Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

25.CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Condensed Balance Sheets

	As of December 31,
	Note		2023			2024			2024
			RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents				401,002			887,386			121,571
Prepayments and other assets				4,725			2,543			348
Amounts due from entities within the Group				22,653,118			21,082,425			2,888,281
Total current assets				23,058,845			21,972,354			3,010,200
Total non-current assets				—			—			—
Total assets				23,058,845			21,972,354			3,010,200
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Convertible senior notes				2,802,442			242,460			33,217
Accrued expenses and other liabilities				25,891			13,898			1,904
Total current liabilities				2,828,333			256,358			35,121
Non-current liabilities
Convertible senior notes		14		8,143,994			8,350,570			1,144,023
Total non-current liabilities				8,143,994			8,350,570			1,144,023
Total liabilities				10,972,327			8,606,928			1,179,144
Commitments and contingencies		17
Shareholders’ equity:
Class A ordinary shares (US$0.00001 par value; 94,000,000,000        shares authorized as of December 31, 2023 and 2024,       respectively; 3,853,820,658 and 3,854,584,680 shares       issued as of December 31, 2023 and 2024, respectively;       3,675,039,807 and 3,698,793,887 shares outstanding       as of December 31, 2023 and 2024, respectively)		18		237			238			33
Class B ordinary shares (US$0.00001 par value; 5,000,000,000        shares authorized as of December 31, 2023 and 2024;       3,041,097,278 shares issued and outstanding       as of December 31, 2023 and 2024)		18		193			193			26
Additional paid-in capital				54,971,469			55,623,841			7,620,435
Accumulated deficit		19		(44,573,428	)		(43,809,369	)		(6,001,859	)
Accumulated other comprehensive income		24		1,688,047			1,550,523			212,421
Total shareholders’ equity				12,086,518			13,365,426			1,831,056
Total liabilities and shareholders’ equity				23,058,845			21,972,354			3,010,200

Condensed Statements of Comprehensive (Loss)/Income

	Year ended December 31,
		2022			2023			2024			2024
		RMB			RMB			RMB			US$
Operating costs and expenses:
Selling, general and administrative			(66,883	)		(11,397	)		(13,814	)		(1,893	)
Operating loss
Share of income of subsidiaries, VIEs and VIEs’ subsidiaries			2,076,676			2,975,000			1,844,679			252,720
Interest income			12,845			115,209			59,742			8,185
Interest expenses			(234,870	)		(726,487	)		(672,647	)		(92,152	)
Foreign exchange loss, net			(1,954,314	)		(665,335	)		(640,334	)		(87,725	)
Others, net			30,334			238,479			186,433			25,541
Net (loss)/income			(136,212	)		1,925,469			764,059			104,676
Net (loss)/income attributable to ordinary shareholders			(136,212	)		1,925,469			764,059			104,676
Other comprehensive loss:
Foreign currency translation adjustments			(849,395	)		(164,040	)		(134,533	)		(18,431	)
Unrealized losses on available-for-sale debt securities			(21,091	)		(11,367	)		(2,991	)		(410	)
Total other comprehensive loss, net of tax			(870,486	)		(175,407	)		(137,524	)		(18,841	)
Comprehensive (loss)/income			(1,006,698	)		1,750,062			626,535			85,835

Condensed Statements of Cash Flows

	Year ended December 31,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
Net cash used for operating activities		(157,273	)		(370,682	)		(35,985	)		(4,930	)
Net cash (used for)/provided by investing activities		(2,462,807	)		238,001			3,384,507			463,676
Net cash provided by/(used for) financing activities		5,307,603			(3,859,442	)		(2,873,166	)		(393,622	)
Effect of exchange rate changes on cash and cash equivalents		31,492			58,157			11,028			1,510
Net increase/(decrease) in cash and cash equivalents		2,719,015			(3,933,966	)		486,384			66,634
Cash and cash equivalents at the beginning of the year		1,615,953			4,334,968			401,002			54,937
Cash and cash equivalents at the end of the year		4,334,968			401,002			887,386			121,571

Basis of presentation

For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323. The subsidiaries, VIEs and VIEs’ subsidiaries losses are reported as “Share of income of subsidiaries, VIEs and VIEs’ subsidiaries” on the condensed statements of comprehensive (loss)/income. Under the equity method of accounting, the Company’s carrying amount of its investment in subsidiaries, VIEs and VIEs’ subsidiaries was reduced to nil as of December 31, 2023 and 2024, and the carrying amount of “Amounts due from entities within the Group” was further adjusted as the Company committed to provide financial support to its VIEs as disclosed in Note 1.

The subsidiaries did not pay any dividends to the Company for the periods presented.

The Company does not have significant commitments or long-term obligations as of the period end other than those presented.

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