ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE I (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| ADDITIONAL INFORMATION - FINANCIAL STATEMENT SCHEDULE I |
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| CONDENSED BALANCE SHEETS |
CONDENSED BALANCE SHEETS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)) | | | | | | | | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | USD | | | | | | | (Note 2) | ASSETS | | | | | | | Cash and cash equivalents | | 274,514 | | 518,855 | | 74,195 | Short term investments | | 493,947 | | — | | — | Prepaid expenses and other assets | | 12,080 | | 182,430 | | 26,087 | Amount due from subsidiaries and VIEs | | 3,016,777 | | 4,083,237 | | 583,895 | Investments in subsidiaries and VIEs | | 20,393,966 | | 22,058,713 | | 3,154,354 | TOTAL ASSETS | | 24,191,284 | | 26,843,235 | | 3,838,531 | LIABILITIES AND EQUITY | | | | | | | LIABILITIES | | | | | | | Accrued expenses and other current liabilities | | 1,241 | | 4,075 | | 583 | Convertible notes-current | | — | | 1,019,130 | | 145,734 | Convertible notes-noncurrent | | — | | 1,583,213 | | 226,396 | Other long-term liabilities | | — | | 121,902 | | 17,432 | TOTAL LIABILITIES | | 1,241 | | 2,728,320 | | 390,145 | EQUITY | | | | | | | Ordinary shares (USD0.00001 par value per share 5,000,000,000 shares authorized, 296,540,988 shares issued and 283,981,320 shares outstanding as of December 31, 2024 and 283,019,282 shares issued and 243,823,900 shares outstanding as of December 31, 2025, respectively) | | 21 | | 20 | | 3 | Treasury stock | | (1,113,608) | | (4,066,385) | | (581,485) | Additional paid-in capital | | 4,339,413 | | 3,874,816 | | 554,091 | Retained earnings | | 20,952,340 | | 24,502,158 | | 3,503,762 | Other comprehensive income (loss) | | 11,877 | | (195,694) | | (27,985) | TOTAL EQUITY | | 24,190,043 | | 24,114,915 | | 3,448,386 | TOTAL LIABILITIES AND EQUITY | | 24,191,284 | | 26,843,235 | | 3,838,531 |
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| CONDENSED STATEMENTS OF OPERATIONS |
CONDENSED STATEMENTS OF OPERATIONS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)) | | | | | | | | | | | Year ended | | Year ended | | Year ended | | Year ended | | | December 31, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | USD | | | | | | | | | (Note 2) | Operating costs and expenses | | (25,517) | | (19,770) | | (24,973) | | (3,571) | Interest income, net | | 17,316 | | 24,376 | | 27,734 | | 3,966 | Foreign exchange (losses) gains | | (574) | | 316 | | 6,613 | | 946 | Fair value change of derivatives | | — | | — | | (181,205) | | (25,912) | Gain on debt extinguishment | | — | | — | | 270,135 | | 38,629 | Other income, net | | 29,311 | | 15,939 | | 12,090 | | 1,729 | Net income before taxes and income from equity in subsidiaries and VIEs | | 20,536 | | 20,861 | | 110,394 | | 15,787 | Equity in earnings of subsidiaries and VIEs | | 4,264,800 | | 6,248,235 | | 5,882,969 | | 841,254 | Net income before taxes | | 4,285,336 | | 6,269,096 | | 5,993,363 | | 857,041 | Income tax expenses | | — | | (4,782) | | (3,672) | | (525) | Net income attributable to shareholders of the Company | | 4,285,336 | | 6,264,314 | | 5,989,691 | | 856,516 | Net income attributable to ordinary shareholders of the Company | | 4,285,336 | | 6,264,314 | | 5,989,691 | | 856,516 |
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| CONDENSED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS |
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME OR LOSS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)) | | | | | | | | | | | Year ended | | Year ended | | Year ended | | Year ended | | | December 31, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | USD | | | | | | | | | (Note 2) | Net income attributable to shareholders of the Company | | 4,285,336 | | 6,264,314 | | 5,989,691 | | 856,516 | Other comprehensive income, net of tax of nil: | | | | | | | | | Foreign currency translation adjustment | | 17,118 | | 46,534 | | (207,571) | | (29,682) | Other comprehensive income (loss) | | 17,118 | | 46,534 | | (207,571) | | (29,682) | Total comprehensive income | | 4,302,454 | | 6,310,848 | | 5,782,120 | | 826,834 | Comprehensive income attributable to ordinary shareholders | | 4,302,454 | | 6,310,848 | | 5,782,120 | | 826,834 |
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| CONDENSED STATEMENTS OF CASH FLOWS |
CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands of Renminbi (“RMB”) and U.S. dollars (“USD”)) | | | | | | | | | | | Year ended | | Year ended | | Year ended | | Year ended | | | December 31, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2024 | | 2025 | | 2025 | | | RMB | | RMB | | RMB | | USD | | | | | | | | | (Note 2) | Cash Flows from Operating Activities: | | | | | | | | | Net income attributable to shareholders of the Company | | 4,285,336 | | 6,264,314 | | 5,989,691 | | 856,516 | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | Equity in earnings of subsidiaries and VIEs, net of dividends | | (3,474,800) | | 1,706,075 | | (1,428,319) | | (204,247) | Amortization of convertible senior notes issuance cost | | — | | — | | 22,241 | | 3,180 | Changes in operating assets and liabilities | | | | | | | | | Accrued expenses and other current liabilities | | 2,282 | | 87 | | 3,326 | | 476 | Prepaid expenses and other assets | | (17,667) | | 20,229 | | (198,412) | | (28,373) | Interest receivable/payable | | 1,320 | | (9,091) | | 8,095 | | 1,158 | Foreign exchange gain | | — | | — | | (6,613) | | (946) | Gain on debt extinguishment | | — | | — | | (270,135) | | (38,629) | Fair value change of foreign exchange options | | 4,527 | | — | | 181,205 | | 25,912 | Net Cash provided by Operating Activities | | 800,998 | | 7,981,614 | | 4,301,079 | | 615,047 | Cash Flows from Investing Activities: | | | | | | | | | Repayment of loans provided to subsidiaries and VIEs | | 378,148 | | 2,881,606 | | 5,395,300 | | 771,518 | Loans provided to subsidiaries and VIEs | | (71,706) | | (5,920,169) | | (6,576,973) | | (940,495) | Proceeds from disposal of short-term investments | | 216,301 | | 291,520 | | 2,323,576 | | 332,267 | Purchase of short-term investments | | (203,361) | | (776,418) | | (1,926,552) | | (275,493) | Net Cash provided by (used in) Investing Activities | | 319,382 | | (3,523,461) | | (784,649) | | (112,203) | Cash Flows from Financing Activities: | | | | | | | | | Payment of Secondary Listing costs | | (16,023) | | — | | — | | — | Dividends to shareholders | | (941,705) | | (1,262,935) | | (1,378,103) | | (197,066) | Proceeds from convertible senior notes, net of issuance cost | | — | | — | | 4,917,431 | | 703,183 | Repurchase of convertible senior notes | | — | | — | | (1,908,688) | | (272,939) | Stock repurchase | | (636,179) | | (2,973,192) | | (4,848,116) | | (693,271) | Net Cash used in Financing Activities | | (1,593,907) | | (4,236,127) | | (3,217,476) | | (460,093) | Effect of foreign exchange rate changes | | 11,840 | | 49,852 | | (54,613) | | (7,811) | Net (decrease) increase in cash and cash equivalents | | (461,687) | | 271,878 | | 244,341 | | 34,940 | Cash, cash equivalents, and restricted cash, beginning of year | | 464,323 | | 2,636 | | 274,514 | | 39,255 | Cash, cash equivalents, and restricted cash, end of year | | 2,636 | | 274,514 | | 518,855 | | 74,195 |
Supplemental disclosures of cash flow information: | | | | | | | | | Payables for dividends: | | — | | — | | — | | — | Payables for capitalized issuance costs | | — | | — | | — | | — |
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