pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amended guidance requires disaggregation of certain expense captions into specified natural expense categories in the disclosures within the notes to the financial statements. In addition, the guidance requires disclosure of selling expenses and its definition. The new guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance can be applied either prospectively or retrospectively. The Group is evaluating the disclosure impact of adopting ASU 2024-03.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those fiscal years. Early adoption is permitted. This ASU should be applied prospectively. The Group is evaluating the impact of adopting ASU 2025-05.

In September 2025, the FASB issued ASU 2025-06, Intangibles: Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). The guidance modernizes the accounting for software costs and enhances the transparency about an entity’s software costs. The guidance is effective for the fiscal years beginning after December 15, 2027 and for interim periods within those fiscal years. This ASU can be applied prospectively, retrospectively, or under a modified transition approach. The Group is evaluating the disclosure impact of adopting ASU 2025-06.

(y)	Comparatives

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

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented procedures for identifying, assessing and managing material risks from cybersecurity threats as part of our overall risk management framework, which is overseen by our board of directors. In the last three fiscal years, we have not experienced any material cybersecurity threats, whether as a result of any previous cybersecurity incidents or otherwise, that materially affected or were reasonably likely to materially affect our business strategy, results of operations or financial condition. However, despite the cybersecurity procedures and measures that we have adopted, we cannot guarantee that any such procedures and measures will be effective against the increasingly sophisticated cybersecurity threats, which could materially affect us. For more information on our cybersecurity related risks, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—Our business generates and processes a large amount of data, and we are required to comply with laws relating to privacy and cybersecurity. The improper use or disclosure of data could have a material and adverse effect on our business and prospects.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented procedures for identifying, assessing and managing material risks from cybersecurity threats as part of our overall risk management framework, which is overseen by our board of directors.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our senior management team is required to notify our board of directors of any material cybersecurity threats, material cybersecurity incidents or other associated risks, and they are also required to discuss with our board of directors with respect to any potential disclosure of any material cybersecurity threat or incident, if any. At each quarterly board meeting, our senior management team is required to provide confirmation to our board of directors as to whether there have been any material cybersecurity threats, material cybersecurity incidents or other associated risks identified during the relevant period.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk management is led by our senior management team, including our co-chief executive officers. Our senior management team is required to notify our board of directors of any material cybersecurity threats, material cybersecurity incidents or other associated risks, and they are also required to discuss with our board of directors with respect to any potential disclosure of any material cybersecurity threat or incident, if any. At each quarterly board meeting, our senior management team is required to provide confirmation to our board of directors as to whether there have been any material cybersecurity threats, material cybersecurity incidents or other associated risks identified during the relevant period. We have a dedicated data security department responsible for monitoring, preventing and mitigating cybersecurity risks. The data security department monitors the data environment to identify anomalies, indicators of compromise, and other potentially adverse events and suspicious activities, such as unusual network traffic, suspicious phishing emails or messages and malware infections, to detect potential threats. Once any material cybersecurity threat or incident is detected, it will be reported to our co-chief executive officers, who will assume responsibility for managing the risks from that material cybersecurity threat or incident and for monitoring the relevant prevention, mitigation and remediation measures. Personnel from various functions, including data security, legal, risk control and information technology, will form a case-specific project team to address the issue.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk management is led by our senior management team, including our co-chief executive officers.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The data security department monitors the data environment to identify anomalies, indicators of compromise, and other potentially adverse events and suspicious activities, such as unusual network traffic, suspicious phishing emails or messages and malware infections, to detect potential threats. Once any material cybersecurity threat or incident is detected, it will be reported to our co-chief executive officers, who will assume responsibility for managing the risks from that material cybersecurity threat or incident and for monitoring the relevant prevention, mitigation and remediation measures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Liabilities

Schedule of accrued expenses and other liabilities


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Accrued advertising and marketing expenses		11,070,464		10,733,946		1,534,934
Taxes payable		22,805,311		27,637,234		3,952,072
Payroll payable		4,026,851		4,890,448		699,325
Accounts payable		28,280,328		32,662,965		4,670,742
Others		2,958,877		5,733,246		819,842
		69,141,831		81,657,839		11,676,915

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of Group's profit before income taxes


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Non-PRC		(1,495,542)		6,375,022		(6,121,113)		(875,308)
PRC		73,371,990		126,326,271		125,696,408		17,974,348
		71,876,448		132,701,293		119,575,295		17,099,040

Schedule of income taxes


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Current income tax	11,048,804	20,044,605	21,914,684	3,133,758
Deferred income tax expense/(benefit)	801,100	222,176	(181,928)	(26,015)
	11,849,904	20,266,781	21,732,756	3,107,743

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


		For the years ended December 31,
		2023		2024
Statutory income tax rate		25.0%		25.0%
Tax effect of different tax rates in different jurisdictions		(4.4)%		(6.6)%
Tax effect of preferential tax rates		(4.2)%		(2.7)%
Tax effect of non-deductible expenses		0.4%		0.1%
Tax effect of non-taxable income		(0.0)%		(0.1)%
Tax effect of tax rate changes on deferred taxes		0.2%		0.2%
Tax effect of additional deduction of research and development expenses		(1.0)%		(0.5)%
Change in valuation allowance		0.5%		(0.1)%
Effective tax rate		16.5%		15.3%


		For the year ended December 31, 2025
		RMB		US$	percent

Income tax computed at the statutory income tax rate		29,893,824		4,274,760	25.0%
Foreign tax effects
--Cayman
Statutory tax rate difference		1,984,409		283,767	1.7%
--Other foreign jurisdictions		(151,369)		(21,645)	(0.1)%
Preferential tax rate		(9,598,681)		(1,372,593)	(8.0)%
Non-deductible expenses		421,856		60,325	0.4%
Non-taxable income
--Interest and investment income, net		(3,308,795)		(473,152)	(2.8)%
Others		662,187		94,691	0.5%
Change in valuation allowance		1,829,325		261,590	1.5%
Income tax expenses		21,732,756		3,107,743	18.2%

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


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Deferred tax assets
Tax losses carried forward		677,299		571,051		81,659
Accrued expenses		—		1,991,217		284,740
Others		196,342		304,707		43,573
Less: valuation allowance		(715,258)		(2,545,501)		(364,002)
Total deferred tax assets		158,383		321,474		45,970
Total deferred tax liabilities		(249,159)		(191,366)		(27,365)

Condensed Financial Information of the Company

12 Months Ended

Dec. 31, 2025

Condensed Financial Information of the Company

Condensed Financial Information of the Company

21.	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,
		2024		2025		2025
		RMB		RMB		US$
ASSETS
Current assets
Cash, cash equivalents and short-term investments		10,242		45,987		6,576
Others		73		93		13
Total current assets		10,315		46,080		6,589

Non-current assets
Investments in subsidiaries, the VIE and subsidiaries of the VIE		318,641,783		413,387,814		59,113,671
Total non-current assets		318,641,783		413,387,814		59,113,671
Total assets		318,652,098		413,433,894		59,120,260

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Convertible bonds, current portion		5,309,597		—		—
Others		29,377		48,738		6,969
Total current liabilities		5,338,974		48,738		6,969

Non-current liabilities
Total non-current liabilities		—		—		—
Total liabilities		5,338,974		48,738		6,969

Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		180		182		26
Additional paid-in capital		117,829,308		125,767,661		17,984,536
Statutory reserves		237,680		1,338,261		191,369
Accumulated other comprehensive income		7,824,545		2,115,683		302,539
Retained earnings		187,421,411		284,163,369		40,634,821
Total shareholders’ equity		313,313,124		413,385,156		59,113,291
Total liabilities and shareholders’ equity		318,652,098		413,433,894		59,120,260

21.	Condensed Financial Information of the Company (Continued)


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Total costs and operating expenses		(156,391)		(47,546)		(154,054)		(22,030)
Operating loss		(156,391)		(47,546)		(154,054)		(22,030)

Interest income		6,269		375		685		98
Interest expenses		(43,987)		—		—		—
Other income/(loss), net		107,664		(19)		152,705		21,837
Share of results from subsidiaries, the VIE and subsidiaries of the VIE		60,112,989		112,481,702		97,843,203		13,991,392
Profit before income tax		60,026,544		112,434,512		97,842,539		13,991,297
Income tax expenses		—		—		—		—
Net income		60,026,544		112,434,512		97,842,539		13,991,297

Other comprehensive income
Foreign currency translation difference, net of tax of nil		1,332,984		2,605,982		(5,476,543)		(783,135)
Unrealized gains/(losses) on available-for-sale debt securities, net of tax		68,538		494,803		(232,319)		(33,221)
Total other comprehensive income/(loss)		1,401,522		3,100,785		(5,708,862)		(816,356)
Comprehensive income		61,428,066		115,535,297		92,133,677		13,174,941


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Net cash generated from/(used in) operating activities		71,615		(46,208)		99,966		14,295

CASH FLOW FROM INVESTING ACTIVITIES
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net		8,816,124		51,909		5,175,917		740,146
Others		—		(7,363)		7,246		1,036
Net cash generated from investing activities		8,816,124		44,546		5,183,163		741,182

CASH FLOW FROM FINANCING ACTIVITIES
Repayment or repurchase of convertible bonds		(8,968,817)		(91)		(5,228,716)		(747,696)
Others		8,191		1,255		1,363		194
Net cash (used in)/generated from financing activities		(8,960,626)		1,164		(5,227,353)		(747,502)

Exchange rate effect on cash, cash equivalents and restricted cash		14,450		231		(12,638)		(1,806)
(Decrease)/increase in cash, cash equivalents and restricted cash		(58,437)		(267)		43,138		6,169
Cash, cash equivalents and restricted cash at beginning of the year		61,553		3,116		2,849		407
Cash, cash equivalents and restricted cash at end of the year		3,116		2,849		45,987		6,576

21.	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.

Restricted Net Assets (Details) - 12 months ended Dec. 31, 2025 ¥ 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 Chinese mainland subsidiaries, the VIE and subsidiaries of the VIE	¥ 125,917,402	$ 18,005,949

Leases - Maturity analysis of the operating lease liabilities (Details) - Dec. 31, 2025 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Future minimum lease payments
2026	¥ 2,626,765	$ 375,622
2027	1,523,265	217,824
2028	814,349	116,450
2029	515,815	73,761
2030 and after	143,762	20,558
Total undiscounted cash flows	5,623,956	804,215
Less: imputed interest	(245,161)	(35,058)
Present value of lease liabilities	¥ 5,378,795	$ 769,157

Other Non-Current Assets - Maturity debt securities, Maturity (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Other Non-Current Asset
Total	¥ 70,296,260	$ 10,052,231	¥ 57,309,555
Debt Securities Contractual Maturity
Other Non-Current Asset
Due in 1 year through 2 years	49,741,549	7,112,947	40,641,146
Due in 2 years through 3 years	20,554,711	2,939,284	16,668,409
Total	¥ 70,296,260	$ 10,052,231	¥ 57,309,555

- 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

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

Related Party Transactions

16.	Related Party Transactions

(a)	Related parties


Names of related parties		Relationship with the Group
Tencent and its affiliates (“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 Payment Service Co., Ltd. (formerly known as 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, 2023, 2024 and 2025, respectively:


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Services provided to:
Fufeitong Group		4,272		—		—		—

Services received from:
Tencent Group		7,182,496		6,772,163		6,476,166		926,079
Fufeitong Group		839,985		902,266		811,030		115,976

16.	Related Party Transactions (Continued)

(c)	The Group had the following significant related party balances as of December 31, 2024 and 2025:


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Amounts due from related parties:
Current:
Tencent Group*		3,427,778		3,826,908		547,240
Ningbo Hexin Equity Investment Partnership **		710,632		910,632		130,219
Fufeitong Group***		3,430,770		5,467,588		781,855

Amounts due to related parties:
Current:
Tencent Group		669,635		976,780		139,678
Fufeitong Group		132,224		109,760		15,695

*	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 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 2: 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 3: 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 4: 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 5: 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/1943274/2147477968/946-235-50-2

Reference 6: 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/1943274/2147477968/946-235-50-2

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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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/1943274/2147479134/946-220-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

Condensed Financial Information of the Company - Statements of comprehensive income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Statements of comprehensive income
Total operating expenses	¥ (149,941,829)	$ (21,441,396)	¥ (131,512,861)	¥ (97,216,866)
Operating profit	93,102,131	13,313,428	108,422,862	58,698,762
Interest income	25,583,848	3,658,442	20,553,493	10,238,080
Interest expenses				(43,987)
Other income/(loss), net	2,726,933	389,946	3,119,847	2,952,579
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	129,005	18,447	17,225	(4,707)
Profit before income tax	119,575,295	17,099,040	132,701,293	71,876,448
Income tax expenses	(21,732,756)	(3,107,743)	(20,266,781)	(11,849,904)
Net Income (Loss)	97,842,539	13,991,297	112,434,512	60,026,544
Other comprehensive income
Foreign currency translation difference, net of tax of nil	(5,476,543)	(783,135)	2,605,982	1,332,984
Unrealized gains/(losses) on available-for-sale debt securities, net of tax	(232,319)	(33,221)	494,803	68,538
Total other comprehensive income/(loss)	(5,708,862)	(816,356)	3,100,785	1,401,522
Comprehensive income	92,133,677	13,174,941	115,535,297	61,428,066
Foreign currency translation difference, tax	0		0	0
Parent Company \| Reportable legal entity
Statements of comprehensive income
Total operating expenses	(154,054)	(22,030)	(47,546)	(156,391)
Operating profit	(154,054)	(22,030)	(47,546)	(156,391)
Interest income	685	98	375	6,269
Interest expenses				(43,987)
Other income/(loss), net	152,705	21,837	(19)	107,664
Share of losses from subsidiaries, the VIE and subsidiaries of the VIE	97,843,203	13,991,392	112,481,702	60,112,989
Profit before income tax	97,842,539	13,991,297	112,434,512	60,026,544
Income tax expenses	0	0	0	0
Net Income (Loss)	97,842,539	13,991,297	112,434,512	60,026,544
Other comprehensive income
Foreign currency translation difference, net of tax of nil	(5,476,543)	(783,135)	2,605,982	1,332,984
Unrealized gains/(losses) on available-for-sale debt securities, net of tax	(232,319)	(33,221)	494,803	68,538
Total other comprehensive income/(loss)	(5,708,862)	(816,356)	3,100,785	1,401,522
Comprehensive income	92,133,677	$ 13,174,941	115,535,297	61,428,066
Foreign currency translation difference, tax	¥ 0		¥ 0	¥ 0

Leases (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025
	RMB	US$

2026	2,626,765	375,622
2027	1,523,265	217,824
2028	814,349	116,450
2029	515,815	73,761
2030 and after	143,762	20,558
Total undiscounted cash flows	5,623,956	804,215
Less: imputed interest	(245,161)	(35,058)
Present value of lease liabilities	5,378,795	769,157

Summary of supplemental information related to leases


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$

Cash payments for operating leases	1,075,598	2,041,347	2,302,946	329,317
ROU assets obtained in exchange for new operating lease liabilities	3,918,460	2,968,352	2,279,851	326,014

Leases - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) item	Dec. 31, 2025 USD ($) item	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Leases
Operating lease costs	¥ 2,590,320	$ 370,411	¥ 2,095,867	¥ 1,200,344
Short-term lease	140,766	$ 20,129	118,554	178,288
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	2 years 10 months 20 days	2 years 10 months 20 days	3 years 1 month 2 days	3 years 25 days
Weighted average incremental borrowing rate	3.14%	3.14%	3.42%	3.44%

Organization - The VIE agreements (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
The VIE agreements
Total assets	¥ 630,044,327		¥ 505,034,316		$ 90,095,139
Total liabilities	216,659,171		191,721,192		30,981,848
Total revenues	431,845,713	$ 61,753,116	393,836,097	¥ 247,639,205
Registered capital	121,000				17,303
PRC statutory reserves	5,889				842
Consolidated VIEs \| Consolidated revenues
The VIE agreements
Total revenues	¥ 56,770,921	$ 8,118,134	¥ 88,762,725	¥ 113,113,671
Consolidated VIEs \| Consolidated revenues \| VIE concentration risk
The VIE agreements
Concentration (as a percent)	13.10%	13.10%	22.50%	45.70%
Consolidated VIEs \| Consolidated total assets
The VIE agreements
Total assets	¥ 242,454,097		¥ 177,374,893		34,670,476
Consolidated VIEs \| Consolidated total assets \| VIE concentration risk
The VIE agreements
Concentration (as a percent)	38.50%	38.50%	35.10%
Consolidated VIEs \| Consolidated total liabilities
The VIE agreements
Total liabilities	¥ 109,013,289		¥ 99,445,020		$ 15,588,694
Consolidated VIEs \| Consolidated total liabilities \| VIE concentration risk
The VIE agreements
Concentration (as a percent)	50.30%	50.30%	51.90%
Exclusive Consulting and Services Agreement
The VIE agreements
Term of agreement (in years)	10 years	10 years
Automatic extended term of agreement (in years)	10 years	10 years
Notice period for termination of agreement (in months)	3 months	3 months

Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities

9.	Accrued Expenses and Other Liabilities

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


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Accrued advertising and marketing expenses		11,070,464		10,733,946		1,534,934
Taxes payable		22,805,311		27,637,234		3,952,072
Payroll payable		4,026,851		4,890,448		699,325
Accounts payable		28,280,328		32,662,965		4,670,742
Others		2,958,877		5,733,246		819,842
		69,141,831		81,657,839		11,676,915

Revenues (Tables)

12 Months Ended

Dec. 31, 2025

Revenues.

Schedule of revenues


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$

Online marketing services and others		153,540,553		197,934,192		217,783,028		31,142,559
Transaction services		94,098,652		195,901,905		214,062,685		30,610,557
		247,639,205		393,836,097		431,845,713		61,753,116

Prepayments and Other Current Assets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Prepayments and Other Current Assets
Prepayments	¥ 1,672,528	$ 239,168	¥ 1,357,173
Taxes receivables	3,024,945	432,561	699,033
Interest receivables	191,568	27,394	205,041
Rental and other deposits	1,150,725	164,551	552,878
Others	1,486,776	212,606	1,599,341
Total	¥ 7,526,542	$ 1,076,280	¥ 4,413,466

Summary of Significant Accounting Policies - Impairment of long-lived assets other than goodwill and Advertising expenditures and incentive programs (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Summary of Significant Accounting Policies
Impairment of any long-lived assets	¥ 0		¥ 0	¥ 0
Advertising expenditures recognized in sales and marketing expenses	74,925,712	$ 10,714,234	68,474,437	56,415,274
Incentive programs recognized in sales and marketing expenses	¥ 42,348,670	$ 6,055,779	¥ 35,843,202	¥ 20,013,537

Short-term Investments - Additional information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Short-term Investments
Gross unrecognized holding gains or losses on the time deposits and held-to-maturity debt securities	¥ 0		¥ 0
Costs of equity securities	47,244,735		35,737,847		$ 6,755,908
Net unrealized gain on debt trading securities	18,788,861	$ 2,686,771	8,741,557
Interest income related to time deposits and held-to-maturity debt securities	7,913,608	$ 1,131,631	7,314,780	¥ 5,750,934
Carrying amount of loan investments included in other debt investments	6,856,643		12,119,285		980,487
Carrying amount debt securities, held-to-maturity lend	14,649,111		0		2,094,795
Collateral received	¥ 155,635		¥ 0		$ 22,256

Summary of Significant Accounting Policies - Convenience translation & Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Letters of guarantee
Convenience translation
Net carrying amount	¥ 3,872,460	$ 553,754	¥ 3,670,176
United States of America, Dollars
Convenience translation
Convenience translation rate (USD to RMB)	1	1
China, Yuan Renminbi
Convenience translation
Convenience translation rate (USD to RMB)	6.9931	6.9931

Other Non-current Assets

12 Months Ended

Dec. 31, 2025

Other Non-current Assets

Other Non-current Assets

8.	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, 2024 and 2025, the carrying amounts for the investments, net of allowance for credit losses, were RMB57,309,555 and RMB70,296,260 (US$10,052,231), respectively. As of December 31, 2024 and 2025, the allowance for credit losses was RMB42,902 and RMB42,384 (US$6,061), respectively. The gross unrecognized holding gains or losses on the investments were nil as of December 31, 2024 and 2025. Interest income recorded on these time deposits and held-to-maturity debt securities in the consolidated statements of comprehensive income were RMB336,789, RMB1,676,942 and RMB1,933,895 (US$276,543) for the years ended December 31, 2023, 2024 and 2025, 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,
		2024		2025		2025
		RMB		RMB		US$

Due in 1 year through 2 years		40,641,146		49,741,549		7,112,947
Due in 2 years through 3 years		16,668,409		20,554,711		2,939,284
		57,309,555		70,296,260		10,052,231

As of December 31, 2024 and 2025, 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, 2024
		Gross	Gross	Fair Value
	Amortized	Unrealized	Unrealized	(Net Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB

Due in 1 year through 5 years	20,635,590	396,362	—	21,031,952
Due in 5 years through 10 years	2,607,675	215,569	—	2,823,244
	23,243,265	611,931	—	23,855,196

8.	Other Non-current Assets (Continued)


		As of December 31, 2025
								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		29,229,334		137,680		(1,810)		29,365,204		4,199,168
Due in 5 years through 10 years		2,607,255		177,666		—		2,784,921		398,239
		31,836,589		315,346		(1,810)		32,150,125		4,597,407

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, 2024 and 2025. Hence, no allowance for credit loss was recorded as of December 31, 2024 and 2025.

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, 2024 and 2025, the carrying amount for the investments was RMB1,809,260 and RMB1,870,268 (US$267,445), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2024 and 2025. There was no impairment on these investments during the years ended December 31, 2023, 2024 and 2025.

Employee Contribution Plan (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Employee Contribution Plan
Total expenses incurred for government statutory employee benefit plans	¥ 2,367,186	$ 338,503	¥ 1,895,048	¥ 1,546,308

Document and Entity Information - shares	12 Months Ended
Document and Entity Information - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Securities Act 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
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001737806
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Auditor Firm ID	1409	1408	1408
Amendment Flag	false
Auditor Name	Ernst & Young	Ernst & Young Hua Ming LLP	Ernst & Young Hua Ming LLP
Auditor Location	Hong Kong, the People’s Republic of China	Shanghai, the People’s Republic of China	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
Country Region	353
City Area Code	1
Local Phone Number	5397938
Contact Personnel Email Address	investor@pddholdings.com
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
Class A ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.000005 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	5,693,585,848
Class B ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	0

Condensed Financial Information of the Company (Tables)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information of the Company

Condensed balance sheets of parent company


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
ASSETS
Current assets
Cash, cash equivalents and short-term investments		10,242		45,987		6,576
Others		73		93		13
Total current assets		10,315		46,080		6,589

Non-current assets
Investments in subsidiaries, the VIE and subsidiaries of the VIE		318,641,783		413,387,814		59,113,671
Total non-current assets		318,641,783		413,387,814		59,113,671
Total assets		318,652,098		413,433,894		59,120,260

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Convertible bonds, current portion		5,309,597		—		—
Others		29,377		48,738		6,969
Total current liabilities		5,338,974		48,738		6,969

Non-current liabilities
Total non-current liabilities		—		—		—
Total liabilities		5,338,974		48,738		6,969

Shareholders’ equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively)		180		182		26
Additional paid-in capital		117,829,308		125,767,661		17,984,536
Statutory reserves		237,680		1,338,261		191,369
Accumulated other comprehensive income		7,824,545		2,115,683		302,539
Retained earnings		187,421,411		284,163,369		40,634,821
Total shareholders’ equity		313,313,124		413,385,156		59,113,291
Total liabilities and shareholders’ equity		318,652,098		413,433,894		59,120,260

Condensed statements of comprehensive income of parent company


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Total costs and operating expenses		(156,391)		(47,546)		(154,054)		(22,030)
Operating loss		(156,391)		(47,546)		(154,054)		(22,030)

Interest income		6,269		375		685		98
Interest expenses		(43,987)		—		—		—
Other income/(loss), net		107,664		(19)		152,705		21,837
Share of results from subsidiaries, the VIE and subsidiaries of the VIE		60,112,989		112,481,702		97,843,203		13,991,392
Profit before income tax		60,026,544		112,434,512		97,842,539		13,991,297
Income tax expenses		—		—		—		—
Net income		60,026,544		112,434,512		97,842,539		13,991,297

Other comprehensive income
Foreign currency translation difference, net of tax of nil		1,332,984		2,605,982		(5,476,543)		(783,135)
Unrealized gains/(losses) on available-for-sale debt securities, net of tax		68,538		494,803		(232,319)		(33,221)
Total other comprehensive income/(loss)		1,401,522		3,100,785		(5,708,862)		(816,356)
Comprehensive income		61,428,066		115,535,297		92,133,677		13,174,941

Condensed statement of cash flows of parent company


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Net cash generated from/(used in) operating activities		71,615		(46,208)		99,966		14,295

CASH FLOW FROM INVESTING ACTIVITIES
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net		8,816,124		51,909		5,175,917		740,146
Others		—		(7,363)		7,246		1,036
Net cash generated from investing activities		8,816,124		44,546		5,183,163		741,182

CASH FLOW FROM FINANCING ACTIVITIES
Repayment or repurchase of convertible bonds		(8,968,817)		(91)		(5,228,716)		(747,696)
Others		8,191		1,255		1,363		194
Net cash (used in)/generated from financing activities		(8,960,626)		1,164		(5,227,353)		(747,502)

Exchange rate effect on cash, cash equivalents and restricted cash		14,450		231		(12,638)		(1,806)
(Decrease)/increase in cash, cash equivalents and restricted cash		(58,437)		(267)		43,138		6,169
Cash, cash equivalents and restricted cash at beginning of the year		61,553		3,116		2,849		407
Cash, cash equivalents and restricted cash at end of the year		3,116		2,849		45,987		6,576

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Measurement

Fair Value Measurement

11.	Fair Value Measurement

In accordance with ASC 820, the Company measures investments in money market funds, available-for-sale debt securities, convertible bonds and equity 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 Measurement
	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, 2024:
Cash equivalents:
Money market funds	31,335,350	—	—
Short-term investments:
Equity securities	44,479,404	—	—
Available-for-sale debt securities	—	6,319,014	—
Investments in convertible bonds	—	—	506,126
Other non-current assets:
Available-for-sale debt securities	—	23,855,196	—
	75,814,754	30,174,210	506,126


		Fair Value Measurement
		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, 2025:
Cash equivalents:
Money market funds		72,681,599		—		—
Short-term investments:
Equity securities		66,033,596		—		—
Available-for-sale debt securities		—		19,599,692		—
Investments in convertible bonds		—		—		494,889
Other non-current assets:
Available-for-sale debt securities		—		32,150,125		—
		138,715,195		51,749,817		494,889

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. 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, and loss given default which is an estimate of the loss from a transaction given that a default occurs.

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 equity 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.

As of December 31, 2024 and 2025, 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.

11.	Fair Value Measurement (Continued)

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 and loan 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, 2024:
Short-term investments:
Time deposits and held-to-maturity debt securities		—		210,368,027		—
Loan investments		—		12,119,285		—
Convertible bonds, current portion		—		5,099,337		—
Other non-current assets:
Time deposits and held-to-maturity debt securities		—		57,309,555		—
As of December 31, 2025:
Short-term investments:
Time deposits and held-to-maturity debt securities		—		220,422,862		—
Loan investments		—		6,856,643		—
Other non-current assets:
Time deposits and held-to-maturity debt securities		—		70,296,260		—

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Income Taxes - Group's profit before income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Taxes
Profit before income taxes	¥ 119,575,295	$ 17,099,040	¥ 132,701,293	¥ 71,876,448
Non-PRC
Income Taxes
Profit before income taxes	(6,121,113)	(875,308)	6,375,022	(1,495,542)
PRC
Income Taxes
Profit before income taxes	¥ 125,696,408	$ 17,974,348	¥ 126,326,271	¥ 73,371,990

- 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/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 5: 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/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-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 9: http://www.xbrl.org/2009/role/commonPracticeRef
-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 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 13: 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/1943274/2147477250/944-220-S99-1

Reference 14: 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 15: 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 16: 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/1943274/2147478524/942-220-S99-1

+ Details

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Consolidated balance sheet
Total assets	¥ 630,044,327		¥ 505,034,316		$ 90,095,139
Total liabilities	216,659,171		191,721,192		30,981,848
Consolidated statement of income (loss)
Total revenues	431,845,713	$ 61,753,116	393,836,097	¥ 247,639,205
Net income	97,842,539	13,991,297	112,434,512	60,026,544
Consolidated statement of cashflows
Net cash generated from operating activities	106,938,690	15,292,029	121,929,292	94,162,531
Net cash used in investing activities	(43,423,236)	(6,209,441)	(118,356,036)	(55,431,278)
Net cash generated from financing activities	(5,227,353)	(747,502)	1,164	(8,960,626)
Increase in cash, cash equivalents and restricted cash	56,536,990	8,084,682	4,414,516	29,479,488
Consolidated VIEs \| Reportable legal entity
Consolidated balance sheet
Total assets	293,479,167		217,009,461		41,966,962
Total liabilities	180,151,655		124,142,846		$ 25,761,345
Consolidated statement of income (loss)
Total revenues	113,748,348	16,265,797	121,108,780	131,868,973
Net income	20,687,326	2,958,248	22,921,391	23,398,906
Consolidated statement of cashflows
Net cash generated from operating activities	24,682,511	3,529,552	15,819,139	49,705,625
Net cash used in investing activities	(62,690,562)	(8,964,631)	(36,090,803)	(43,637,362)
Net cash generated from financing activities	45,135,333	6,454,267	20,020,807	3,390,438
Increase in cash, cash equivalents and restricted cash	¥ 7,127,282	$ 1,019,188	¥ (250,857)	¥ 9,458,701

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes

Income Taxes

15.	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, Cayman Islands does not levy withholding tax on dividends by the Company to its shareholders.

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. Additionally, Hong Kong does not levy withholding tax on dividends.

15.

Income Taxes (Continued)

Chinese mainland

The Company’s subsidiaries and VIE and VIE’s subsidiaries in Chinese mainland 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 a high and new technology enterprise (“HNTE”) eligible for a preferential tax rate of 15% from 2018 to 2026. Walnut Street (Shanghai) Information Technology Co., Ltd., a subsidiary of the Company, was recognized as a HNTE eligible for a preferential tax rate of 15% from 2021 to 2026.

Dividends, interests, rent or royalties payable by the Company’s Chinese mainland subsidiaries, to non-Chinese mainland resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) are subject to 10% withholding tax, unless the respective non-mainland Chinese resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with Chinese mainland 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,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Non-PRC		(1,495,542)		6,375,022		(6,121,113)		(875,308)
PRC		73,371,990		126,326,271		125,696,408		17,974,348
		71,876,448		132,701,293		119,575,295		17,099,040

For the year ended December 31, 2025, income tax expenses amounted to RMB21,430 million (US$3,064 million) in the PRC, and income tax expenses amounted to RMB303 million (US$44 million) in jurisdictions outside the PRC.

The Group’s income taxes consisted of:


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Current income tax	11,048,804	20,044,605	21,914,684	3,133,758
Deferred income tax expense/(benefit)	801,100	222,176	(181,928)	(26,015)
	11,849,904	20,266,781	21,732,756	3,107,743

15.

Income Taxes (Continued)

Reconciliation of difference between the Chinese mainland statutory income tax rate and the Group’s effective tax rate for the years ended December 31, 2023, 2024 and 2025 is as follows:


		For the years ended December 31,
		2023		2024
Statutory income tax rate		25.0%		25.0%
Tax effect of different tax rates in different jurisdictions		(4.4)%		(6.6)%
Tax effect of preferential tax rates		(4.2)%		(2.7)%
Tax effect of non-deductible expenses		0.4%		0.1%
Tax effect of non-taxable income		(0.0)%		(0.1)%
Tax effect of tax rate changes on deferred taxes		0.2%		0.2%
Tax effect of additional deduction of research and development expenses		(1.0)%		(0.5)%
Change in valuation allowance		0.5%		(0.1)%
Effective tax rate		16.5%		15.3%


		For the year ended December 31, 2025
		RMB		US$	percent

Income tax computed at the statutory income tax rate		29,893,824		4,274,760	25.0%
Foreign tax effects
--Cayman
Statutory tax rate difference		1,984,409		283,767	1.7%
--Other foreign jurisdictions		(151,369)		(21,645)	(0.1)%
Preferential tax rate		(9,598,681)		(1,372,593)	(8.0)%
Non-deductible expenses		421,856		60,325	0.4%
Non-taxable income
--Interest and investment income, net		(3,308,795)		(473,152)	(2.8)%
Others		662,187		94,691	0.5%
Change in valuation allowance		1,829,325		261,590	1.5%
Income tax expenses		21,732,756		3,107,743	18.2%

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


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
Deferred tax assets
Tax losses carried forward		677,299		571,051		81,659
Accrued expenses		—		1,991,217		284,740
Others		196,342		304,707		43,573
Less: valuation allowance		(715,258)		(2,545,501)		(364,002)
Total deferred tax assets		158,383		321,474		45,970
Total deferred tax liabilities		(249,159)		(191,366)		(27,365)

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, 2024 and 2025, 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.

15.

Income Taxes (Continued)

As of December 31, 2024 and 2025, the Group had tax losses of RMB2,211,586 and RMB1,872,808 (US$267,808) derived from entities in Chinese mainland, which, generally, can be carried forward for five years to offset future taxable profit. The Chinese mainland tax losses will expire from December 31, 2026 to 2030 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, 2025, the total amount of temporary differences related to foreign undistributed earnings amounted to RMB150,575,935 (US$21,532,072) and the determination of the associated deferred tax liabilities was not practicable.

As of December 31, 2024 and 2025, the Group did not have significant unrecognized tax benefits. It is possible the amount of unrecognized benefits will change in the next 12 months; however, an estimate of the range of the possible change is not determinable.

As of December 31, 2025, the tax years ended December 31, 2020 through period ended as of the reporting dates for Chinese mainland subsidiaries remain open to examination by the PRC tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: 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 10: 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 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: 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 14: 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 15: 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 16: 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 17: 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

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurement

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


	Fair Value Measurement
	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, 2024:
Cash equivalents:
Money market funds	31,335,350	—	—
Short-term investments:
Equity securities	44,479,404	—	—
Available-for-sale debt securities	—	6,319,014	—
Investments in convertible bonds	—	—	506,126
Other non-current assets:
Available-for-sale debt securities	—	23,855,196	—
	75,814,754	30,174,210	506,126


		Fair Value Measurement
		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, 2025:
Cash equivalents:
Money market funds		72,681,599		—		—
Short-term investments:
Equity securities		66,033,596		—		—
Available-for-sale debt securities		—		19,599,692		—
Investments in convertible bonds		—		—		494,889
Other non-current assets:
Available-for-sale debt securities		—		32,150,125		—
		138,715,195		51,749,817		494,889

Schedule of financial instruments not measured at fair value


		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, 2024:
Short-term investments:
Time deposits and held-to-maturity debt securities		—		210,368,027		—
Loan investments		—		12,119,285		—
Convertible bonds, current portion		—		5,099,337		—
Other non-current assets:
Time deposits and held-to-maturity debt securities		—		57,309,555		—
As of December 31, 2025:
Short-term investments:
Time deposits and held-to-maturity debt securities		—		220,422,862		—
Loan investments		—		6,856,643		—
Other non-current assets:
Time deposits and held-to-maturity debt securities		—		70,296,260		—

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Compensation

Schedule of assumptions used to estimate the fair value of options


	For the years ended December 31,
	2023	2024	2025

Risk-free interest rates	3.81%-5.13%	4.14%-4.85%	4.56%-4.93%
Expected volatility	50.31%-50.55%	50.22%-50.39%	50.10%-50.29%
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	$17.1475-$36.3175	$24.0275-$36.4100	$24.1275-$33.7175
Fair value of share option	$17.1425-$36.3127	$24.0226-$36.4051	$24.1228-$33.7127

Schedule of recognized share-based compensation expenses


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Costs of revenues		132,470		412,721		248,210		35,494
Sales and marketing expenses		2,354,097		2,216,792		2,000,790		286,109
General and administrative expenses		2,289,272		4,742,816		3,430,903		490,613
Research and development expenses		2,302,955		2,511,235		2,257,068		322,756
		7,078,794		9,883,564		7,936,971		1,134,972

Employee Stock Option

Share-Based Compensation

Schedule of 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, 2024		390,422,524		0.0065		11.4851		9,464,232		14.93
Granted		3,501,400		0.0065		28.4508		—		—
Forfeited		(8,743,700)		0.0065		15.7685		—		—
Exercised		(29,991,124)		0.0065		6.1302		—		—
Outstanding as of December 31, 2025		355,189,100		0.0065		11.9991		10,066,414		14.06
Vested and expected to vest as of December 31, 2025		355,189,100		0.0065		11.9991		10,066,414		14.06
Exercisable as of December 31, 2025		291,003,700		0.0065		9.1819		8,247,336		13.24

RSUs

Share-Based Compensation

Schedule of share-based compensation activities


				Weighted
				average grant
		Number of RSUs		date fair value
				US$
Outstanding as of December 31, 2024		67,741,348		21.1730
Granted		13,703,508		29.9743
Vested		(22,865,316)		19.1880
Forfeited		(2,980,244)		25.9896
Outstanding as of December 31, 2025		55,599,296		23.9004

- 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 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Commitments and Contingencies (Details) - Dec. 31, 2025 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Commitments and Contingencies
Total investment commitments	¥ 115,152	$ 16,467

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

12.

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 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
Other comprehensive income		2,605,982		494,803		3,100,785
Balances as of December 31, 2024		7,279,370		545,175		7,824,545
Other comprehensive loss		(5,476,543)		(232,319)		(5,708,862)
Balances as of December 31, 2025		1,802,827		312,856		2,115,683
Balances as of December 31, 2025 (US$)		257,801		44,738		302,539

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

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Short-term Investments

12 Months Ended

Dec. 31, 2025

Short-term Investments

Short-term Investments

4.	Short-term Investments

Classification of short-term investments as of December 31, 2024 and 2025 were shown as below:


	As of December 31,
	2024	2025	2025
	RMB	RMB	US$
Time deposits and held-to-maturity debt securities	210,368,027	220,422,862	31,520,049
Equity securities	44,479,404	66,033,596	9,442,679
Available-for-sale debt securities	6,319,014	19,599,692	2,802,719
Other debt investments	12,625,411	7,351,532	1,051,255
	273,791,856	313,407,682	44,816,702

The gross unrecognized holding gains or losses on the time deposits and held-to-maturity debt securities were nil as of December 31, 2024 and 2025.

The costs of equity securities were RMB35,737,847 and RMB47,244,735 (US$6,755,908), with net unrealized gains of RMB8,741,557 and RMB18,788,861 (US$2,686,771) as of December 31, 2024 and 2025, respectively.

For the years ended December 31, 2023, 2024 and 2025, interest income related to time deposits and held-to-maturity debt securities were RMB5,750,934, RMB7,314,780 and RMB7,913,608 (US$1,131,631), respectively.

As of December 31, 2024 and 2025, available-for-sale debt securities include government bonds purchased from financial institutions with maturities within one year. The following table summarizes the details of available-for-sale debt securities:


	As of December 31, 2024
				Fair Value
		Gross	Gross	(Net
	Amortized	Unrealized	Unrealized	Carrying
	Cost	Gains	Losses	Amount)
	RMB	RMB	RMB	RMB
Due in 1 year	6,289,405	29,613	(4)	6,319,014


	As of December 31, 2025
							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	19,544,915		55,198		(421)		19,599,692		2,802,719

Other debt investments mainly include loan investments, as of December 31, 2024 and 2025, the carrying amounts for the loan investments, net of allowance for credit losses, were RMB12,119,285 and RMB6,856,643 (US$980,487).

The Group enters into lending agreements with certain financial institutions, under which it lends certain held-to-maturity debt securities to the counterparty. As of December 31, 2024 and 2025, the carrying amount of the securities lent was nil and RMB14,649,111 (US$2,094,795), respectively, with collateral received amounted nil and RMB155,635 (US$22,256), respectively.

Other Non-Current Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Other Non-Current Asset
Carrying amount for the investments, net of allowance for credit losses	¥ 70,296,260		¥ 57,309,555		$ 10,052,231
Allowance for credit losses	42,384		42,902		6,061
Gross unrecognized holding gain or losses on the investments	0		0
Interest income on time deposits and held-to-maturity debt securities	1,933,895	$ 276,543	1,676,942	¥ 336,789
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	¥ 1,870,268		¥ 1,809,260		$ 267,445

Income Taxes - Schedule of income taxes (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income Taxes
Current income tax	¥ 21,914,684	$ 3,133,758	¥ 20,044,605	¥ 11,048,804
Deferred income tax (benefit)/expense	(181,928)	(26,015)	222,176	801,100
Income tax expenses	¥ 21,732,756	$ 3,107,743	¥ 20,266,781	¥ 11,849,904

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-21

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Related Party Transactions - Significant related party transactions (Details) - Related Party ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Tencent Group
Related Party Transactions
Services received from related party	¥ 6,476,166	$ 926,079	¥ 6,772,163	¥ 7,182,496
Fufeitong Group
Related Party Transactions
Services provided to related party				4,272
Services received from related party	¥ 811,030	$ 115,976	¥ 902,266	¥ 839,985

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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/1943274/2147479134/946-220-S99-1

+ Details

- 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/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 3: 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/1943274/2147477314/942-235-S99-1

Reference 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 7: 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)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: 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 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 14: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 15: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-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 16: 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 17: 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 18: 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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: 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 20: 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)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: 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)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: 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)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-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 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: 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 29: 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 30: 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 31: 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 32: 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

+ Details

Summary of Significant Accounting Policies - Property, equipment and software (Details)	Dec. 31, 2025
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
Leasehold improvements
Property, equipment and software
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Other Non-Current Assets - Maturity date of the investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Other Non-current Assets
Due in 1 year through 5 years, Amortized Cost	¥ 29,229,334		¥ 20,635,590
Due in 1 year through 5 years, Gross Unrealized Gains	137,680		396,362
Due in 1 year through 5 years, Gross Unrealized Losses	(1,810)
Due in 1 year through 5 years, Fair Value (Net Carrying Amount)	29,365,204	$ 4,199,168	21,031,952
Due in 5 years through 10 years, Amortized Cost	2,607,255		2,607,675
Due in 5 years through 10 years, Gross Unrealized Gains	177,666		215,569
Due in 5 years through 10 years, Fair Value (Net Carrying Amount)	2,784,921	398,239	2,823,244
Amortized Cost, Total	31,836,589		23,243,265
Gross Unrealized Gains, Total	315,346		611,931
Gross Unrealized Losses, Total	(1,810)
Fair Value (Net Carrying Amount), Total	¥ 32,150,125	$ 4,597,407	¥ 23,855,196

Summary of Significant Accounting Policies - Segment reporting (Details)	12 Months Ended
	Dec. 31, 2025 segment
Summary of Significant Accounting Policies
Number of operating segment	1
Number of reportable segment	1

Concentration of Risks (Details)	12 Months Ended
Concentration of Risks (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Concentration Risk
Percentage of appreciation/(depreciation) of US dollar against RMB	(2.20%)	1.50%	1.70%
Business supplier risk \| Total purchases \| Maximum
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%
Customer risk \| Total revenue \| Maximum
Concentration Risk
Concentration risk percentage	10.00%	10.00%	10.00%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

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

Short-term Investments - Available for sale debt securities - Due in one year (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Short-term Investments
Amortized Cost	¥ 19,544,915		¥ 6,289,405
Gross Unrealized Gains	55,198		29,613
Gross Unrealized Losses	(421)		(4)
Fair Value (Net Carrying Amount)	¥ 19,599,692	$ 2,802,719	¥ 6,319,014

Convertible Bonds - Accounting Convertible Bonds (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2020 USD ($) D $ / shares	Dec. 31, 2025 CNY (¥) D	Dec. 31, 2025 USD ($) D	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($) $ / shares	Dec. 31, 2024 USD ($) $ / shares
Convertible Bonds
Common shares, par value (in dollars per share) \| $ / shares						$ 0.000005	$ 0.000005
2025 Convertible Bonds
Convertible Bonds
Principal amount	$ 2,000,000
Interest rate	0.00%
Debt instrument purchasers over-allotment option	$ 250,000
Initial conversion rate (ADS per US$1,000 principal amount)	5.2459
Principal amount per conversion rate	$ 1,000
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
Principal amount of the liability						$ 0	$ 738,634
Net carrying amount of the liability \| ¥		¥ 0		¥ 5,309,597
Amortization of the discount \| ¥		¥ 0		¥ 0	¥ 43,987
2025 Convertible Bonds \| Redemption one
Convertible Bonds
Common shares, par value (in dollars per share) \| $ / 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%

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Revenues (including services provided to a related party of RMB4,272, nil and nil for the years ended December 31, 2023, 2024 and 2025, respectively)	¥ 431,845,713	$ 61,753,116	¥ 393,836,097	¥ 247,639,205
Costs of revenues (including services received from related parties of RMB6,031,719, RMB6,292,953 and RMB6,118,953 (US$874,999) for the years ended December 31, 2023, 2024 and 2025, respectively)	(188,801,753)	(26,998,292)	(153,900,374)	(91,723,577)
Sales and marketing expenses (including services received from related parties of RMB1,795,959, RMB1,302,234 and RMB1,005,637 (US$143,804) for the years ended December 31, 2023, 2024 and 2025, respectively)	(125,287,932)	(17,915,936)	(111,300,533)	(82,188,870)
General and administrative expenses	(8,157,733)	(1,166,540)	(7,552,967)	(4,075,622)
Research and development expenses (including services received from related parties of RMB194,803, RMB79,242 and RMB162,606 (US$23,252) for the years ended December 31, 2023, 2024 and 2025, respectively)	(16,496,164)	(2,358,920)	(12,659,361)	(10,952,374)
Total operating expenses	(149,941,829)	(21,441,396)	(131,512,861)	(97,216,866)
Operating profit	93,102,131	13,313,428	108,422,862	58,698,762
Interest and investment income, net	25,583,848	3,658,442	20,553,493	10,238,080
Interest expenses \| ¥				(43,987)
Foreign exchange gain/(loss)	(1,966,622)	(281,223)	587,866	35,721
Other income, net	2,726,933	389,946	3,119,847	2,952,579
Profit before income tax and share of results of equity investees	119,446,290	17,080,593	132,684,068	71,881,155
Income tax expenses	(21,732,756)	(3,107,743)	(20,266,781)	(11,849,904)
Share of results of equity investees	129,005	18,447	17,225	(4,707)
Net income	97,842,539	13,991,297	112,434,512	60,026,544
Net income attributable to ordinary shareholders	¥ 97,842,539	$ 13,991,297	¥ 112,434,512	¥ 60,026,544
Earnings per share:
Basic (in dollars per share) \| (per share)	¥ 17.5	$ 2.5	¥ 20.31	¥ 11.08
Diluted (in dollars per share) \| (per share)	¥ 16.5	$ 2.36	¥ 19	¥ 10.29
Shares used in earnings per share computation (in thousands):
Basic (in shares)	5,590,930	5,590,930	5,536,049	5,416,106
Diluted (in shares)	5,929,576	5,929,576	5,916,592	5,839,630
Other comprehensive income
Foreign currency translation difference, net of tax of nil	¥ (5,476,543)	$ (783,135)	¥ 2,605,982	¥ 1,332,984
Unrealized gains/(losses) on available-for-sale debt securities, net of tax	(232,319)	(33,221)	494,803	68,538
Total other comprehensive income/(loss)	(5,708,862)	(816,356)	3,100,785	1,401,522
Comprehensive income	¥ 92,133,677	$ 13,174,941	¥ 115,535,297	¥ 61,428,066

Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

The Group has operating leases mainly for offices and warehouses. For the years ended December 31, 2023, 2024 and 2025, operating lease costs were RMB1,200,344, RMB2,095,867 and RMB2,590,320 (US$370,411), respectively; and short-term lease costs were RMB178,288, RMB118,554 and RMB140,766 (US$20,129), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the years ended December 31, 2023, 2024 and 2025.

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, 2025
	RMB	US$

2026	2,626,765	375,622
2027	1,523,265	217,824
2028	814,349	116,450
2029	515,815	73,761
2030 and after	143,762	20,558
Total undiscounted cash flows	5,623,956	804,215
Less: imputed interest	(245,161)	(35,058)
Present value of lease liabilities	5,378,795	769,157

As of December 31, 2025, the Company did not have any significant operating leases that had not yet commenced.

7.	Leases (Continued)

As of December 31, 2023, 2024 and 2025, the weighted average remaining lease term was 3.07 years, 3.09 years and 2.89 years, respectively, and the weighted average discount rate was 3.44%, 3.42% and 3.14% for the Company’s operating leases, respectively.

Other supplemental information related to leases is summarized below:


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$

Cash payments for operating leases	1,075,598	2,041,347	2,302,946	329,317
ROU assets obtained in exchange for new operating lease liabilities	3,918,460	2,968,352	2,279,851	326,014

Revenues - Contract balances (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)
Revenues.
Contract liabilities	¥ 10,728,065		¥ 8,633,670	$ 1,534,093
Contract liabilities revenue recognized	¥ 7,798,170	$ 1,115,123	¥ 5,426,188

Share-Based Compensation - Recognized share-based compensation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 7,936,971	$ 1,134,972	¥ 9,883,564	¥ 7,078,794
Costs of revenues
Recognized share-based compensation expenses
Share-based compensation expense recognized	248,210	35,494	412,721	132,470
Sales and marketing expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	2,000,790	286,109	2,216,792	2,354,097
General and administrative expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	3,430,903	490,613	4,742,816	2,289,272
Research and development expenses
Recognized share-based compensation expenses
Share-based compensation expense recognized	¥ 2,257,068	$ 322,756	¥ 2,511,235	¥ 2,302,955

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2025

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,
	2024	2025	2025
	RMB	RMB	US$
Prepayments	1,357,173	1,672,528	239,168
Taxes receivables	699,033	3,024,945	432,561
Interest receivables	205,041	191,568	27,394
Rental and other deposits	552,878	1,150,725	164,551
Others	1,599,341	1,486,776	212,606
	4,413,466	7,526,542	1,076,280

Condensed Financial Information of the Company - Statement of cash flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Statement of cash flows
Net cash generated from operating activities	¥ 106,938,690	$ 15,292,029	¥ 121,929,292	¥ 94,162,531
CASH FLOW FROM INVESTING ACTIVITIES
Others	246	35	35,692	143,239
Net cash used in investing activities	(43,423,236)	(6,209,441)	(118,356,036)	(55,431,278)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment or repurchase of convertible bonds	(5,228,716)	(747,696)	(91)	(8,968,817)
Others	1,363	194	1,255	8,191
Net cash (used in)/ generated from financing activities	(5,227,353)	(747,502)	1,164	(8,960,626)
Exchange rate effect on cash, cash equivalents and restricted cash	(1,751,111)	(250,404)	840,096	(291,139)
Increase in cash, cash equivalents and restricted cash	56,536,990	8,084,682	4,414,516	29,479,488
Cash, cash equivalents and restricted cash at beginning of the year	126,194,421	18,045,562	121,779,905	92,300,417
Cash, cash equivalents and restricted cash at end of the year	182,731,411	26,130,244	126,194,421	121,779,905
Parent Company \| Reportable legal entity
Statement of cash flows
Net cash generated from operating activities	99,966	14,295	(46,208)	71,615
CASH FLOW FROM INVESTING ACTIVITIES
Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net	5,175,917	740,146	51,909	8,816,124
Others	7,246	1,036	(7,363)
Net cash used in investing activities	5,183,163	741,182	44,546	8,816,124
CASH FLOW FROM FINANCING ACTIVITIES
Repayment or repurchase of convertible bonds	(5,228,716)	(747,696)	(91)	(8,968,817)
Others	1,363	194	1,255	8,191
Net cash (used in)/ generated from financing activities	(5,227,353)	(747,502)	1,164	(8,960,626)
Exchange rate effect on cash, cash equivalents and restricted cash	(12,638)	(1,806)	231	14,450
Increase in cash, cash equivalents and restricted cash	43,138	6,169	(267)	(58,437)
Cash, cash equivalents and restricted cash at beginning of the year	2,849	407	3,116	61,553
Cash, cash equivalents and restricted cash at end of the year	¥ 45,987	$ 6,576	¥ 2,849	¥ 3,116

Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Compensation

Share-Based Compensation

14.	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.

14.	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, 2024		390,422,524		0.0065		11.4851		9,464,232		14.93
Granted		3,501,400		0.0065		28.4508		—		—
Forfeited		(8,743,700)		0.0065		15.7685		—		—
Exercised		(29,991,124)		0.0065		6.1302		—		—
Outstanding as of December 31, 2025		355,189,100		0.0065		11.9991		10,066,414		14.06
Vested and expected to vest as of December 31, 2025		355,189,100		0.0065		11.9991		10,066,414		14.06
Exercisable as of December 31, 2025		291,003,700		0.0065		9.1819		8,247,336		13.24

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, 2023, 2024 and 2025 was RMB24,817,686, RMB6,053,177 and RMB6,374,494 (US$911,541), respectively. The total fair value of vested options for the years ended December 31, 2023, 2024 and 2025 was RMB3,285,026, RMB6,609,570, and RMB6,280,381 (US$898,083), respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2023, 2024 and 2025 was US$24.5402, US$30.9747 and US$28.4508, respectively.

As of December 31, 2025, total unrecognized share-based compensation expenses relating to unvested awards was RMB12,813,052 (US$1,832,242), which is expected to be recognized over a weighted-average period of 1.93 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,
	2023	2024	2025

Risk-free interest rates	3.81%-5.13%	4.14%-4.85%	4.56%-4.93%
Expected volatility	50.31%-50.55%	50.22%-50.39%	50.10%-50.29%
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	$17.1475-$36.3175	$24.0275-$36.4100	$24.1275-$33.7175
Fair value of share option	$17.1425-$36.3127	$24.0226-$36.4051	$24.1228-$33.7127

14.

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, 2024		67,741,348		21.1730
Granted		13,703,508		29.9743
Vested		(22,865,316)		19.1880
Forfeited		(2,980,244)		25.9896
Outstanding as of December 31, 2025		55,599,296		23.9004

The total fair value of the RSUs vested during the years ended December 31, 2023, 2024 and 2025 was RMB2,765,817, RMB3,797,104, and RMB3,133,340 (US$448,062), respectively. The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2023, 2024, and 2025 was US$23.3860, US$30.6378 and US$29.9743, respectively.

As of December 31, 2025, RMB3,597,971 (US$514,503) of unrecognized share-based compensation expenses related to RSUs is expected to be recognized over a weighted average vesting period of 1.84 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 expenses by function:

The Group recognized share-based compensation expenses for the years ended December 31, 2023, 2024 and 2025 as follows:


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$
Costs of revenues		132,470		412,721		248,210		35,494
Sales and marketing expenses		2,354,097		2,216,792		2,000,790		286,109
General and administrative expenses		2,289,272		4,742,816		3,430,903		490,613
Research and development expenses		2,302,955		2,511,235		2,257,068		322,756
		7,078,794		9,883,564		7,936,971		1,134,972

Property, Equipment and Software, Net - Depreciation expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Property, Equipment and Software, Net
Depreciation expenses	¥ 597,684	$ 85,468	¥ 705,069	¥ 672,020

Property, Equipment and Software, Net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Equipment and Software, Net

Schedule of property, equipment and software, net


		As of December 31,
		2024		2025		2025
		RMB		RMB		US$
At cost:
Computer equipment, office equipment and purchased software		4,675,976		5,599,823		800,763
Leasehold improvements		128,743		200,676		28,696
		4,804,719		5,800,499		829,459
Less: accumulated depreciation		(3,925,392)		(4,494,455)		(642,697)
		879,327		1,306,044		186,762

Organization (Tables)

12 Months Ended

Dec. 31, 2025

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,
	2024	2025	2025
	RMB	RMB	US$
Total assets	217,009,461	293,479,167	41,966,962
Total liabilities	124,142,846	180,151,655	25,761,345


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Total revenues	131,868,973	121,108,780	113,748,348	16,265,797
Net income	23,398,906	22,921,391	20,687,326	2,958,248


	For the years ended December 31,
	2023	2024	2025	2025
	RMB	RMB	RMB	US$
Net cash generated from operating activities	49,705,625	15,819,139	24,682,511	3,529,552
Net cash used in investing activities	(43,637,362)	(36,090,803)	(62,690,562)	(8,964,631)
Net cash generated from financing activities	3,390,438	20,020,807	45,135,333	6,454,267
Net increase/(decrease) in cash, cash equivalents and restricted cash	9,458,701	(250,857)	7,127,282	1,019,188

- 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

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, 2025
2015 Plan and the 2018 Plan \| Employee Stock Option [Member]
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 \| Employee Stock Option [Member]
Share-Based Compensation
Number of shares authorized			581,972,860
Term of the options (in years)			20 years
2018 Plan \| RSUs
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%

Property, Equipment and Software, Net (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Property, equipment and software
At cost	¥ 5,800,499	$ 829,459	¥ 4,804,719
Less: accumulated depreciation	(4,494,455)	(642,697)	(3,925,392)
Property, equipment and software, net	1,306,044	186,762	879,327
Computer equipment, office equipment and purchased software
Property, equipment and software
At cost	5,599,823	800,763	4,675,976
Leasehold improvements
Property, equipment and software
At cost	¥ 200,676	$ 28,696	¥ 128,743

Income Taxes - Tax rates (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024	Dec. 31, 2023
Income Taxes
Withholding tax rate (as a percent)	10.00%	10.00%
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax expenses in PRC	¥ 21,430	$ 3,064
Income tax expenses outside PRC	¥ 303	$ 44
HONG KONG
Income Taxes
Statutory income tax rate	16.50%	16.50%
Shanghai Xunmeng
Income Taxes
Preferential tax rate (as a percent)	15.00%	15.00%
Walnut Shanghai
Income Taxes
Preferential tax rate (as a percent)	15.00%	15.00%

Concentration of Risks

12 Months Ended

Dec. 31, 2025

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, 2024 and 2025, 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 16) 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 – there were no related parties whose purchase individually represent greater than 10% of the total purchases of the Group for the years ended December 31, 2023, 2024 and 2025.

(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, 2023, 2024 and 2025.

(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 appreciation/(depreciation) of the US$ against RMB was approximately 1.7%, 1.5% and (2.2)% for the years ended December 31, 2023, 2024 and 2025, 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.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-21

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-3A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-2A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Dec. 31, 2023

CNY (¥)

CASH FLOW FROM OPERATING ACTIVITIES

Net income

¥ 97,842,539

$ 13,991,297

¥ 112,434,512

¥ 60,026,544

Adjustments to reconcile net income to net cash provided by operating activities:

Interest expenses

43,987

Allowance for credit losses

313,084

44,770

329,902

265,159

Depreciation and amortization

601,483

86,011

708,763

786,235

Deferred income tax, net

(181,928)

(26,015)

222,176

801,100

Amortization of right-of-use assets

2,398,881

343,035

1,932,124

1,101,970

Interest and investment gain, net

(774,225)

(110,713)

(2,827,453)

(1,354,785)

Loss on disposal of property and equipment

3,062

438

3,858

1,755

Share-based compensation

7,936,971

1,134,972

9,883,564

7,078,794

Foreign exchange (gain)/loss

1,966,622

281,223

(587,866)

(35,721)

Share of results of equity investees

(129,005)

(18,447)

(17,225)

4,707

Fair value change of investments

(10,405,890)

(1,488,022)

(6,816,454)

(1,013,475)

Changes in operating assets and liabilities:

Receivables from online payment platforms

(1,523,543)

(217,864)

48,814

(3,326,421)

Amounts due from related parties

(2,435,948)

(348,336)

(141,110)

(1,096,240)

Prepayments and other current assets

(3,654,188)

(522,542)

(782,012)

(2,121,308)

Customer advances and deferred revenues

431,748

61,739

802,431

754,955

Amounts due to related parties

284,681

40,709

(436,917)

(437,615)

Payable to merchants

15,327,685

2,191,830

16,885,188

11,623,138

Accrued expenses and other liabilities

12,359,644

1,767,405

13,781,239

34,258,159

Merchant deposits

1,247,597

178,404

(418,146)

1,820,517

Lease liabilities

(2,116,609)

(302,671)

(1,879,851)

(977,788)

Short-term investments

(12,600,028)

(1,801,780)

(21,356,654)

(13,856,982)

Other non-current assets

46,057

6,586

160,409

(184,154)

Net cash generated from operating activities

106,938,690

15,292,029

121,929,292

94,162,531

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of short-term time deposits, held to maturities and other investments

(209,632,316)

(29,977,021)

(210,272,769)

(147,131,673)

Proceeds from sales of short-term time deposits, held to maturities and other investments

230,909,306

33,019,591

147,287,723

130,317,231

Purchase of available-for-sale debt securities

(28,544,366)

(4,081,790)

(13,732,957)

(17,318,333)

Proceeds from sales of available-for-sale debt securities

6,862,682

981,350

1,140,417

4,206,359

Purchase of long-term time deposits, held to maturities and other investments

(42,382,910)

(6,060,676)

(43,847,005)

(25,051,222)

Proceeds from sales of long-term time deposits, held to maturities and other investments

709,199

101,414

2,000,000

Purchase of property, equipment and software and intangible assets

(1,145,077)

(163,744)

(967,137)

(583,879)

Loans to a related party

(200,000)

(28,600)

(13,000)

Others

246

35,692

143,239

Net cash used in investing activities

(43,423,236)

(6,209,441)

(118,356,036)

(55,431,278)

CASH FLOW FROM FINANCING ACTIVITIES

Repayment or repurchase of convertible bonds

(5,228,716)

(747,696)

(91)

(8,968,817)

Others

1,363

194

1,255

8,191

Net cash (used in)/ generated from financing activities

(5,227,353)

(747,502)

1,164

(8,960,626)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1,751,111)

(250,404)

840,096

(291,139)

Increase in cash, cash equivalents and restricted cash

56,536,990

8,084,682

4,414,516

29,479,488

Cash, cash equivalents and restricted cash at beginning of the year

126,194,421

18,045,562

121,779,905

92,300,417

Cash, cash equivalents and restricted cash at end of the year

182,731,411

26,130,244

126,194,421

121,779,905

Supplement disclosure of cash flow information:

Interest received

12,323,119

1,762,183

9,429,226

7,273,373

Income taxes paid

^[1]

21,602,615

3,089,132

17,492,828

5,764,435

Supplement disclosure of non-cash operating activities:

Recognition of right-of-use assets and lease liabilities

2,279,851

326,014

2,968,352

3,918,460

Supplement disclosure of non-cash investing activities:

Purchase of property, equipment and software included in accrued expenses and other liabilities

84,074

$ 12,022

43,725

257,211

Reconciliation of cash, cash equivalents and restricted cash:

Cash and cash equivalents

108,900,587

57,768,053

59,794,469

Restricted cash

73,830,824

68,426,368

61,985,436

Total cash, cash equivalents and restricted cash in the statements of cash flows

¥ 182,731,411

¥ 126,194,421

¥ 121,779,905

[1]	For the year ended December 31, 2025, income taxes paid amounted to RMB21.2 billion (US$3.0 billion) in the People’s Republic of China (the “PRC” or “China”), and RMB366 million (US$52 million) in jurisdictions outside the PRC.

Condensed Financial Information of the Company - Balance sheets (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
Current assets
Others	¥ 1,486,776	$ 212,606	¥ 1,599,341
Total current assets	518,979,892	74,213,136	415,648,232
Non-current assets
Total non-current assets	111,064,435	15,882,003	89,386,084
Total assets	630,044,327	90,095,139	505,034,316
Current liabilities
Convertible bonds, current portion \| ¥			5,309,597
Others	1,086,540	155,373	801,859
Total current liabilities	213,737,168	30,564,007	188,422,853
Non-current liabilities
Total non-current liabilities	2,922,003	417,841	3,298,339
Total liabilities	¥ 216,659,171	$ 30,981,848	¥ 191,721,192
Shareholders' equity
Class A ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.000005		$ 0.000005
Class A ordinary shares, shares authorized (in shares)	77,300,000,000	77,300,000,000	77,300,000,000
Class A ordinary shares, issued (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Class A ordinary shares, outstanding (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively)	¥ 182	$ 26	¥ 180
Additional paid-in capital	125,767,661	17,984,536	117,829,308
Statutory reserves	1,338,261	191,369	237,680
Accumulated other comprehensive income	2,115,683	302,539	7,824,545
Retained earnings	284,163,369	40,634,821	187,421,411
Total shareholders' equity	413,385,156	59,113,291	313,313,124		¥ 187,241,607	¥ 117,770,911
Total liabilities and shareholders' equity	630,044,327	90,095,139	505,034,316
Parent Company \| Reportable legal entity
Current assets
Cash, cash equivalents and short-term investments	45,987	6,576	10,242
Others	93	13	73
Total current assets	46,080	6,589	10,315
Non-current assets
Investments in subsidiaries, the VIE and subsidiaries of the VIE	413,387,814	59,113,671	318,641,783
Total non-current assets	413,387,814	59,113,671	318,641,783
Total assets	413,433,894	59,120,260	318,652,098
Current liabilities
Convertible bonds, current portion \| ¥			5,309,597
Others	48,738	6,969	29,377
Total current liabilities	48,738	6,969	5,338,974
Non-current liabilities
Total liabilities	¥ 48,738	$ 6,969	¥ 5,338,974
Shareholders' equity
Class A ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.000005
Class A ordinary shares, shares authorized (in shares)	77,300,000,000	77,300,000,000	77,300,000,000
Class A ordinary shares, issued (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Class A ordinary shares, outstanding (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Equity
Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,568,585,848 and 5,693,585,848 shares issued and outstanding as of December 31, 2024 and 2025, respectively)	¥ 182	$ 26	¥ 180
Additional paid-in capital	125,767,661	17,984,536	117,829,308
Statutory reserves	1,338,261	191,369	237,680
Accumulated other comprehensive income	2,115,683	302,539	7,824,545
Retained earnings	284,163,369	40,634,821	187,421,411
Total shareholders' equity	413,385,156	59,113,291	313,313,124
Total liabilities and shareholders' equity	¥ 413,433,894	$ 59,120,260	¥ 318,652,098

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY ¥ in Thousands, $ in Thousands	Common share CNY (¥) shares	Common share USD ($) shares	Additional paid in capital CNY (¥)	Additional paid in capital USD ($)	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	Retained earnings CNY (¥)	Retained earnings USD ($)	CNY (¥) shares	USD ($) shares
Balance at beginning of the year at Dec. 31, 2022	¥ 170		¥ 99,250,468		¥ 5,000		¥ 3,322,238		¥ 15,193,035		¥ 117,770,911
Balance at beginning (in shares) at Dec. 31, 2022 \| shares	5,278,348,396	5,278,348,396
Changes in equity
Net Income (Loss)									60,026,544		60,026,544
Foreign currency translation difference							1,332,984				1,332,984
Net change in unrealized gains (losses) on available-for-sale debt securities							68,538				68,538
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
Shares issued to depository bank (in shares) \| shares	212,500,000	212,500,000
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)
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		107,293,091		105,982		4,723,760		75,118,597		187,241,607
Balance at end (in shares) at Dec. 31, 2023 \| shares	5,503,491,148	5,503,491,148
Changes in equity
Net Income (Loss)									112,434,512		112,434,512
Foreign currency translation difference							2,605,982				2,605,982
Net change in unrealized gains (losses) on available-for-sale debt securities							494,803				494,803
Conversion of the convertible bonds into ordinary shares	¥ 1		651,392								651,393
Conversion of the convertible bonds into ordinary shares (in shares) \| shares	8,594,700	8,594,700
Shares issued to depository bank (in shares) \| shares	56,500,000	56,500,000
Exercise of share-based awards	¥ 2		1,261								1,263
Exercise of share-based awards (in shares) \| shares	55,964,908	55,964,908
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares	(55,964,908)	(55,964,908)
Share-based compensation			9,883,564								9,883,564
Appropriation to statutory reserves					131,698				(131,698)
Balance at end of the year at Dec. 31, 2024	¥ 180		117,829,308		237,680		7,824,545		187,421,411		¥ 313,313,124
Balance at end (in shares) at Dec. 31, 2024 \| shares	5,568,585,848	5,568,585,848									5,568,585,848	5,568,585,848
Changes in equity
Net Income (Loss)									97,842,539		¥ 97,842,539	$ 13,991,297
Foreign currency translation difference							(5,476,543)				(5,476,543)
Net change in unrealized gains (losses) on available-for-sale debt securities							(232,319)				¥ (232,319)	$ (33,221)
Shares issued to depository bank (in shares) \| shares	125,000,000	125,000,000									667,455,720	667,455,720
Exercise of share-based awards	¥ 2		1,382								¥ 1,384
Exercise of share-based awards (in shares) \| shares	52,856,440	52,856,440
Settlement of share-based compensation with shares held by depository bank (in shares) \| shares	(52,856,440)	(52,856,440)
Share-based compensation			7,936,971								7,936,971
Appropriation to statutory reserves					1,100,581				(1,100,581)
Balance at end of the year at Dec. 31, 2025	¥ 182	$ 26	¥ 125,767,661	$ 17,984,536	¥ 1,338,261	$ 191,369	¥ 2,115,683	$ 302,539	¥ 284,163,369	$ 40,634,821	¥ 413,385,156	$ 59,113,291
Balance at end (in shares) at Dec. 31, 2025 \| shares	5,693,585,848	5,693,585,848									5,693,585,848	5,693,585,848

Accumulated Other Comprehensive Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Accumulated Other Comprehensive Income
Balance at beginning of the year	¥ 313,313,124		¥ 187,241,607	¥ 117,770,911
Balance at end of the year	413,385,156	$ 59,113,291	313,313,124	187,241,607
Accumulated other comprehensive income
Accumulated Other Comprehensive Income
Balance at beginning of the year	7,824,545		4,723,760	3,322,238
Other comprehensive income/(loss)	(5,708,862)		3,100,785	1,401,522
Balance at end of the year	2,115,683	302,539	7,824,545	4,723,760
Foreign currency translation difference
Accumulated Other Comprehensive Income
Balance at beginning of the year	7,279,370		4,673,388	3,340,404
Other comprehensive income/(loss)	(5,476,543)		2,605,982	1,332,984
Balance at end of the year	1,802,827	257,801	7,279,370	4,673,388
Net change in unrealized (losses)/gains on available-for- sale debt securities
Accumulated Other Comprehensive Income
Balance at beginning of the year	545,175		50,372	(18,166)
Other comprehensive income/(loss)	(232,319)		494,803	68,538
Balance at end of the year	¥ 312,856	$ 44,738	¥ 545,175	¥ 50,372

- 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 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480870/815-30-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

+ 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-17

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-4

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481694/830-30-45-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482739/220-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-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 15: http://www.xbrl.org/2009/role/commonPracticeRef
-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 16: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) shares
Current liabilities	¥ 213,737,168	$ 30,564,007	¥ 188,422,853
Non-current liabilities	¥ 2,922,003	$ 417,841	¥ 3,298,339
Class A ordinary shares, par value (in dollars per share) \| $ / shares		$ 0.000005
Class A ordinary shares, shares authorized (in shares)	77,300,000,000	77,300,000,000	77,300,000,000
Class A ordinary shares, issued (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Class A ordinary shares, outstanding (in shares)	5,693,585,848	5,693,585,848	5,568,585,848
Consolidated VIEs
Current liabilities	¥ 108,493,208	$ 15,514,323	¥ 99,001,888
Non-current liabilities	¥ 520,081	$ 74,371	¥ 443,132

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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(g)(1)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(21))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: 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 9: 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 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483467/210-10-45-5

Reference 12: 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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: 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 14: 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)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: 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)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 16: 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)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-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 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: 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)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: 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 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(26))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 12: 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 13: 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 14: 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))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: 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 16: 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)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 17: 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)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: 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)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-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 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 25: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies

Commitments and Contingencies

20.	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 7.

(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, 2025, the total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB115,152 (US$16,467).

(c)	Contingencies

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, 2025.

Restricted Net Assets

12 Months Ended

Dec. 31, 2025

Restricted Net Assets

Restricted Net Assets

18.	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 Chinese mainland 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 Chinese mainland subsidiaries, a foreign-invested enterprise established in Chinese mainland 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 Chinese mainland are treated as foreign-invested enterprises and, therefore, are subject to the above mandated restrictions on distributable profits.

Foreign exchange and other regulations in Chinese mainland 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 Chinese mainland subsidiaries and the equity of the VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2025, restricted net assets of the Company’s Chinese mainland subsidiaries, the VIE and subsidiaries of the VIE were RMB125,917,402 (US$18,005,949).

Convertible Bonds

12 Months Ended

Dec. 31, 2025

Convertible Bonds

Convertible Bonds

10.	Convertible Bonds

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 2025 Notes matured on December 1, 2025.

Holders had the right to convert their 2025 Notes at their option prior to the close of business on the business day immediately preceding June1, 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 valueUS$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 was 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 called the 2025 Notes for a tax redemption; (4) if the Company called the 2025 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 could convert their 2025 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company paid or delivered, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election.

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

The Company could not redeem the 2025 Notes prior to December 6, 2023 unless certain tax-related events occurred. On or after December 6, 2023, the Company could redeem for cash all or part of the 2025 Notes, at its option, if the last reported sale price of its ADSs had 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 provided notice of redemption and (ii) the trading day immediately preceding the date the Company sent such notice. Holders of the 2025 Notes had the right to 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 was provided for the 2025 Notes.

The Group accounts for convertible debt instruments in accordance with ASC 470-20, Debt with Conversion and Other Options, which requires convertible debt instruments to be classified as a single liability measured at amortized cost, with no separate recognition of an equity conversion option. The Group accretes the discount on convertible bonds (including issuance costs) using the effective interest method over the period from the issuance date to the Repurchase Date, and recognizes interest expense based on the effective interest rate. The effective rate of the 2025 Notes was 0.34%. As of December 31, 2025, all of the Group’s outstanding convertible bonds had matured.

The gross proceeds from the issuance of 2025 Notes US$2,000,000, and debt issuance costs including underwriting commissions and offering expenses were approximately US$20,607.

As of December 31, 2024 and 2025, the principal amount of the 2025 Notes was US$738,634 and nil, debt discount was fully amortized, and net carrying amount of the 2025 Notes were RMB5,309,597 and nil, respectively.

For the years ended December 31, 2023, 2024 and 2025, the amounts of interest cost recognized relating to the amortization of the discount on the 2025 Notes were RMB43,987, nil and nil, respectively. The amounts repayable within the next twelve months were classified as “Convertible bonds, current portion” in the consolidated balance sheets.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: 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 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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

Employee Contribution Plan

12 Months Ended

Dec. 31, 2025

Employee Contribution Plan

Employee Contribution Plan

19.	Employee Contribution Plan

As stipulated by the regulations of Chinese mainland, 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. Besides, the Group makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of the Chinese mainland. The total expenses the Group incurred for these contribution plans were RMB1,546,308, RMB1,895,048 and RMB2,367,186 (US$338,503) for the years ended December 31, 2023, 2024 and 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: 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 2: 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 3: 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 4: 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

Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 12: 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 13: 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 14: 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

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Total revenues	¥ 431,845,713	$ 61,753,116	¥ 393,836,097	¥ 247,639,205
Foreign currency translation difference, tax	0		0	0
Related Party
Total revenues	0		0	4,272
Related Party \| Costs of revenues
Services received from related parties	6,118,953	874,999	6,292,953	6,031,719
Related Party \| Sales and marketing expenses
Services received from related parties	1,005,637	143,804	1,302,234	1,795,959
Related Party \| Research and development expenses
Services received from related parties	¥ 162,606	$ 23,252	¥ 79,242	¥ 194,803

- Definition

+ References

+ Details

Share-Based Compensation - Assumptions to estimate the fair value of options (Details) - Employee Stock Option [Member] - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation
Risk-free interest rate, minimum (in percent)	4.56%	4.14%	3.81%
Risk-free interest rate, maximum (in percent)	4.93%	4.85%	5.13%
Expected volatility, minimum (in percent)	50.10%	50.22%	50.31%
Expected volatility, maximum (in percent)	50.29%	50.39%	50.55%
Expected dividend yield (in percent)	0.00%	0.00%	0.00%
Exercise multiple	2.8	2.8	2.8
Post-vesting forfeit rate	0.00%	0.00%	0.00%
Fair value of underlying Ordinary Share, minimum (in dollars per share)	$ 24.1275	$ 24.0275	$ 17.1475
Fair value of underlying Ordinary Share, maximum (in dollars per share)	33.7175	36.41	36.3175
Fair value of share option, minimum	24.1228	24.0226	17.1425
Fair value of share option, maximum	$ 33.7127	$ 36.4051	$ 36.3127

Income Taxes - Components of deferred tax assets (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Deferred tax assets
Tax losses carried forward	¥ 571,051	$ 81,659	¥ 677,299
Accrued expenses	1,991,217	284,740	0
Others	304,707	43,573	196,342
Less: valuation allowance	(2,545,501)	(364,002)	(715,258)
Total deferred tax assets	321,474	45,970	158,383
Deferred tax liabilities
Total deferred tax liabilities	(191,366)	(27,365)	(249,159)
Foreign undistributed earnings	¥ 150,575,935	$ 21,532,072
Unrecognized Deferred Tax Liability, Determination, Impracticable [true false]	false	false
Chinese mainland
Deferred tax liabilities
Tax losses	¥ 1,872,808	$ 267,808	¥ 2,211,586
Period for extension	5 years

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

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

Use of estimates

(c)	Use of estimates

Foreign currency

(d)	Foreign currency

Convenience translation

(e)	Convenience translation

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

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

Impairment of long-lived assets other than goodwill

(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.

Fair value of financial instruments

(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.

Revenue recognition

(l)	Revenue recognition

Online marketing services

Transaction services

Incentives provided to the consumers

Costs of revenues

(m)	Costs of revenues

Advertising expenditures and incentive programs

(n)	Advertising expenditures and incentive programs

Research and development expenses

(o)	Research and development expenses

Credit loss

(p)	Credit loss

Leases

(q)

Leases

Income taxes

(r)	Income taxes

Share-based compensation

(s)	Share-based compensation

Employee benefit expenses

(t)	Employee benefit expenses

Comprehensive income

(u)	Comprehensive income

Earnings per share

(v)	Earnings per share

Segment reporting

(w)	Segment reporting

Recent accounting pronouncements

(x)	Recent accounting pronouncements

Comparatives

(y)	Comparatives

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

Fair Value Measurement - Fair value of the convertible bonds (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Fair Value Measurement
Time deposits and held-to-maturity debt securities - current	¥ 220,422,862	$ 31,520,049	¥ 210,368,027
Loan investments	6,856,643	980,487	12,119,285
Convertible bonds, current portion			5,309,597
Time deposits and held-to-maturity debt securities - other non-current	70,296,260	$ 10,052,231	57,309,555
Level 2
Fair Value Measurement
Time deposits and held-to-maturity debt securities - current	220,422,862		210,368,027
Loan investments	6,856,643		12,119,285
Convertible bonds, current portion			5,099,337
Time deposits and held-to-maturity debt securities - other non-current	¥ 70,296,260		¥ 57,309,555

Short-term Investments - Classification (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Short-term Investments
Time deposits and held-to-maturity debt securities	¥ 220,422,862	$ 31,520,049	¥ 210,368,027
Equity securities	66,033,596	9,442,679	44,479,404
Available-for-sale debt securities	19,599,692	2,802,719	6,319,014
Other debt investments	7,351,532	1,051,255	12,625,411
Short-term investments, Total	¥ 313,407,682	$ 44,816,702	¥ 273,791,856

Accrued Expenses and Other Liabilities (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Accrued Expenses and Other Liabilities
Accrued advertising and marketing expenses	¥ 10,733,946	$ 1,534,934	¥ 11,070,464
Taxes payable	27,637,234	3,952,072	22,805,311
Payroll payable	4,890,448	699,325	4,026,851
Accounts payable	32,662,965	4,670,742	28,280,328
Others	5,733,246	819,842	2,958,877
Total	¥ 81,657,839	$ 11,676,915	¥ 69,141,831

Related Party Transactions - Related party balances (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Related Party Transactions
Amounts due from Group companies	¥ 10,205,128	$ 1,459,314	¥ 7,569,180
Amounts due to related parties	1,086,540	155,373	801,859
Related Party \| Tencent Group
Related Party Transactions
Amounts due from Group companies	3,826,908	547,240	3,427,778
Amounts due to related parties	976,780	139,678	669,635
Related Party \| Ningbo Hexin Equity Investment Partnership
Related Party Transactions
Amounts due from Group companies	910,632	130,219	710,632
Related Party \| Fufeitong Group
Related Party Transactions
Amounts due from Group companies	5,467,588	781,855	3,430,770
Amounts due to related parties	¥ 109,760	$ 15,695	¥ 132,224

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

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)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-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)(c)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: 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/1943274/2147479134/946-220-S99-1

+ Details

Revenues

12 Months Ended

Dec. 31, 2025

Revenues.

Revenues

13.

Revenues


		For the years ended December 31,
		2023		2024		2025		2025
		RMB		RMB		RMB		US$

Online marketing services and others		153,540,553		197,934,192		217,783,028		31,142,559
Transaction services		94,098,652		195,901,905		214,062,685		30,610,557
		247,639,205		393,836,097		431,845,713		61,753,116

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 RMB8,633,670 and RMB10,728,065 (US$1,534,093) as of December 31, 2024 and 2025, respectively, which were included in “Customer advances and deferred revenues” and “Payable to merchants” in the consolidated balance sheets.

During the year ended December 31, 2025, revenues of RMB7,798,170 (US$1,115,123) were recognized from the carrying value of contract liabilities as of December 31, 2024. During the year ended December 31, 2024, revenues of RMB5,426,188 were recognized from the carrying value of contract liabilities as of December 31, 2023.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details