PDD (PDD) 20-F25 Apr 242023 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

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

CONSOLIDATED BALANCE SHEETS

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

CONSOLIDATED BALANCE SHEETS (Pa

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

CONSOLIDATED STATEMENTS OF COMP

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

CONSOLIDATED STATEMENTS OF CO_2

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

CONSOLIDATED STATEMENTS OF SHAR

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

CONSOLIDATED STATEMENTS OF CASH

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

CONSOLIDATED STATEMENTS OF CA_2

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

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization
Organization	1. Organization PDD Holdings Inc. (the ‘‘Company’’) was incorporated in the Cayman Islands on April 20, 2015 under the Cayman Islands Companies Law as an exempted company with limited liability. The Company through its consolidated subsidiaries, variable interest entity (the ‘‘VIE’’) and the subsidiaries of the VIE (collectively, the ‘‘Group’’) are engaged in the merchandise sales and the provision of online platforms to help merchants leverage the power of the internet to engage with their customers. The VIE agreements The laws and regulations of the People’s Republic of China (the “PRC” or “China”) currently place certain restrictions on foreign ownership of companies that engage in internet content and other restricted businesses. To comply with PRC laws and regulations, the Group conducts its business in which foreign investment is restricted in China through the VIE and subsidiaries of the VIE. Despite the lack of technical majority ownership, the Company directs the activities of the VIE through a series of contractual arrangements (the “Contractual Agreements”). The equity interests of the VIE are legally held by PRC individuals (the ‘‘Nominee Shareholders”). Through the Contractual Agreements, the Nominee Shareholders of the VIE effectively assigned all of their voting rights underlying their equity interests in the VIE to the Company, via Hangzhou Weimi Network Technology Co., Ltd. (“Hangzhou Weimi”), one of the Company’s PRC subsidiaries, and therefore, the Company has the power to direct the activities of the VIE that most significantly impact its economic performance. The Company also has the right to receive economic benefits and obligations to absorb losses from the VIE, via Hangzhou Weimi, that potentially could be significant to the VIE. Based on the above, the Company consolidates the VIE in accordance with SEC Regulation SX-3A-02 and ASC810-10, Consolidation: Overall. The following is a summary of the Contractual Agreements: Exclusive Option Agreements Equity Pledge Agreement 1. Organization (Continued) The VIE agreements (Continued) Shareholders’ Voting Rights Proxy Agreement Exclusive Consulting and Services Agreement In the opinion of the Company’s management and PRC counsel, (i) the ownership structure of the Group, including its subsidiaries, the VIE and the subsidiaries of the VIE, is not in violation with any applicable PRC laws and (ii) each of the VIE agreements is legal, valid, binding and enforceable to each party of such agreements in accordance with its terms and applicable PRC Laws. The Proxy Agreement was assigned by Hangzhou Weimi to the Company. The Company and the VIE entered into a financial support undertaking letter pursuant to which, the Company is obligated and hereby undertakes to provide unlimited financial support to the VIE, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. Uncertainties in the PRC legal system could cause the relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations. If the Company, Hangzhou Weimi or any of its current or future VIE are found in violation of any existing or future laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have discretion in dealing with such violations, which may include, but not limited to, revocation of business and operating licenses, being required to discontinue or restrict its business operations, restriction of the Group’s right to collect revenues, being required to restructure its operations, imposition of additional conditions or requirements with which the Group may not be able to comply, or other regulatory or enforcement actions against the Group that could be harmful to its business. The imposition of any of these or other penalties may result in a material and adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these penalties causes the Company to lose the rights to direct the activities of the VIE or the right to receive their economic benefits, the Company would no longer be able to consolidate the VIE. 1. Organization (Continued) The VIE agreements (Continued) In addition, if the VIE or the Nominee Shareholders fail to perform their obligations under the Contractual Agreements, the Group may have to incur substantial costs and expend resources to enforce the primary beneficiary’ rights under the contracts. The Group may have to rely on legal remedies under PRC laws, including seeking specific performance or injunctive relief and claiming damages, which may not be effective. All of the Contractual Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. Uncertainties in the PRC legal system could limit the Group’s ability to enforce these contractual arrangements. Under PRC laws, rulings by arbitrators are final, parties cannot appeal the arbitration results in courts, and prevailing parties may only enforce the arbitration awards in PRC courts through arbitration award recognition proceedings, which would incur additional expenses and delay. In the event the Group is unable to enforce the Contractual Agreements, the primary beneficiary may not be able to direct the activities of its VIE, and the Group’s ability to conduct its business may be negatively affected. The VIE and its subsidiaries contributed to 59.3%, 56.2% and 45.7% of the Group’s consolidated revenues for the years ended December 31, 2021, 2022 and 2023, respectively. As of December 31, 2022 and 2023, the VIE and its subsidiaries accounted for an aggregate of 53.0% and 41.4%, respectively of the consolidated total assets, and 77.1% and 58.7%, respectively of the consolidated total liabilities. The following tables represent the financial information for the VIE and its subsidiaries as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 before eliminating the inter-company balances and transactions between the VIE, the subsidiaries of the VIE and other entities within the Group: As of December 31, 2022 2023 RMB RMB US$ Total assets 160,437,905 213,209,549 30,029,937 Total liabilities 114,446,107 143,750,305 20,246,808 For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Total revenues 77,877,339 103,631,702 131,868,973 18,573,356 Net income 15,169,180 33,595,051 23,398,906 3,295,667 For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash generated from operating activities 34,365,025 25,650,939 49,705,625 7,000,891 Net cash used in investing activities (26,828,581) (43,513,150) (43,637,362) (6,146,194) Net cash (used in)/generated from financing activities (1,445,969) 16,710,269 3,390,438 477,533 Net increase/(decrease) in cash, cash equivalents and restricted cash 6,090,475 (1,151,942) 9,458,701 1,332,230 1. Organization (Continued) The VIE agreements (Continued) As of December 31, 2022 and 2023, the total assets of the VIE and its subsidiaries excluding the intra-company balances and transactions within the Group were RMB125,627,773 and RMB143,954,687 (US$20,275,594), respectively, which were consisting of cash and cash equivalents, restricted cash, short-term investments, receivables from online payment platforms, amounts due from related parties, prepayments and other current assets, property, equipment and software, net, intangible assets, right-of-use assets, deferred tax assets and other non-current assets. As of December 31, 2022 and 2023, the total liabilities of the VIE and its subsidiaries after eliminating the intra-company balances and transactions within the Group were RMB91,994,074 and RMB94,436,897 (US$13,301,160), respectively, which were consisting of amounts due to related parties, customer advances and deferred revenues, lease liabilities, merchant deposits, payable to merchants and accrued expenses and other liabilities. For the years ended December 31, 2021, 2022 and 2023, the total revenues of the VIE and its subsidiaries were RMB55,740,613, RMB73,431,914 and RMB113,113,671 (US$15,931,727), respectively, which have been reflected in the Group’s consolidated financial statements with the intra-company transactions within the Group eliminated. As of December 31, 2023, there are no consolidated VIE’s assets that are pledged or collateralized for the VIE’s obligations and which can only be used to settle the VIE’s obligations, except for registered capital and the statutory reserves, which were RMB121,000 and RMB5,889, respectively. Relevant PRC laws and regulations restrict the VIE from transferring a portion of its net assets, equivalent to the balance of their statutory reserves and its share capital, to the Company in the form of loans and advances or cash dividends. Please refer to Note 19 for disclosure of the restricted net assets. As the VIE is incorporated as a limited liability company under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company for any of the liabilities of the VIE. There were no other significant pledges or collateralization of the VIE’s assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies (a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”). (b) Principles of consolidation 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 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$. The Company’s subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity. (e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB7.0999 on December 29, 2023, the last business day in December 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. (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 investments and long-term investments included in other non-current assets primarily consist of time deposits, held-to-maturity debt securities, trading securities, investments in convertible bonds, available-for-sale debt securities and equity method investments. The classification of an investment is determined based on the Group’s ability and intent to hold the investment, the nature of the investment, and the degree to which the Group may exercise influence over the investee. All highly liquid investments with original maturities of greater than three months but less than twelve months, and investments that are expected to be realized in cash during the next twelve months are classified as short-term investments, otherwise, as long-term investments included in other non-current assets. Investments in debt securities that the Group has positive intent and ability to hold to maturity are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. Any realized gains or losses on the sale of the held-to-maturity debt securities and trading securities are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income. The Group has elected the fair value option for investments in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities The Group accounts for available-for-sale debt securities in accordance with ASC Topic 320, Investments-Debt Securities 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 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, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there were no impairment of any of the Group’s long-lived assets. (k) Fair value of financial instruments The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from/to related parties, merchant deposits, payable to merchants, short-term investments, long-term debt investments included in other non-current assets and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of time deposits and long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 12. The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. 2. Summary of Significant Accounting Policies (Continued) (k) Fair value of financial instruments (Continued) 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. (l) Revenue recognition Revenues are principally comprised of those generated from online platform services and merchandise sales. Revenues from online platform services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of indirect taxes. Consistent with the criteria of ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers Online marketing services The Group entered into contractual agreements with certain merchants to provide various types of online marketing services on the Group’s online platform for which it receives service fees from the merchants. The Group matches product listings appearing in search or browser results on its online platform and charges merchants based on impressions or clicks. The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices. In general, the merchants need to prepay for the service and the prepayments are accounted for as customer advances and deferred revenues. Under ASC 606, revenues are primarily recognized at a point in time when consumers view or click on the merchants’ product listings or over the period during which the advertising services are provided, depending on the type of online marketing services selected by the merchants. Transaction services The Group provides transaction services, including fulfillment services to merchants, and earns related fees for sales of the products completed on our platforms. The Group does not take control of the products provided by merchants at any point in time during the transactions. Revenues related to transaction services are recognized in consolidated statements of comprehensive income at a point in time when the Group’s service obligation to the merchants is determined to have been completed under each sales transaction completed. Variable consideration is estimated and included in the transaction price to the extent that it is probable that a significant revenue reversal will not occur. Adjustments to the estimated variable consideration related to prior reporting periods were not material. Merchandise sales The Group in certain cases acquires merchandise from suppliers and sells directly to the customers. The Group acts as a principal as it obtains control of merchandise, is primarily obligated for merchandise sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the product is delivered and title is passed to customers in this type of transaction. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues. 2. Summary (l) Revenue recognition (Continued) Incentives provided to the consumers In order to promote its online platforms and attract more registered consumers who are not customers of the Group, the Group at its own discretion provides various forms of incentives. These incentives, including coupons, credits and other subsidies that are not specific to any merchants, can be used by the consumers to purchase merchandise provided on the Group’s online platforms at reduced prices or to redeem for cash from the Group. Despite the absence of any explicit contractual obligations to incentivize the consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine whether the incentives represent implicit obligations to the consumers on behalf of merchants and if so, should be recorded as reduction of revenues. If the Group has determined that incentives provided to the consumers are not considered as payments to the merchant-customers, the Group records these incentives as marketing expenses. (m) Costs of revenues Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platforms and others, such as costs and expenses attributable to merchandise sales, fulfillment fees, merchant support services, bandwidth and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, surcharges and other expenses directly attributable to the online platform services. (n) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB41,456,838, RMB49,971,418 and RMB76,428,811 (US$10,764,773) for the years ended December 31, 2021, 2022 and 2023, respectively. (o) Research and development expenses Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements. 2. Summary of Significant Accounting (p) Government subsidies Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. Such amounts are recognized as “Other income, net” upon receipt and when all conditions attached to the grants are fulfilled. (q) Credit loss The Group follows Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (r) Leases The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2021, 2022 and 2023. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. The Group also elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less. At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. The Group accounts for lease and non-lease components separately. 2. Summary of Significant Accounting Policies (Continued) (s) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740(‘‘ASC 740’’), Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income as income tax expenses. (t) Share-based compensation The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation Compensation-Stock Compensation Improvement to Employee Share-based Payment Accounting (u) Employee benefit expenses As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of mainland China. (v) Comprehensive income Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income 2. Summary of Significant Accounting Policies (Continued) (w) Earnings per share Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (‘‘RSUs’’) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. (x) Segment reporting The Group follows ASC 280, Segment Reporting (y) Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures (z) Comparatives Certain prior period amounts have been reclassified to conform to the current period presentation.

Concentration of Risks

Concentration of Risks	12 Months Ended
Concentration of Risks	Dec. 31, 2023
Concentration of Risks
Concentration of Risks	3. Concentration of Risks (a) Concentration of credit risk Financial instruments that may potentially subject the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from related parties, short-term investments, and long-term debt investments included in other non-current assets. As of December 31, 2022 and 2023, a majority of the Group’s cash and cash equivalents, restricted cash, short-term investments and long-term debt investments were held at reputable financial institutions with high-credit ratings. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions. There has been no recent history of default in relation to these financial institutions. Receivables from online payment platforms and amounts due from related parties (Note 17) are unsecured and derived from transactions on the Group’s online platforms to consumers, which are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on the selected online payment platforms that are highly reputable and market leaders. There has been no default of payments from these online payment platforms. (b) Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; changes in competitive landscape including potential new entrants; advances and new trends in new technology; strategic relationships or customer relationships; regulatory considerations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. (i) (ii) (iii) (c) Foreign currency exchange rate risk The Group is exposed to foreign currency exchange rate risk, which mainly affects the monetary assets denominated in the currencies other than the functional currencies of the respective entities. From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. The (depreciation)/appreciation of the US$ against RMB was approximately (2.3)%, 9.2% and 1.7% for the years ended December 31, 2021, 2022 and 2023, respectively. The functional currency and the reporting currency of the Company are the US$ and the RMB, respectively. Most of the Group’s revenues and costs are denominated in RMB, while a portion of cash and cash equivalents, short-term investments and long-term debt investments, are denominated in US$. It is difficult to predict how market forces or PRC or United States government policy may impact the exchange rate between the RMB and the US$ in the future. (d) Currency convertibility risk The Group transacts most of its business in RMB, which is not freely convertible into foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China (the “PBOC”) or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.

Short-term Investments

Short-term Investments	12 Months Ended
Short-term Investments	Dec. 31, 2023
Short-term Investments
Short-term Investments	4. Short-term Investments Classification of short-term investments as of December 31, 2022 and 2023 were shown as below: As of December 31, 2022 2023 2023 RMB RMB US$ Time deposits and held-to-maturity debt securities 113,872,353 139,740,216 19,681,997 Trading securities 6,917 17,151,086 2,415,680 Investments in convertible bonds 1,233,284 524,063 73,813 115,112,554 157,415,365 22,171,490 The gross unrecognized holding gains or losses on the time deposits and held-to-maturity debt securities were nil as of December 31, 2022 and 2023. The costs of trading securities were RMB6,828 and RMB15,351,531 (US$2,162,218), with net unrealized gains of RMB89 and RMB1,799,555 (US$253,462) as of December 31, 2022 and 2023, respectively. For the years ended December 31, 2021, 2022 and 2023, interest income related to time deposits and held-to-maturity debt securities were RMB1,093,654, RMB2,442,413 and RMB5,750,934 (US$810,002), respectively. The Group invested in convertible bonds issued by a third party in 2020, which is accounted for under the fair value option. As of December 31, 2022 and 2023, the fair value was RMB1,233,284 and RMB524,063 (US$73,813), respectively. Unrealized losses of RMB67,065, RMB221,640 and RMB749,967 (US$105,631) were recorded for the year ended December 31, 2021, 2022 and 2023, respectively.

Prepayments and Other Current A

Prepayments and Other Current Assets	12 Months Ended
Prepayments and Other Current Assets	Dec. 31, 2023
Prepayments and Other Current Assets
Prepayments and Other Current Assets	5. Prepayments and Other Current Assets The components of prepayments and other current assets are as follows: As of December 31, 2022 2023 2023 RMB RMB US$ Prepayments 966,439 1,326,294 186,805 Value-added tax (“VAT”) 326,427 871,593 122,761 Interest receivables 119,564 367,001 51,691 Rental and other deposits 86,915 119,455 16,825 Others 799,034 1,528,672 215,308 2,298,379 4,213,015 593,390 The prepayments mainly consist of advertising fees paid in advance.

Property, Equipment and Softwar

Property, Equipment and Software, Net	12 Months Ended
Property, Equipment and Software, Net	Dec. 31, 2023
Property, Equipment and Software, Net
Property, Equipment and Software, Net	6. Property, Equipment and Software, Net As of December 31, 2022 2023 2023 RMB RMB US$ At cost: Computer equipment, office equipment and purchased software 3,591,861 4,149,947 584,507 Leasehold improvement 30,249 69,691 9,816 3,622,110 4,219,638 594,323 Less: accumulated depreciation (2,577,263) (3,240,041) (456,350) 1,044,847 979,597 137,973 For the years ended December 31, 2021, 2022 and 2023, the Group recorded depreciation expenses of RMB911,964, RMB1,615,551 and RMB672,020 (US$94,652), respectively.

Intangible Assets

Intangible Assets	12 Months Ended
Intangible Assets	Dec. 31, 2023
Intangible Assets
Intangible Assets	7. Intangible Assets Intangible assets consisted of the following: 2022 2023 2023 RMB RMB US$ Balance as of January 1 701,220 134,002 18,874 Amortization (608,618) (114,215) (16,087) Foreign currency translation difference 41,400 1,361 192 Balance as of December 31 134,002 21,148 2,979 In February 2018, the Company entered into a strategic cooperation framework agreement (the “Agreement”) with an affiliate of Tencent Group. The Company and Tencent Group agreed to cooperate in a number of areas primarily for Tencent Group to provide the Company with Weixin access point and other services and to pursue additional opportunities for future potential cooperation. The Agreement is valid for five years, from March 1, 2018 to February 28, 2023. The Company recognized the Agreement as an intangible asset at the fair value of consideration paid in the form of convertible preferred shares of RMB2,852 million. The Group recognizes the related amortization expense in costs of revenues, over the period of five years using the straight-line method. Amortization expense for intangible assets were RMB583,416, RMB608,618 and RMB114,215 (US$16,087) for the years ended December 31, 2021, 2022 and 2023, respectively. No impairment charge was recognized on the intangible assets for any of the three years in the period ended December 31, 2023. The estimated annual amortization expense for each of the remaining fiscal years is as follows: Amortization RMB US$ 2024 3,007 424 2025 3,007 424 2026 3,007 424 2027 3,007 424 2028 and after 9,120 1,283

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases
Leases	8. Leases The Group has operating leases mainly for offices and warehouses. For the years ended December 31, 2021, 2022 and 2023, operating lease costs were RMB385,377, RMB557,477 and RMB1,200,344 (US$169,065), respectively; and short-term lease costs were RMB141,507, RMB174,402 and RMB178,288 (US$25,111), respectively. There were no leasing costs other than the operating lease costs and short-term lease costs for the years ended December 31, 2021, 2022 and 2023. A maturity analysis of the Company’s operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities recognized in the consolidated balance sheets was as below: As of December 31, 2023 RMB US$ 2024 1,763,815 248,428 2025 1,380,948 194,502 2026 758,834 106,880 2027 418,912 59,003 2028 and after 206,396 29,070 Total undiscounted cash flows 4,528,905 637,883 Less: imputed interest (243,097) (34,240) Present value of lease liabilities 4,285,808 603,643 As of December 31, 2023, the Company did not have any significant operating leases that had not yet commenced. As of December 31, 2021, 2022 and 2023, the weighted average remaining lease term was 2.74 years, 2.87 years and 3.07 years, respectively, and the weighted average discount rate was 4.38%, 4.05% and 3.44% for the Company’s operating leases, respectively. Other supplemental information related to leases is summarized below: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Cash payments for operating leases 388,144 534,784 1,075,598 151,495 ROU assets obtained in exchange for new operating lease liabilities 704,142 1,068,063 3,918,460 551,904

Other Non-Current Assets

Other Non-Current Assets	12 Months Ended
Other Non-Current Assets	Dec. 31, 2023
Other Non-current Assets
Other Non-current Assets	9. Other Non-current Assets Other non-current assets mainly include time deposits, held-to-maturity debt securities, available-for-sale debt securities, and equity method investments. Time deposits and held-to-maturity debt securities represent the time deposits made in financial institutions and debt securities that the Group has positive intent and ability to hold to maturity with maturities of more than one year. As of December 31, 2022 and 2023, the carrying amounts for the investments, net of allowance for credit losses, were RMB11,040,283 and RMB28,784,997 (US$4,054,282), respectively. As of December 31, 2022 and 2023, the allowance for credit losses was RMB12,873 and RMB40,466 (US$5,700), respectively. The gross unrecognized holding gains or losses on the investments were nil as of December 31, 2022 and 2023. Interest income recorded on these time deposits and held-to-maturity debt securities in the consolidated statements of comprehensive income were RMB83,728, RMB151,299 and RMB336,789 (US$47,436) for the years ended December 31, 2021, 2022 and 2023, respectively. The following table summarizes the net carrying amount of long-term time deposits and held-to-maturity debt securities with stated contractual dates, classified by the contractual maturity dates of the investments: As of December 31, 2022 2023 2023 RMB RMB US$ Due in 1 year through 2 years 5,536,768 11,510,069 1,621,159 Due in 2 years through 3 years 5,503,515 17,274,928 2,433,123 11,040,283 28,784,997 4,054,282 As of December 31, 2022 and 2023, available-for-sale debt securities include government bonds purchased from financial institutions, with maturities of greater than twelve months. The following table summarizes the details of available-for-sale debt securities with stated contractual dates, classified by the contractual maturity dates of the investments: As of December 31, 2022 Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) RMB RMB RMB RMB Due in 5 years through 10 years 3,596,846 4,626 (25,998) 3,575,474 As of December 31, 2023 Fair Value Fair Value Gross Gross (Net (Net Amortized Unrealized Unrealized Carrying Carrying Cost Gains Losses Amount) Amount) RMB RMB RMB RMB US$ Due in 1 year through 5 years 14,140,990 43,561 — 14,184,551 1,997,852 Due in 5 years through 10 years 2,608,225 29,958 (6,357) 2,631,826 370,685 16,749,215 73,519 (6,357) 16,816,377 2,368,537 For available-for-sale debt securities where the fair value is below the amortized cost basis of its investments, the Group does not intend to sell these debt securities and considers the decline in fair value below the amortized cost basis is not the result of a credit loss as of December 31, 2022 and 2023. Hence, no allowance for credit loss was recorded as of December 31, 2022 and 2023. Equity method investments consist of the Group’s investments as a limited partner in certain limited partnership funds to make strategic investments. As of December 31, 2022 and 2023, the carrying amount for the investments was RMB2,049,616 and RMB1,922,988 (US$270,847), respectively. No equity method investments were considered, individually or in aggregate, material as of December 31, 2022 and 2023. There was no impairment on these investments during the years ended December 31, 2021, 2022 and 2023.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
Accrued Expenses and Other Liabilities	Dec. 31, 2023
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	10. Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of December 31, 2022 2023 2023 RMB RMB US$ Accrued advertising and marketing expenses 5,850,125 13,485,287 1,899,363 VAT and other tax payable 6,970,790 16,928,603 2,384,344 Payroll payable 2,364,723 3,200,108 450,726 Accounts payable 3,978,818 16,905,439 2,381,081 Others 1,796,267 4,831,962 680,567 20,960,723 55,351,399 7,796,081

Convertible Bonds

Convertible Bonds	12 Months Ended
Convertible Bonds	Dec. 31, 2023
Convertible Bonds
Convertible Bonds	11. Convertible Bonds (a) 2024 Convertible Bonds In September 2019, the Company issued US$1,000,000 principal amount 0.00% convertible senior notes including US$125,000 sold upon the exercise of the over-allotment option (the “2024 Notes”). The 2024 Notes will mature on October 1, 2024 unless redeemed, repurchased or converted prior to such date. Holders may convert their 2024 Notes at their option prior to the close of business on the business day immediately preceding April 1, 2024 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2019 (and only during such calendar quarter), if the last reported sale price of the Company’s American Depositary Shares (the “ADSs”), each representing four Class A ordinary shares of the Company, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (the “2024 Price Condition”); (2) during the five-business-day-period after any ten-consecutive-trading-day-period (the “measurement period”) in which the trading price per US$1,000 principal amount of the 2024 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2024 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after April 1, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2024 Notes at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The initial conversion rate of the 2024 Notes is 23.4680 of the Company’s ADS per US$1,000 principal amount of the 2024 Notes (which is equivalent to an initial conversion price of approximately US$42.61 per ADS). The conversion rate will be subject to adjustment in some events. In addition, following certain corporate events that occur prior to the maturity date, if a make-whole fundamental change occurs prior to the maturity date of the 2024 Notes, or under certain circumstances upon a tax redemption or the Company’s optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2024 Notes in connection with such corporate event, such make-whole fundamental change or such notice of tax redemption or notice of optional redemption, as the case may be. The Company may not redeem the 2024 Notes prior to October 1, 2022 unless certain tax-related events occur. On or after October 1, 2022, the Company may redeem for cash all or part of the 2024 Notes, at its option, if the last reported sale price of the Company’s American Depositary Shares has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption; and (ii) the trading day immediately preceding the date the Company sends such notice. Holders of the 2024 Notes may require the Company to repurchase all or part of their 2024 Notes in cash on October 1, 2022 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2024 Notes. 11. Convertible Bonds (Continued) (b) 2025 Convertible Bonds In November 2020, the Company issued US$2,000,000 principal amount 0.00% convertible senior notes including US$250,000 sold upon the exercise of the over-allotment option (the “2025 Notes”). The Notes will mature on December 1, 2025 unless redeemed, repurchased or converted prior to such date. Holders may convert their 2025 Notes at their option prior to the close of business on the business day immediately preceding June 1, 2025 only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s ADS, par value US$0.000005 per share, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five-business-day period after any ten-consecutive-trading-day period (the ‘‘measurement period’’) in which the ‘‘trading price’’ (as defined below) per US$1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the ADSs and the conversion rate on each such trading day; (3) if the Company calls the 2025 Notes for a tax redemption; (4) if the Company calls the 2024 Notes for redemption at its option or (5) upon the occurrence of specified corporate events. On or after June 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their 2025 Notes at any time, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, ADSs, or a combination of cash and ADSs, at its election. The conversion rate will initially be 5.2459 ADSs per US$1,000 principal amount of 2025 Notes (equivalent to an initial conversion price of approximately US$190.63 per ADS). The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid special interest, if any. In addition, following certain corporate events that occur prior to the maturity date or following the Company’s delivery of a notice of a tax or optional redemption, the Company will, in certain circumstances, increase the conversion rate for a holder who elects to convert its 2025 Notes in connection with such a corporate event or such notice of tax or optional redemption, as the case may be. The Company may not redeem the 2025 Notes prior to December 6, 2023 unless certain tax-related events occur. On or after December 6, 2023, the Company may redeem for cash all or part of the 2025 Notes, at its option, if the last reported sale price of its ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provide notice of redemption and (ii) the trading day immediately preceding the date the Company send such notice. Holders of the 2025 Notes may require the Company to repurchase all or part of their 2025 Notes in cash on December 1, 2023 (the “Repurchase Date”) or in the event of certain fundamental changes. No sinking fund is provided for the 2025 Notes. (c) Accounting for Convertible Bonds The Group adopted ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity 11. Convertible Bonds (Continued) (c) Accounting for Convertible Bonds (Continued) The cumulative effects of changes made to the Group’s consolidated balance sheets on January 1, 2022 for the adoption of ASU 2020-06 were as follows: Balance as Balance as of of December January 31, 2021 Adjustment 1, 2022 RMB RMB RMB Liabilities Convertible bonds 11,788,907 2,316,324 14,105,231 Equity Additional paid-in capital 95,340,819 (3,818,926) 91,521,893 Accumulated other comprehensive loss (2,519,900) 136,096 (2,383,804) Accumulated deficits (17,706,533) 1,366,506 (16,340,027) The adoption of ASU 2020-06 reduced interest expenses by RMB1,268,792 in 2022, and increased the basic and diluted earnings per share by RMB0.25 and RMB0.17, respectively. Those convertible bonds were anti-dilutive before adoption of ASU 2020-06. Prior to the adoption of ASU 2020-06, as the conversion option may be settled in cash, ADSs, or a combination of cash and ADSs at the Company’s option, the Company separated the 2024 Notes and the 2025 Notes (collectively as the “Notes”) into liability and equity components in accordance with ASC 470-20, Debt with Conversion and Other Options After the adoption of ASU 2020-06, the Group recombine convertible bonds that were previously separated into liability and equity components in accordance with ASC 470-20. The revised amortized cost of the outstanding convertible bonds at transition is recomputed as if the conversion option was not separated. The Group determined the amortized cost at issuance date and then recalculate the amortization of the discount using the recalculated effective interest rate. The resulting discount, together with the issuance costs as mentioned below, are accreted at an effective interest rate over the period from the issuance date to the Repurchase Date. The recalculated effective rate of the 2024 Notes and 2025 Notes are 0.53% and 0.34%, respectively. The adjustment to retained earnings is the difference between the sum of the carrying amount of the liability and equity component immediately before transition and the revised amortized cost. The gross proceeds from the issuance of the 2024 Notes and 2025 Notes were US$1,000,000 and US$2,000,000, respectively, and debt issuance costs including under writing commissions and offering expenses were approximately US$15,680 and US$20,607, respectively. On December 1, 2023, the Repurchase Date of 2025 Notes, certain holders required the Company to repurchase their notes, and US$1,261,366 in aggregate principal amount was repaid in cash. As of December 31, 2022 and 2023, the principal amount of the Notes was US$2,226,252 and US$830,205, unamortized debt discount were US$6,239 and nil, and net carrying amount of the Notes were RMB15,461,506 and RMB5,880,093 (US$828,194), respectively. 11. Convertible Bonds (Continued) (c) Accounting for Convertible Bonds (Continued) For the years ended December 31, 2021, 2022 and 2023, the amount of interest cost recognized relating to the amortization of the discount on the Notes were RMB1,221,846, RMB51,655 and RMB43,987 (US$6,195), respectively. The amounts repayable within the next twelve months were classified as “Convertible bonds, current portion” in the consolidated balance sheets. For the year ended December 31, 2023, holders of US$134,681 in aggregate principal amount of the 2024 Notes exercised their right to convert their notes into shares under the 2024 Price Condition at its initial conversion price. As a result, the Company issued 12,642,752 ordinary shares. As of December 31, 2023, the if-converted values of remaining 2024 Notes were US$313,901, which exceed their principal amount of US$91,571.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
Fair Value Measurement	Dec. 31, 2023
Fair Value Measurement
Fair Value Measurement	12. Fair Value Measurement In accordance with ASC 820, the Company measures investments in money market funds, available-for-sale debt securities, convertible bonds and certain wealth management products classified as trading securities on a recurring basis. The following tables set forth the financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy: Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2022: Cash equivalents Money market funds 7,791,628 — — Short-term investments: Trading securities 6,917 — — Investments in convertible bonds — — 1,233,284 Other non-current assets: Available-for-sale debt securities — 3,575,474 — 7,798,545 3,575,474 1,233,284 Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2023: Cash equivalents Money market funds 23,593,093 — — Short-term investments: Trading securities 15,664,769 1,486,317 — Investments in convertible bonds — — 524,063 Other non-current assets: Available-for-sale debt securities — 16,816,377 — 39,257,862 18,302,694 524,063 12. Fair Value Measurement (Continued) Investments in convertible bonds are classified under level 3 in the fair value hierarchy, with the fair value estimated based on the third-party appraisal report using the expected credit loss model and the discounted cashflow model. Key inputs and parameters include probability of default which is the likelihood that a borrower will default on a credit obligation over a specific time horizon, loss given default which is an estimate of the loss from a transaction given that a default occurs, and discount rate which is based on yield of comparable bonds with similar credit rating applicable for the bond issuer. Certain trading securities and available-for-sale debt securities are classified under level 2 in the fair value hierarchy, with the fair value determined primarily based on quoted prices of similar assets. The Group values its money market funds and certain trading securities using quoted prices for the underlying securities in active markets, and accordingly, the Group classifies the valuation techniques that use these inputs as Level 1. Reconciliations of assets categorized within Level 3 under the fair value hierarchy are as follow: Amounts RMB Balance as of January 1, 2022 1,290,901 Net unrealized fair value (221,640) Foreign currency translation difference 164,023 Balance as of December 31, 2022 1,233,284 Net unrealized fair value (749,967) Foreign currency translation difference 40,746 Balance as of December 31, 2023 524,063 As of December 31, 2022 and 2023, the Group did not have any assets or liabilities that were measured at fair value on a non-recurring basis and no impairment charge was recorded. The followings are financial instruments not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purposes. The fair values of time deposits and held-to-maturity debt investments are estimated using prevailing interest rates. The fair values of the convertible bonds are based on broker quotes: Fair Value disclosure Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB As of December 31, 2022: Short-term investments: Time deposits and held-to-maturity debt securities — 113,872,353 — Convertible bonds, current portion — 13,093,448 — Other non-current assets: Time deposits and held-to-maturity debt securities — 11,040,283 — Convertible bonds — 3,056,964 — As of December 31, 2023: Short-term investments: Time deposits and held-to-maturity debt securities — 139,740,216 — Convertible bonds, current portion — 2,229,777 — Other non-current assets: Time deposits and held-to-maturity debt securities — 28,784,997 — Convertible bonds — 5,413,685 —

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
Accumulated Other Comprehensive Income	Dec. 31, 2023
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	13. Accumulated Other Comprehensive Income Net change in unrealized (losses)/gains on Foreign currency available-for- translation sale debt difference securities Total RMB RMB RMB Balances as of January 1, 2021 (1,047,728) — (1,047,728) Other comprehensive loss (1,472,172) — (1,472,172) Balances as of December 31, 2021 (2,519,900) — (2,519,900) Cumulative effect of accounting change 136,096 — 136,096 Balances as of January 1, 2022 (2,383,804) — (2,383,804) Other comprehensive income/(loss) 5,724,208 (18,166) 5,706,042 Balances as of December 31, 2022 3,340,404 (18,166) 3,322,238 Other comprehensive income 1,332,984 68,538 1,401,522 Balances as of December 31, 2023 4,673,388 50,372 4,723,760 Balances as of December 31, 2023 (US$) 658,233 7,095 665,328 The income tax effects related to the accumulated other comprehensive income were insignificant for all periods presented.

Revenues

Revenues	12 Months Ended
Revenues	Dec. 31, 2023
Revenues.
Revenues	14. Revenues For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Online marketing services and others 79,809,490 102,931,095 153,540,553 21,625,735 Transaction services 14,140,449 27,626,494 94,098,652 13,253,518 93,949,939 130,557,589 247,639,205 34,879,253 Contract liabilities were mainly related to considerations received in advance for online platform services, for which control of the services occur at a later point in time. Balances of contract liabilities were RMB2,026,895 and RMB5,931,850 (US$835,484) as of December 31, 2022 and 2023, respectively. During the year ended December 31, 2023, revenues of RMB1,811,993 (US$255,214) were recognized from the carrying value of contract liabilities as of December 31, 2022. During the year ended December 31, 2022, revenues of RMB1,356,566 were recognized from the carrying value of contract liabilities as of December 31, 2021.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
Share-Based Compensation	Dec. 31, 2023
Share-Based Compensation
Share-Based Compensation	15. Share-Based Compensation In order to provide additional incentives to employees and to promote the success of the Group’s business, the Group adopted a share incentive plan in 2015 (the “2015 Plan”). The 2015 Plan allows the Group to grant options to employees, directors or consultants. Under the 2015 Plan, the maximum aggregate number of shares that may be issued shall not exceed 581,972,860. The terms of the options shall not exceed twenty years from the date of grant. In July 2018, the Group adopted the 2018 Share Incentive Plan (the “2018 Plan”). The 2018 Plan allows the Group to grant options and RSUs to employees, directors or consultants. Under the 2018 Plan, the maximum aggregate number of shares that may be issued pursuant to all awards is initially 363,130,400, plus an annual increase on the first day of each fiscal year of the company during the term of the 2018 Plan commencing with the fiscal year beginning January 1, 2019, by an amount equal to the lessor of (i) 1.0% of the total number of shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by our board of directors. In March 2021, our board of directors approved an amendment to the 2018 Plan to increase the annual increase percentage from 1.0% to 3.0% effective from the fiscal year beginning January 1, 2022. For the share options granted under the 2015 Plan and the 2018 Plan, in addition to the explicit service periods of four years, with 25% of the options vesting annually, Class A ordinary shares acquired from the exercise of vested options cannot be sold or transferred by the employees without the prior written consents of the Company within the first three years of vested (‘‘Restricted Shares’’). In the event that employment relationship is terminated with the Company, voluntarily or involuntarily, within the three-year lock-up periods, the Company may, at its sole discretion, repurchase the Restricted Shares at the employee’s exercise price. The Group determined the substance of the lock up periods to be additional implicit service periods of three years, thereby extending the vesting terms of the options to be seven years in total. The RSUs granted under the 2018 Plan vest over a period of four years with 25% vesting on each anniversary from the date of grant, or with 50% of the RSUs vesting on the second anniversary and 25% on each of the third and fourth anniversary from the date of grant. 15. Share-Based Compensation (Continued) (a) Share options: The following table summarize the Group’s option activities under the 2015 Plan and the 2018 Plan: Weighted Weighted Weighted average average average Aggregate remaining Number of exercise grant date intrinsic contractual share options price fair value value term US$ US$ US$ Years Outstanding as of December 31, 2022 511,631,888 0.0065 5.2248 10,427,570 15.44 Granted 98,048,400 0.0065 24.5402 Forfeited (11,854,180) 0.0065 5.8944 Exercised (182,380,476) 0.0065 3.6994 Outstanding as of December 31, 2023 415,445,632 0.0065 10.4340 15,193,262 15.71 Vested and expected to vest as of December 31, 2023 415,445,632 0.0065 10.4340 15,193,262 15.71 Exercisable as of December 31, 2023 284,151,962 0.0065 4.5980 10,391,721 14.09 The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the awards and the fair value of the underlying ordinary shares at each reporting date, for those awards that had exercise price below the estimated fair value of the relevant ordinary shares. Total intrinsic value of options exercised for the years ended December 31, 2021, 2022 and 2023 was RMB1,252,115, RMB32,530,282 and RMB24,817,686 (US$3,495,498), respectively. The total fair value of vested options for the years ended December 31, 2021, 2022 and 2023 was RMB3,949,471, RMB4,770,523, and RMB3,285,026 (US$462,686), respectively. The weighted average grant date fair value of options granted during the years ended December 31, 2021, 2022 and 2023 was US$32.0457, US$13.4311 and US$24.5402, respectively. As of December 31, 2023, total unrecognized share-based compensation expense relating to unvested awards was RMB21,673,425 (US$3,052,638) which is expected to be recognized over a weighted-average period of 2.89 years. The Group calculated the estimated fair value of the options on the respective grant dates using the binomial-lattice option valuation model with the following assumptions for each applicable period which took into account variables such as volatility, dividend yield, and risk-free interest rates: For the years ended December 31, 2021 2022 2023 Risk-free interest rates 1.31%-1.69% 1.52%-4.08% 3.81%-5.13% Expected volatility 46.28%-46.87% 46.29%-50.26% 50.31%-50.55% Expected dividend yield 0% 0% 0% Exercise multiple 2.80 2.80 2.80 Post-vesting forfeit rate 0% 0% 0% Fair value of underlying ordinary shares $22.0375-$46.5375 $10.6625-$17.8550 $17.1475-$36.3175 Fair value of share option $22.0310-$46.5310 $10.6560-$17.8485 $17.1425-$36.3127 15. Share-Based Compensation (Continued) (b) RSUs: The following table summarize the Group’s RSU activities under the 2018 Plan: Weighted average grant Number of RSUs date fair value US$ Outstanding as of December 31, 2022 81,984,488 15.5100 Granted 36,331,044 23.3860 Vested (26,726,376) 14.6771 Forfeited (3,126,540) 19.3649 Outstanding as of December 31, 2023 88,462,616 18.8600 The total fair value of the RSUs vested during the years ended December 31, 2021, 2022 and 2023 was RMB675,837, RMB1,539,004, and RMB2,765,817 (US$389,557), respectively. The weighted average grant date fair value of the RSUs granted during the years ended December 31, 2021, 2022, and 2023 was US$32.4843, US$13.0177 and US$23.3860, respectively. As of December 31, 2023, RMB6,824,175 (US$961,165) of unrecognized share-based compensation expenses related to RSUs is expected to be recognized over a weighted average vesting period of 2.69 years using the accelerated method. Total unrecognized share-based compensation expenses may be adjusted for future changes when actual forfeitures incurred. (c) Share-based compensation expense by function: The Group recognized share-based compensation expenses for the years ended December 31, 2021, 2022 and 2023 as follows: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Costs of revenues 26,624 33,788 132,470 18,658 Sales and marketing expenses 1,612,219 2,158,676 2,354,097 331,568 General and administrative expenses 792,421 3,004,327 2,289,272 322,437 Research and development expenses 2,343,466 2,521,574 2,302,955 324,364 4,774,730 7,718,365 7,078,794 997,027

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	16. Income Taxes Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain arising in Cayman Islands. Additionally, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Subsidiaries incorporated in Hong Kong are subject to Hong Kong profits tax at the rate of 16.5% on its activities conducted in Hong Kong and it may be exempted from income tax on its foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. 16. Income Taxes (Continued) Mainland China The Company’s subsidiaries and VIE and its subsidiaries in mainland China are subject to the statutory rate of 25%, in accordance with the Enterprise Income Tax law (the “EIT Law”), which has been effective since January 1, 2008, except for certain entities eligible for preferential tax rates. Shanghai Xunmeng Information Technology Co., Ltd., a subsidiary of VIE, was recognized as high and new technology enterprise (“HNTE”) and was eligible for a preferential tax rate of 15% from 2018 to 2023. Walnut Street (Shanghai) Information Technology Co., Ltd., a subsidiary of the Company, was recognized as HNTE and was eligible for a preferential tax rate of 15% from 2021 to 2023. Shenzhen Qianhai Xinzhijiang Information Technology Co., Ltd., a subsidiary of the Company established in April 2018, located in Qianhai District, Shenzhen, Guangdong Province, was eligible for a preferential tax rate of 15% and started to apply this rate from then on. The preferential tax rate is awarded to companies that are located in Qianhai District which operate in certain encouraged industries, from 2014 to 2025. Dividends, interests, rent or royalties payable by the Company’s mainland China subsidiaries, to non-mainland China resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10% withholding tax, unless the respective non-mainland Chinese resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with mainland China that provides for a reduced withholding tax rate or an exemption from withholding tax. The Group’s profit before income taxes consisted of: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Non-PRC (6,330,398) (7,902,201) (1,495,542) (210,643) PRC 16,032,653 44,165,930 73,371,990 10,334,229 9,702,255 36,263,729 71,876,448 10,123,586 The Group’s income taxes consisted of: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Current income tax 1,933,798 5,754,253 11,048,804 1,556,191 Deferred income tax (benefit)/expense (213) (1,028,586) 801,100 112,833 1,933,585 4,725,667 11,849,904 1,669,024 16. Income Taxes (Continued) Reconciliation of difference between the statutory income tax rate and the Group’s effective tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows: For the years ended December 31, 2021 2022 2023 Statutory income tax rate 25.0% 25.0% 25.0% Tax effect of different tax rates in different jurisdictions 15.7% 5.6% (4.4)% Tax effect of preferential tax rates (14.8)% (12.3)% (4.2)% Tax effect of non-deductible expenses 1.6% 0.9% 0.4% Tax effect of non-taxable income (1.4)% (0.3)% (0.0)% Tax effect of tax rate changes on deferred taxes 0.5% 1.5% 0.2% Tax effect of additional deduction of research and development expenses (2.3)% (1.2)% (1.0)% Change in valuation allowance (4.4)% (6.2)% 0.5% Effective tax rate 19.9% 13.0% 16.5% The significant components of the Group’s deferred tax balances were as follows: As of December 31, 2022 2023 2023 RMB RMB US$ Deferred tax assets Tax losses carried forward 1,472,388 740,304 104,270 Carryforwards of non-deductible advertising expenses and donations 79,608 346,089 48,746 Others 58,994 156,199 22,000 Less: valuation allowance (531,313) (860,933) (121,260) Total deferred tax assets 1,079,677 381,659 53,756 Total deferred tax liabilities (47,672) (170,750) (24,050) In assessing the ability to realize the deferred tax assets, the Group has considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Group evaluates the potential realization of deferred tax assets on an entity-by-entity basis. As of December 31, 2022 and 2023, management recorded full valuation allowance against deferred tax assets in entities that were in a cumulative loss with no forecast profits in the foreseeable future. As of December 31, 2022 and 2023, the Group had taxable losses of RMB5,744,189 and RMB2,244,328 (US$316,107) derived from entities in mainland China, which can be carried forward for five years to offset future taxable profit, and the period was extended to ten years for entities qualified as HNTEs in 2023 and thereafter. The mainland China taxable loss will expire from December 31, 2024 to 2032 if not utilized. The tax losses in Hong Kong can be carried forward with no expiration date. The Group plans to indefinitely reinvest a majority of its undistributed earnings. As of December 31, 2022 and 2023, the determination of the associated withholding tax is not practicable. 16. Income Taxes (Continued) As of December 31, 2022 and 2023, the Group did not have significant unrecognized tax benefit, all of which were presented on a net basis against the deferred tax assets related to tax loss carry forwards in the consolidated balance sheets. It is possible that the amount of unrecognized benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment. For the years ended December 31, 2021, 2022 and 2023, no interest expenses were accrued in relation to the unrecognized tax benefit. As of December 31, 2022 and 2023, there were no accumulated interest expenses recorded in unrecognized tax benefit. As of December 31, 2023, the tax years ended December 31, 2018 through period ended as of the reporting dates for mainland China subsidiaries remain open to examination by the PRC tax authorities.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions
Related Party Transactions	17. Related Party Transactions (a) Related parties Names of related parties Relationship with the Group Tencent Group A shareholder of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”) Company controlled by one of the executive officers of the Company (b) Other than disclosed elsewhere, the Group had the following significant related party transactions for the years ended December 31, 2021, 2022 and 2023, respectively: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Services provided to: Fufeitong Group — 10,765 4,272 602 Services received from: Tencent Group 8,416,635 7,061,132 7,182,496 1,011,634 Fufeitong Group 211,414 653,972 839,985 118,309 In 2021, the Group purchased a batch of computer equipment from Tencent Group with a total amount of RMB1,833,495. 17. Related Party Transactions (Continued) (c) The Group had the following significant related party balances as of December 31, 2022 and 2023: As of December 31, 2022 2023 2023 RMB RMB US$ Amounts due from related parties: Current: Tencent Group* 2,763,924 3,516,220 495,250 Ningbo Hexin Equity Investment Partnership 697,632 710,632 100,090 Fufeitong Group* 2,856,856 3,201,218 450,882 Amounts due to related parties: Current: Tencent Group 1,539,694 1,112,583 156,704 Fufeitong Group 136,697 126,193 17,774 * *

Earnings Per Share

Earnings Per Share	12 Months Ended
Earnings Per Share	Dec. 31, 2023
Earnings Per Share
Earnings Per Share	18. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the following periods: For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Numerator: Net income 7,768,670 31,538,062 60,026,544 8,454,562 Net income attributable to ordinary shareholders – basic 7,768,670 31,538,062 60,026,544 8,454,562 Dilution effect arising from convertible bonds — 51,655 43,987 6,195 Net income attributable to ordinary shareholders – diluted 7,768,670 31,589,717 60,070,531 8,460,757 Denominator (in thousands of shares): Weighted-average number of ordinary shares outstanding – basic 5,012,651 5,057,540 5,416,106 5,416,106 Adjustments for dilutive RSUs and share options 701,113 640,545 387,224 387,224 Conversion of convertible bonds to Class A ordinary shares — 63,206 36,300 36,300 Weighted-average number of ordinary shares outstanding – diluted 5,713,764 5,761,291 5,839,630 5,839,630 Earnings per share – basic 1.55 6.24 11.08 1.56 Earnings per share – diluted 1.36 5.48 10.29 1.45 During the years ended December 31, 2021, 2022 and 2023, the Company issued 40,000,000, 220,805,720 and 212,500,000 ordinary shares to its share depositary bank, respectively. No consideration was received by the Company for the issuance. As of December 31, 2023, 480,156,676 out of the total 485,955,720 ordinary shares were used to settle share-based compensation. The remaining 5,799,044 ordinary shares are legally issued and outstanding but are treated as escrowed shares for accounting purposes and therefore, have been excluded from the computation of earnings per share. The Group did not include the effect of convertible bonds in the computation of diluted earnings per share for the year ended December 31, 2021 because those convertible bonds were anti-dilutive.

Restricted Net Assets

Restricted Net Assets	12 Months Ended
Restricted Net Assets	Dec. 31, 2023
Restricted Net Assets
Restricted Net Assets	19. Restricted Net Assets The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries, the VIE and subsidiaries of the VIE. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s mainland China subsidiaries, the VIE and subsidiaries of the VIE only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries, the VIE and subsidiaries of the VIE. In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s mainland China subsidiaries, a foreign-invested enterprise established in mainland China is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve fund until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. The wholly foreign-owned subsidiaries in the mainland China are treated as foreign-invested enterprises and, therefore, are subject to the above mandated restrictions on distributable profits. 19. Restricted Net Assets (Continued) Foreign exchange and other regulations in mainland China may further restrict the Company’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital and statutory reserves of the Company’s mainland China subsidiaries and the equity of the VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2023, restricted net assets of the Company’s mainland China subsidiaries, the VIE and subsidiaries of the VIE were RMB80,755,482 (US$11,374,172).

Employee Contribution Plan

Employee Contribution Plan	12 Months Ended
Employee Contribution Plan	Dec. 31, 2023
Employee Contribution Plan
Employee Contribution Plan	20. Employee Contribution Plan As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB829,440, RMB1,131,829 and RMB1,546,308 (US$217,793) for the years ended December 31, 2021, 2022 and 2023, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencies (a) Operating lease commitments The Company leases offices and warehouses for operation under operating leases. Future minimum lease payments under non-cancellable operating leases with initial terms in excess of one year is included in Note 8. (b) Investment commitments The Group’s investment commitments primarily relate to capital contributions obligation under certain arrangements which do not have a contractual maturity date. As of December 31, 2023, the total investment commitments contracted but not yet reflected in the financial statements amounted to approximately RMB80,000 (US$11,268). (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, 2023.

Condensed Financial Information

Condensed Financial Information of the Company	12 Months Ended
Condensed Financial Information of the Company	Dec. 31, 2023
Condensed Financial Information of the Company
Condensed Financial Information of the Company	22. Condensed Financial Information of the Company The following is the condensed financial information of the Company on a parent company only basis: As of December 31, 2022 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 61,553 3,116 439 Others 443 70 10 Total current assets 61,996 3,186 449 Non-current assets Intangible asset 109,847 — — Investments in subsidiaries, the VIE and subsidiaries of the VIE 133,085,591 193,146,679 27,204,141 Total non-current assets 133,195,438 193,146,679 27,204,141 Total assets 133,257,434 193,149,865 27,204,590 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other liabilities 25,017 28,165 3,967 Convertible bonds, current portion 13,885,751 648,570 91,349 Total current liabilities 13,910,768 676,735 95,316 Convertible bonds 1,575,755 5,231,523 736,845 Total non-current liabilities 1,575,755 5,231,523 736,845 Total liabilities 15,486,523 5,908,258 832,161 Shareholders’ equity Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 170 177 25 Additional paid-in capital 99,250,468 107,293,091 15,111,916 Statutory reserves 5,000 105,982 14,927 Accumulated other comprehensive income 3,322,238 4,723,760 665,328 Retained earnings 15,193,035 75,118,597 10,580,233 Total shareholders’ equity 117,770,911 187,241,607 26,372,429 Total liabilities and shareholders’ equity 133,257,434 193,149,865 27,204,590 22. Condensed Financial Information of the Company (Continued) For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Costs of revenues (580,506) (605,611) (111,208) (15,663) Sales and marketing expenses (27,839) — — — General and administrative expenses (40,826) (54,605) (45,183) (6,364) Total operating expenses (68,665) (54,605) (45,183) (6,364) Operating loss (649,171) (660,216) (156,391) (22,027) Interest income 32,452 11,693 6,269 883 Interest expenses (1,221,846) (51,655) (43,987) (6,195) Other income/(loss), net 27,497 (14) 107,664 15,164 Share of results from subsidiaries, the VIE and subsidiaries of the VIE 9,579,738 32,238,254 60,112,989 8,466,737 Profit before income tax 7,768,670 31,538,062 60,026,544 8,454,562 Income tax expenses — — — — Net income 7,768,670 31,538,062 60,026,544 8,454,562 Other comprehensive (loss)/income Foreign currency translation difference, net of tax of nil (1,472,172) 5,860,304 1,332,984 187,746 Unrealized (losses)/gains on available-for-sale debt securities, net of tax — (18,166) 68,538 9,653 Total other comprehensive (loss)/income (1,472,172) 5,842,138 1,401,522 197,399 Comprehensive income 6,296,498 37,380,200 61,428,066 8,651,961 For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash generated from/(used in) operating activities 82,074 (24,202) 71,615 10,087 Cash flows from investing activities: Proceeds from sales of short-term investments 5,764,134 — — — Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net — 65,707 8,816,124 1,241,725 Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net (5,855,304) — — — Net cash (used in)/generated from investing activities (91,170) 65,707 8,816,124 1,241,725 Cash flows from financing activities: Repurchase of convertible bonds — — (8,968,817) (1,263,231) Others 318 10,079 8,191 1,153 Net cash generated from/(used in) financing activities 318 10,079 (8,960,626) (1,262,078) Exchange rate effect on cash, cash equivalents and restricted cash 4,481 7,700 14,450 2,035 (Decrease)/increase in cash, cash equivalents and restricted cash (4,297) 59,284 (58,437) (8,231) Cash, cash equivalents and restricted cash at beginning of the year 6,566 2,269 61,553 8,670 Cash, cash equivalents and restricted cash at end of the year 2,269 61,553 3,116 439 22. Condensed Financial Information of the Company (Continued) Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investments in its subsidiaries, the VIE and subsidiaries of the VIE. The parent company records its investments in its subsidiaries, the VIE and its subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures The parent company’s condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Basis of presentation	(a) Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Principles of consolidation	(b) Principles of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, the VIE and the subsidiaries of the VIE. All significant inter-company transactions and balances among the Company, its subsidiaries, the VIE and subsidiaries of the VIE have been eliminated upon consolidation.
Use of estimates	(c) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet dates and revenues and expenses during the reporting periods. Significant accounting estimates reflected in the Group’s consolidated financial statements include, but are not limited to allowance for doubtful accounts arising from expected credit losses, economic lives and impairment of long-lived assets, commitments and contingencies, valuation of short-term and long-term investments, valuation allowance for deferred tax assets, uncertain tax position, valuation for share-based compensation and incremental borrowing rates for operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.
Foreign currency	(d) Foreign currency The functional currency of the Company is the US$. The Company’s subsidiaries, the VIE and subsidiaries of the VIE determined their functional currencies based on the criteria of ASC 830, Foreign Currency Matters Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive income. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in accumulated other comprehensive income, a component of shareholders’ equity.
Convenience translation	(e) Convenience translation Amounts in US$ are presented for the convenience of the reader and are translated at the noon buying rate of US$1.00 to RMB7.0999 on December 29, 2023, the last business day in December 2023, as published on the website of the United States Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.
Cash and cash equivalents	(f) Cash and cash equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use and have original maturities of three months or less when purchased.
Restricted cash	(g) Restricted cash Restricted cash mainly represents cash received from consumers and reserved in a bank supervised account for payments to merchants.
Investments	(h) Investments The Group’s short-term investments and long-term investments included in other non-current assets primarily consist of time deposits, held-to-maturity debt securities, trading securities, investments in convertible bonds, available-for-sale debt securities and equity method investments. The classification of an investment is determined based on the Group’s ability and intent to hold the investment, the nature of the investment, and the degree to which the Group may exercise influence over the investee. All highly liquid investments with original maturities of greater than three months but less than twelve months, and investments that are expected to be realized in cash during the next twelve months are classified as short-term investments, otherwise, as long-term investments included in other non-current assets. Investments in debt securities that the Group has positive intent and ability to hold to maturity are categorized as “held to maturity”. Wealth management products with the intention to sell in the near term are classified as trading securities and measured at fair value. Any realized gains or losses on the sale of the held-to-maturity debt securities and trading securities are determined on a specific identification method and are reflected in earnings during the period in which gains or losses are realized. Realized and unrealized gains and losses and interest income from the investments are recorded in “Interest and investment income, net” in the consolidated statements of comprehensive income. The Group has elected the fair value option for investments in convertible bonds in accordance with ASC Subtopic 825-10 (“ASC 825-10”), Recognition and Measurement of Financial Assets and Financial Liabilities The Group accounts for available-for-sale debt securities in accordance with ASC Topic 320, Investments-Debt Securities 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
Property, equipment and software, net	(i) Property, equipment and software, net Property, equipment and software are stated at cost and are depreciated and amortized using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated useful life Computer equipment 1-3 years Office equipment 3 years Purchased software 3-5 years Leasehold improvements Over the shorter of lease terms or the estimated useful lives of the assets Repair and maintenance costs are charged to expense as incurred, whereas the costs of renewals and betterments that extend the useful lives of property, equipment and software are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive income.
Impairment of long-lived assets other than goodwill	(j) Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets, including fixed assets and intangible assets with finite lives, for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amounts of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amounts of the assets, the Group recognizes an impairment loss based on the excess of the carrying amounts of the assets over their fair value. Fair value is generally determined by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there were no impairment of any of the Group’s long-lived assets.
Fair value of financial instruments	(k) Fair value of financial instruments The Group’s financial instruments include cash and cash equivalents, restricted cash, receivables from online payment platforms, amounts due from/to related parties, merchant deposits, payable to merchants, short-term investments, long-term debt investments included in other non-current assets and convertible bonds. For the aforementioned financial instruments included in current assets and liabilities, except for ones measured at fair value, their carrying amount approximate to their respective fair values because of the general short maturities. The carrying amounts of time deposits and long-term held-to-maturity debt securities approximate to fair values as the related interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The fair value of convertible bonds that are not reported at fair value are disclosed in Note 12. The Group applies ASC 820, Fair Value Measurements and Disclosures ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. (k) Fair value of financial instruments (Continued) ASC 820 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach; and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.
Revenue recognition	(l) Revenue recognition Revenues are principally comprised of those generated from online platform services and merchandise sales. Revenues from online platform services primarily consist of online marketing services revenues and transaction services fees. Revenues represent the amount of consideration that the Company is entitled to in exchange for the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of indirect taxes. Consistent with the criteria of ASC Topic 606 (“ASC 606”), Revenue from Contracts with Customers Online marketing services The Group entered into contractual agreements with certain merchants to provide various types of online marketing services on the Group’s online platform for which it receives service fees from the merchants. The Group matches product listings appearing in search or browser results on its online platform and charges merchants based on impressions or clicks. The Group also provides display marketing services that allow the merchants to place advertisements on the platform primarily at fixed prices. In general, the merchants need to prepay for the service and the prepayments are accounted for as customer advances and deferred revenues. Under ASC 606, revenues are primarily recognized at a point in time when consumers view or click on the merchants’ product listings or over the period during which the advertising services are provided, depending on the type of online marketing services selected by the merchants. Transaction services The Group provides transaction services, including fulfillment services to merchants, and earns related fees for sales of the products completed on our platforms. The Group does not take control of the products provided by merchants at any point in time during the transactions. Revenues related to transaction services are recognized in consolidated statements of comprehensive income at a point in time when the Group’s service obligation to the merchants is determined to have been completed under each sales transaction completed. Variable consideration is estimated and included in the transaction price to the extent that it is probable that a significant revenue reversal will not occur. Adjustments to the estimated variable consideration related to prior reporting periods were not material. Merchandise sales The Group in certain cases acquires merchandise from suppliers and sells directly to the customers. The Group acts as a principal as it obtains control of merchandise, is primarily obligated for merchandise sold to the customers, bears inventory risks and has the latitude in establishing prices. Revenues from merchandise sales are recorded on a gross basis, net of discounts and return allowances when the product is delivered and title is passed to customers in this type of transaction. Proceeds received in advance of customer acceptance are recorded as current liabilities in customer advances and deferred revenues. Incentives provided to the consumers In order to promote its online platforms and attract more registered consumers who are not customers of the Group, the Group at its own discretion provides various forms of incentives. These incentives, including coupons, credits and other subsidies that are not specific to any merchants, can be used by the consumers to purchase merchandise provided on the Group’s online platforms at reduced prices or to redeem for cash from the Group. Despite the absence of any explicit contractual obligations to incentivize the consumers on behalf of the merchants, the Group further evaluated the varying features of different incentive programs to determine whether the incentives represent implicit obligations to the consumers on behalf of merchants and if so, should be recorded as reduction of revenues. If the Group has determined that incentives provided to the consumers are not considered as payments to the merchant-customers, the Group records these incentives as marketing expenses.
Costs of revenues	(m) Costs of revenues Costs of revenues consist primarily of payment processing fees paid to third party online payment platforms, costs associated with the operation of the platforms and others, such as costs and expenses attributable to merchandise sales, fulfillment fees, merchant support services, bandwidth and server costs, amortization, depreciation and maintenance costs, payroll, employee benefits and share-based compensation expenses, call center, surcharges and other expenses directly attributable to the online platform services.
Advertising expenditures	(n) Advertising expenditures Advertising expenditures are expensed when incurred and are included in sales and marketing expenses. Total amount of advertising expenditures and incentive programs recognized in sales and marketing expenses were RMB41,456,838, RMB49,971,418 and RMB76,428,811 (US$10,764,773) for the years ended December 31, 2021, 2022 and 2023, respectively.
Research and development expenses	(o) Research and development expenses Research and development expenses include payroll, employee benefits, and other operating expenses associated with research and platform development. Research and development expenses also include rent, depreciation and other related expenses. To date, expenditures incurred between when the application has reached the development stage and when it is substantially complete and ready for its intended use have been inconsequential and, as a result, the Group did not capitalize any software development costs in the accompanying consolidated financial statements.
Government subsidies	(p) Government subsidies Government subsidies primarily consist of financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. Such amounts are recognized as “Other income, net” upon receipt and when all conditions attached to the grants are fulfilled.
Credit loss	(q) Credit loss The Group follows Accounting Standards Update No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Leases	(r) Leases The Group as the lessee determines if an arrangement is a lease at inception. Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-20-25. The Group’s lease portfolio consisted entirely of operating leases as of December 31, 2021, 2022 and 2023. The Group’s leases do not contain any residual value guarantees or material restrictive covenants. The Group also elected the practical expedient of the short-term lease exemption for contracts with lease terms of 12 months or less. At the commencement date of an operating lease, the Group records a right-of-use (“ROU”) asset and lease liability based on the present value of the lease payments over the lease term. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. As the rate implicit in the Group’s lease is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. ROU assets include any lease prepayments and are reduced by lease incentives. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. The Group accounts for lease and non-lease components separately.
Income taxes	(s) Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740(‘‘ASC 740’’), Income Taxes The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive income as income tax expenses.
Share-based compensation	(t) Share-based compensation The Group applies ASC 718 (‘‘ASC 718’’), Compensation—Stock Compensation Compensation-Stock Compensation Improvement to Employee Share-based Payment Accounting
Employee benefit expenses	(u) Employee benefit expenses As stipulated by the regulations of mainland China, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan and accrues for these benefits based on certain percentages of the qualified employees’ salaries. The Group also makes payments to other defined contribution plans for the benefit of employees employed by subsidiaries outside of mainland China.
Comprehensive income/(loss)	(v) Comprehensive income Comprehensive income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Among other disclosures, ASC 220, Comprehensive Income
Earnings per share	(w) Earnings per share Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of unvested restricted share unites (‘‘RSUs’’) and shares issuable upon the exercise of share options using the treasury stock method, and conversion of convertible bonds using the if-converted method. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive.
Segment reporting	(x) Segment reporting The Group follows ASC 280, Segment Reporting
Recent accounting pronouncements	(y) Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures
Comparatives	(z) Comparatives Certain prior period amounts have been reclassified to conform to the current period presentation.

Organization (Tables)

Organization (Tables)	12 Months Ended
Organization (Tables)	Dec. 31, 2023
Organization
Schedule of financial information for the VIE before eliminating the inter-company balances and transactions between the VIE and its subsidiaries, the subsidiaries of the VIE and other entities within the Group	As of December 31, 2022 2023 RMB RMB US$ Total assets 160,437,905 213,209,549 30,029,937 Total liabilities 114,446,107 143,750,305 20,246,808 For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Total revenues 77,877,339 103,631,702 131,868,973 18,573,356 Net income 15,169,180 33,595,051 23,398,906 3,295,667 For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash generated from operating activities 34,365,025 25,650,939 49,705,625 7,000,891 Net cash used in investing activities (26,828,581) (43,513,150) (43,637,362) (6,146,194) Net cash (used in)/generated from financing activities (1,445,969) 16,710,269 3,390,438 477,533 Net increase/(decrease) in cash, cash equivalents and restricted cash 6,090,475 (1,151,942) 9,458,701 1,332,230

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2023
Summary of Significant Accounting Policies
Schedule of estimated useful lives of the assets	Category Estimated useful life Computer equipment 1-3 years Office equipment 3 years Purchased software 3-5 years Leasehold improvements Over the shorter of lease terms or the estimated useful lives of the assets

Short-term Investments (Tables)

Short-term Investments (Tables)	12 Months Ended
Short-term Investments (Tables)	Dec. 31, 2023
Short-term Investments
Schedule of Short-term Investments	As of December 31, 2022 2023 2023 RMB RMB US$ Time deposits and held-to-maturity debt securities 113,872,353 139,740,216 19,681,997 Trading securities 6,917 17,151,086 2,415,680 Investments in convertible bonds 1,233,284 524,063 73,813 115,112,554 157,415,365 22,171,490

Prepayments and Other Current_2

Prepayments and Other Current Assets (Tables)	12 Months Ended
Prepayments and Other Current Assets (Tables)	Dec. 31, 2023
Prepayments and Other Current Assets
Schedule of components of prepayments and other current assets	As of December 31, 2022 2023 2023 RMB RMB US$ Prepayments 966,439 1,326,294 186,805 Value-added tax (“VAT”) 326,427 871,593 122,761 Interest receivables 119,564 367,001 51,691 Rental and other deposits 86,915 119,455 16,825 Others 799,034 1,528,672 215,308 2,298,379 4,213,015 593,390

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
Property and Equipment, Net (Tables)	Dec. 31, 2023
Property, Equipment and Software, Net
Schedule of property, equipment and software, net	As of December 31, 2022 2023 2023 RMB RMB US$ At cost: Computer equipment, office equipment and purchased software 3,591,861 4,149,947 584,507 Leasehold improvement 30,249 69,691 9,816 3,622,110 4,219,638 594,323 Less: accumulated depreciation (2,577,263) (3,240,041) (456,350) 1,044,847 979,597 137,973

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
Intangible Assets (Tables)	Dec. 31, 2023
Intangible Assets
Schedule of intangible asset	2022 2023 2023 RMB RMB US$ Balance as of January 1 701,220 134,002 18,874 Amortization (608,618) (114,215) (16,087) Foreign currency translation difference 41,400 1,361 192 Balance as of December 31 134,002 21,148 2,979
Schedule of estimated annual amortization expense	Amortization RMB US$ 2024 3,007 424 2025 3,007 424 2026 3,007 424 2027 3,007 424 2028 and after 9,120 1,283

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases
Summary of maturity analysis of the Company's operating lease liabilities and reconciliation of the undiscounted cash flows to the operating lease liabilities	As of December 31, 2023 RMB US$ 2024 1,763,815 248,428 2025 1,380,948 194,502 2026 758,834 106,880 2027 418,912 59,003 2028 and after 206,396 29,070 Total undiscounted cash flows 4,528,905 637,883 Less: imputed interest (243,097) (34,240) Present value of lease liabilities 4,285,808 603,643
Summary of supplemental information related to leases	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Cash payments for operating leases 388,144 534,784 1,075,598 151,495 ROU assets obtained in exchange for new operating lease liabilities 704,142 1,068,063 3,918,460 551,904

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	12 Months Ended
Other Non-Current Assets (Tables)	Dec. 31, 2023
Other Non-current Assets
Schedule of long-term time deposits and held-to-maturity debt securities by contractual maturity date	As of December 31, 2022 2023 2023 RMB RMB US$ Due in 1 year through 2 years 5,536,768 11,510,069 1,621,159 Due in 2 years through 3 years 5,503,515 17,274,928 2,433,123 11,040,283 28,784,997 4,054,282
Schedule of contractual maturity date of the investments	As of December 31, 2022 Gross Gross Fair Value Amortized Unrealized Unrealized (Net Carrying Cost Gains Losses Amount) RMB RMB RMB RMB Due in 5 years through 10 years 3,596,846 4,626 (25,998) 3,575,474 As of December 31, 2023 Fair Value Fair Value Gross Gross (Net (Net Amortized Unrealized Unrealized Carrying Carrying Cost Gains Losses Amount) Amount) RMB RMB RMB RMB US$ Due in 1 year through 5 years 14,140,990 43,561 — 14,184,551 1,997,852 Due in 5 years through 10 years 2,608,225 29,958 (6,357) 2,631,826 370,685 16,749,215 73,519 (6,357) 16,816,377 2,368,537

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2023
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	As of December 31, 2022 2023 2023 RMB RMB US$ Accrued advertising and marketing expenses 5,850,125 13,485,287 1,899,363 VAT and other tax payable 6,970,790 16,928,603 2,384,344 Payroll payable 2,364,723 3,200,108 450,726 Accounts payable 3,978,818 16,905,439 2,381,081 Others 1,796,267 4,831,962 680,567 20,960,723 55,351,399 7,796,081

Convertible Bonds (Tables)

Convertible Bonds (Tables)	12 Months Ended
Convertible Bonds (Tables)	Dec. 31, 2023
Convertible Bonds
Schedule of cumulative effects of changes to the Group's consolidated balance sheet	Balance as Balance as of of December January 31, 2021 Adjustment 1, 2022 RMB RMB RMB Liabilities Convertible bonds 11,788,907 2,316,324 14,105,231 Equity Additional paid-in capital 95,340,819 (3,818,926) 91,521,893 Accumulated other comprehensive loss (2,519,900) 136,096 (2,383,804) Accumulated deficits (17,706,533) 1,366,506 (16,340,027)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
Fair Value Measurement (Tables)	Dec. 31, 2023
Fair Value Measurement
Schedule of financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy	Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2022: Cash equivalents Money market funds 7,791,628 — — Short-term investments: Trading securities 6,917 — — Investments in convertible bonds — — 1,233,284 Other non-current assets: Available-for-sale debt securities — 3,575,474 — 7,798,545 3,575,474 1,233,284 Fair Value Measurements Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB Recurring As of December 31, 2023: Cash equivalents Money market funds 23,593,093 — — Short-term investments: Trading securities 15,664,769 1,486,317 — Investments in convertible bonds — — 524,063 Other non-current assets: Available-for-sale debt securities — 16,816,377 — 39,257,862 18,302,694 524,063
Schedule of reconciliations of assets categorized within level 3 under the fair value hierarchy	Amounts RMB Balance as of January 1, 2022 1,290,901 Net unrealized fair value (221,640) Foreign currency translation difference 164,023 Balance as of December 31, 2022 1,233,284 Net unrealized fair value (749,967) Foreign currency translation difference 40,746 Balance as of December 31, 2023 524,063
Schedule of fair value instruments on unobservable input reconciliation	Fair Value disclosure Quoted Price in Significant Active Market Other Unobservable for Identical Observable Inputs Assets (Level 1) Inputs (Level 2) (Level 3) RMB RMB RMB As of December 31, 2022: Short-term investments: Time deposits and held-to-maturity debt securities — 113,872,353 — Convertible bonds, current portion — 13,093,448 — Other non-current assets: Time deposits and held-to-maturity debt securities — 11,040,283 — Convertible bonds — 3,056,964 — As of December 31, 2023: Short-term investments: Time deposits and held-to-maturity debt securities — 139,740,216 — Convertible bonds, current portion — 2,229,777 — Other non-current assets: Time deposits and held-to-maturity debt securities — 28,784,997 — Convertible bonds — 5,413,685 —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
Accumulated Other Comprehensive Income (Tables)	Dec. 31, 2023
Accumulated Other Comprehensive Income
Schedule of accumulated other comprehensive income	Net change in unrealized (losses)/gains on Foreign currency available-for- translation sale debt difference securities Total RMB RMB RMB Balances as of January 1, 2021 (1,047,728) — (1,047,728) Other comprehensive loss (1,472,172) — (1,472,172) Balances as of December 31, 2021 (2,519,900) — (2,519,900) Cumulative effect of accounting change 136,096 — 136,096 Balances as of January 1, 2022 (2,383,804) — (2,383,804) Other comprehensive income/(loss) 5,724,208 (18,166) 5,706,042 Balances as of December 31, 2022 3,340,404 (18,166) 3,322,238 Other comprehensive income 1,332,984 68,538 1,401,522 Balances as of December 31, 2023 4,673,388 50,372 4,723,760 Balances as of December 31, 2023 (US$) 658,233 7,095 665,328

Revenues (Tables)

Revenues (Tables)	12 Months Ended
Revenues (Tables)	Dec. 31, 2023
Revenues.
Schedule of revenues	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Online marketing services and others 79,809,490 102,931,095 153,540,553 21,625,735 Transaction services 14,140,449 27,626,494 94,098,652 13,253,518 93,949,939 130,557,589 247,639,205 34,879,253

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
Share-Based Compensation (Tables)	Dec. 31, 2023
Share-Based Compensation
Schedule of assumptions used to estimate the fair value of options	For the years ended December 31, 2021 2022 2023 Risk-free interest rates 1.31%-1.69% 1.52%-4.08% 3.81%-5.13% Expected volatility 46.28%-46.87% 46.29%-50.26% 50.31%-50.55% Expected dividend yield 0% 0% 0% Exercise multiple 2.80 2.80 2.80 Post-vesting forfeit rate 0% 0% 0% Fair value of underlying ordinary shares $22.0375-$46.5375 $10.6625-$17.8550 $17.1475-$36.3175 Fair value of share option $22.0310-$46.5310 $10.6560-$17.8485 $17.1425-$36.3127
Schedule of recognized share-based compensation expenses	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Costs of revenues 26,624 33,788 132,470 18,658 Sales and marketing expenses 1,612,219 2,158,676 2,354,097 331,568 General and administrative expenses 792,421 3,004,327 2,289,272 322,437 Research and development expenses 2,343,466 2,521,574 2,302,955 324,364 4,774,730 7,718,365 7,078,794 997,027
Stock option
Share-Based Compensation
Schedule of Group's share-based compensation activities	Weighted Weighted Weighted average average average Aggregate remaining Number of exercise grant date intrinsic contractual share options price fair value value term US$ US$ US$ Years Outstanding as of December 31, 2022 511,631,888 0.0065 5.2248 10,427,570 15.44 Granted 98,048,400 0.0065 24.5402 Forfeited (11,854,180) 0.0065 5.8944 Exercised (182,380,476) 0.0065 3.6994 Outstanding as of December 31, 2023 415,445,632 0.0065 10.4340 15,193,262 15.71 Vested and expected to vest as of December 31, 2023 415,445,632 0.0065 10.4340 15,193,262 15.71 Exercisable as of December 31, 2023 284,151,962 0.0065 4.5980 10,391,721 14.09
RSU
Share-Based Compensation
Schedule of Group's share-based compensation activities	Weighted average grant Number of RSUs date fair value US$ Outstanding as of December 31, 2022 81,984,488 15.5100 Granted 36,331,044 23.3860 Vested (26,726,376) 14.6771 Forfeited (3,126,540) 19.3649 Outstanding as of December 31, 2023 88,462,616 18.8600

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule of Group's loss before income taxes	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Non-PRC (6,330,398) (7,902,201) (1,495,542) (210,643) PRC 16,032,653 44,165,930 73,371,990 10,334,229 9,702,255 36,263,729 71,876,448 10,123,586
Schedule of income taxes	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Current income tax 1,933,798 5,754,253 11,048,804 1,556,191 Deferred income tax (benefit)/expense (213) (1,028,586) 801,100 112,833 1,933,585 4,725,667 11,849,904 1,669,024
Schedule of reconciliation of difference between the statutory income tax rate and the Group's effective income tax rate	For the years ended December 31, 2021 2022 2023 Statutory income tax rate 25.0% 25.0% 25.0% Tax effect of different tax rates in different jurisdictions 15.7% 5.6% (4.4)% Tax effect of preferential tax rates (14.8)% (12.3)% (4.2)% Tax effect of non-deductible expenses 1.6% 0.9% 0.4% Tax effect of non-taxable income (1.4)% (0.3)% (0.0)% Tax effect of tax rate changes on deferred taxes 0.5% 1.5% 0.2% Tax effect of additional deduction of research and development expenses (2.3)% (1.2)% (1.0)% Change in valuation allowance (4.4)% (6.2)% 0.5% Effective tax rate 19.9% 13.0% 16.5%
Schedule of significant components of the Group's deferred tax assets	As of December 31, 2022 2023 2023 RMB RMB US$ Deferred tax assets Tax losses carried forward 1,472,388 740,304 104,270 Carryforwards of non-deductible advertising expenses and donations 79,608 346,089 48,746 Others 58,994 156,199 22,000 Less: valuation allowance (531,313) (860,933) (121,260) Total deferred tax assets 1,079,677 381,659 53,756 Total deferred tax liabilities (47,672) (170,750) (24,050)

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2023
Related Party Transactions
Schedule of relationship with related parties	Names of related parties Relationship with the Group Tencent Group A shareholder of the Company Ningbo Hexin Equity Investment Partnership Company controlled by one of the executive officers of the Company Shanghai Fufeitong Information Service Co., Ltd. and its affiliates (“Fufeitong Group”) Company controlled by one of the executive officers of the Company
Schedule of significant related party transactions	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Services provided to: Fufeitong Group — 10,765 4,272 602 Services received from: Tencent Group 8,416,635 7,061,132 7,182,496 1,011,634 Fufeitong Group 211,414 653,972 839,985 118,309
Schedule of related party balances	As of December 31, 2022 2023 2023 RMB RMB US$ Amounts due from related parties: Current: Tencent Group* 2,763,924 3,516,220 495,250 Ningbo Hexin Equity Investment Partnership 697,632 710,632 100,090 Fufeitong Group* 2,856,856 3,201,218 450,882 Amounts due to related parties: Current: Tencent Group 1,539,694 1,112,583 156,704 Fufeitong Group 136,697 126,193 17,774 * *

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share
Schedule of computation of basic and diluted earnings per share	For the years ended December 31, 2021 2022 2023 2023 RMB RMB RMB US$ Numerator: Net income 7,768,670 31,538,062 60,026,544 8,454,562 Net income attributable to ordinary shareholders – basic 7,768,670 31,538,062 60,026,544 8,454,562 Dilution effect arising from convertible bonds — 51,655 43,987 6,195 Net income attributable to ordinary shareholders – diluted 7,768,670 31,589,717 60,070,531 8,460,757 Denominator (in thousands of shares): Weighted-average number of ordinary shares outstanding – basic 5,012,651 5,057,540 5,416,106 5,416,106 Adjustments for dilutive RSUs and share options 701,113 640,545 387,224 387,224 Conversion of convertible bonds to Class A ordinary shares — 63,206 36,300 36,300 Weighted-average number of ordinary shares outstanding – diluted 5,713,764 5,761,291 5,839,630 5,839,630 Earnings per share – basic 1.55 6.24 11.08 1.56 Earnings per share – diluted 1.36 5.48 10.29 1.45

Condensed Financial Informati_2

Condensed Financial Information of the Company (Tables)	12 Months Ended
Condensed Financial Information of the Company (Tables)	Dec. 31, 2023
Condensed Financial Information of the Company
Condensed balance sheets of parent company	As of December 31, 2022 2023 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 61,553 3,116 439 Others 443 70 10 Total current assets 61,996 3,186 449 Non-current assets Intangible asset 109,847 — — Investments in subsidiaries, the VIE and subsidiaries of the VIE 133,085,591 193,146,679 27,204,141 Total non-current assets 133,195,438 193,146,679 27,204,141 Total assets 133,257,434 193,149,865 27,204,590 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accrued expenses and other liabilities 25,017 28,165 3,967 Convertible bonds, current portion 13,885,751 648,570 91,349 Total current liabilities 13,910,768 676,735 95,316 Convertible bonds 1,575,755 5,231,523 736,845 Total non-current liabilities 1,575,755 5,231,523 736,845 Total liabilities 15,486,523 5,908,258 832,161 Shareholders’ equity Class A ordinary shares (US$0.000005 par value; 77,300,000,000 shares authorized; 5,278,348,396 and 5,503,491,148 shares issued and outstanding as of December 31, 2022 and 2023, respectively) 170 177 25 Additional paid-in capital 99,250,468 107,293,091 15,111,916 Statutory reserves 5,000 105,982 14,927 Accumulated other comprehensive income 3,322,238 4,723,760 665,328 Retained earnings 15,193,035 75,118,597 10,580,233 Total shareholders’ equity 117,770,911 187,241,607 26,372,429 Total liabilities and shareholders’ equity 133,257,434 193,149,865 27,204,590
Condensed statements of comprehensive income of parent company	For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Costs of revenues (580,506) (605,611) (111,208) (15,663) Sales and marketing expenses (27,839) — — — General and administrative expenses (40,826) (54,605) (45,183) (6,364) Total operating expenses (68,665) (54,605) (45,183) (6,364) Operating loss (649,171) (660,216) (156,391) (22,027) Interest income 32,452 11,693 6,269 883 Interest expenses (1,221,846) (51,655) (43,987) (6,195) Other income/(loss), net 27,497 (14) 107,664 15,164 Share of results from subsidiaries, the VIE and subsidiaries of the VIE 9,579,738 32,238,254 60,112,989 8,466,737 Profit before income tax 7,768,670 31,538,062 60,026,544 8,454,562 Income tax expenses — — — — Net income 7,768,670 31,538,062 60,026,544 8,454,562 Other comprehensive (loss)/income Foreign currency translation difference, net of tax of nil (1,472,172) 5,860,304 1,332,984 187,746 Unrealized (losses)/gains on available-for-sale debt securities, net of tax — (18,166) 68,538 9,653 Total other comprehensive (loss)/income (1,472,172) 5,842,138 1,401,522 197,399 Comprehensive income 6,296,498 37,380,200 61,428,066 8,651,961
Condensed statement of cash flows of parent company	For the years ended December 31, 2021 2022 2023 RMB RMB RMB US$ Net cash generated from/(used in) operating activities 82,074 (24,202) 71,615 10,087 Cash flows from investing activities: Proceeds from sales of short-term investments 5,764,134 — — — Cash received from subsidiaries, the VIE and subsidiaries of the VIE, net — 65,707 8,816,124 1,241,725 Cash given to subsidiaries, the VIE and subsidiaries of the VIE, net (5,855,304) — — — Net cash (used in)/generated from investing activities (91,170) 65,707 8,816,124 1,241,725 Cash flows from financing activities: Repurchase of convertible bonds — — (8,968,817) (1,263,231) Others 318 10,079 8,191 1,153 Net cash generated from/(used in) financing activities 318 10,079 (8,960,626) (1,262,078) Exchange rate effect on cash, cash equivalents and restricted cash 4,481 7,700 14,450 2,035 (Decrease)/increase in cash, cash equivalents and restricted cash (4,297) 59,284 (58,437) (8,231) Cash, cash equivalents and restricted cash at beginning of the year 6,566 2,269 61,553 8,670 Cash, cash equivalents and restricted cash at end of the year 2,269 61,553 3,116 439

Organization - The VIE agreemen

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

Organization - Financial inform

Organization - Financial information for the VIE (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($)
Consolidated balance sheet
Total Assets	¥ 348,078,120		¥ 237,119,953		$ 49,025,778
Total liabilities	160,836,513		119,349,042		22,653,349
Consolidated statement of income (loss)
Revenues	247,639,205	$ 34,879,253	130,557,589	¥ 93,949,939
Net income	60,026,544	8,454,562	31,538,062	7,768,670
Consolidated statement of cashflows
Net cash generated from operating activities	94,162,531	13,262,515	48,507,860	28,783,011
Net cash used in investing activities	(55,431,278)	(7,807,332)	(22,361,670)	(35,562,365)
Net cash generated from/(used in) financing activities	(8,960,626)	(1,262,078)	10,079	(1,875,154)
Net increase/(decrease) in cash, cash equivalents and restricted cash	29,479,488	4,152,099	26,256,446	(8,799,665)
Related Party [Member]
Consolidated statement of income (loss)
Revenues	4,272	602	10,765	0
Consolidated VIEs \| Consolidated revenues
Consolidated statement of income (loss)
Revenues	¥ 113,113,671	$ 15,931,727	¥ 73,431,914	¥ 55,740,613
Consolidated VIEs \| Consolidated revenues \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	45.70%	45.70%	56.20%	59.30%
Consolidated VIEs \| Consolidated total assets
Consolidated balance sheet
Total Assets	¥ 143,954,687		¥ 125,627,773		20,275,594
Consolidated VIEs \| Consolidated total assets \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	41.40%	41.40%	53%
Consolidated VIEs \| Consolidated total liabilities
Consolidated balance sheet
Total liabilities	¥ 94,436,897		¥ 91,994,074		13,301,160
Consolidated VIEs \| Consolidated total liabilities \| VIE concentration risk
Financial information for the VIE
Concentration (as a percent)	58.70%	58.70%	77.10%
Reportable legal entity \| Consolidated VIEs
Consolidated balance sheet
Total Assets	¥ 213,209,549		¥ 160,437,905		30,029,937
Total liabilities	143,750,305		114,446,107		$ 20,246,808
Consolidated statement of income (loss)
Revenues	131,868,973	$ 18,573,356	103,631,702	¥ 77,877,339
Net income	23,398,906	3,295,667	33,595,051	15,169,180
Consolidated statement of cashflows
Net cash generated from operating activities	49,705,625	7,000,891	25,650,939	34,365,025
Net cash used in investing activities	(43,637,362)	(6,146,194)	(43,513,150)	(26,828,581)
Net cash generated from/(used in) financing activities	3,390,438	477,533	16,710,269	(1,445,969)
Net increase/(decrease) in cash, cash equivalents and restricted cash	¥ 9,458,701	$ 1,332,230	¥ (1,151,942)	¥ 6,090,475

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Convenience translation (Details)	Dec. 31, 2023
US$
Convenience translation rate (USD to RMB)	1
RMB
Convenience translation rate (USD to RMB)	7.0999

Summary of Significant Accoun_5

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

Summary of Significant Accoun_6

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

Summary of Significant Accoun_7

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

Concentration of Risks (Details

Concentration of Risks (Details)	12 Months Ended
Concentration of Risks (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk
Percentage of appreciation (depreciation) of US dollar against RMB	1.70%	9.20%	(2.30%)
Business supplier risk \| Total purchases \| Tencent Group \| Maximum
Concentration Risk
Concentration risk percentage		10%	10%
Customer risk \| Total revenue \| Maximum
Concentration Risk
Concentration risk percentage	10%	10%	10%

Short-term Investments - Classi

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

Short-term Investments - Additi

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

Prepayments and Other Current_3

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

Property, Equipment and Softw_2

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

Property, Equipment and Softw_3

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

Intangible Assets (Details)

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

Intangible Assets - Estimated a

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

Leases - Maturity analysis of t

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

Leases - Other supplemental (De

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

Leases - Additional Information

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

Other Non-Current Assets - Addi

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

Other Non-Current Assets - Matu

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

Other Non-Current Assets - Ma_2

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

Accrued Expenses and Other Li_3

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

Convertible Bonds - Accounting

Convertible Bonds - Accounting Convertible Bonds (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands		1 Months Ended		12 Months Ended
	Dec. 01, 2023 USD ($)	Nov. 30, 2020 USD ($) D $ / shares	Sep. 30, 2019 USD ($) $ / shares	Dec. 31, 2023 USD ($) D $ / shares shares	Dec. 31, 2023 CNY (¥) D	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 CNY (¥) shares
Convertible Bonds
Class A ordinary shares, par value \| $ / shares				$ 0.000005					$ 0.000005
Interest expenses \| ¥						¥ 1,268,792
Basic earnings per share \| ¥ / shares						¥ 0.25
Diluted earnings per share \| ¥ / shares						¥ 0.17
Class A ordinary shares, issued \| shares				5,503,491,148				5,503,491,148	5,278,348,396	5,278,348,396
2024 Convertible Bonds
Convertible Bonds
Principal amount			$ 1,000,000	$ 91,571
Coupon Rate			0%
Debt instrument purchasers over-allotment option			$ 125,000
Principal amount per conversion rate			$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)			23.4680
Initial conversion price (per ADS) \| $ / shares			$ 42.61
Effective interest rate				0.53%				0.53%
Gross proceeds from the issuance of the Notes				$ 1,000,000
Debt issuance costs				15,680
Principal amount of the liability				$ 134,681
Class A ordinary shares, issued \| shares				12,642,752				12,642,752
Converted value				$ 313,901
2024 Convertible Bonds \| Redemption one
Convertible Bonds
Class A ordinary shares, par value \| $ / shares				$ 0.000005
Trading days \| D				20	20
Consecutive trading day \| D				30	30
Percentage of conversion price				130%	130%
2024 Convertible Bonds \| Redemption two
Convertible Bonds
Principal amount				$ 1,000
Trading days \| D				5	5
Consecutive trading day \| D				10	10
Percentage of conversion price				98%	98%
2025 Convertible Bonds
Convertible Bonds
Principal amount		$ 2,000,000
Coupon Rate		0%
Debt instrument purchasers over-allotment option		$ 250,000
Principal amount per conversion rate		$ 1,000
Initial conversion rate (ADS per US$1,000 principal amount)		5.2459
Initial conversion price (per ADS) \| $ / shares		$ 190.63
Effective interest rate				0.34%				0.34%
Gross proceeds from the issuance of the Notes				$ 2,000,000
Debt issuance costs				$ 20,607
2025 Convertible Bonds \| Redemption one
Convertible Bonds
Class A ordinary shares, par value \| $ / shares		$ 0.000005
Trading days \| D		20		20	20
Consecutive trading day \| D		30		30	30
Percentage of conversion price		130%		130%	130%
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%
Accounting for Convertible Bonds
Convertible Bonds
Principal amount of the liability				$ 830,205					$ 2,226,252
Unamortized debt discount				0					$ 6,239
Net carrying amount of the liability				828,194				¥ 5,880,093		¥ 15,461,506
Amortization of the discount				$ 6,195	¥ 43,987	¥ 51,655	¥ 1,221,846
Repayments of principal amount	$ 1,261,366

Convertible Bonds - Cumulative

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

Fair Value Measurement - Fair v

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

Fair Value Measurement - Reconc

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

Fair Value Measurement - Fair_2

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

Accumulated Other Comprehensi_3

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

Revenues (Details)

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

Revenues - Contract balances (D

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

Share-Based Compensation - Summ

Share-Based Compensation - Summary (Details) - shares	1 Months Ended		12 Months Ended
Share-Based Compensation - Summary (Details) - shares	Mar. 31, 2021	Jul. 31, 2018	Dec. 31, 2023
2015 Plan and the 2018 Plan \| Stock Options
Share-Based Compensation
Required Service period (in years)			4 years
Annual vesting percentage			25%
Restricted period of holding after exercise (in years)			3 years
Additional implicit service period (in years)			3 years
Vesting period (in years)			7 years
2015 Plan \| Stock Options
Share-Based Compensation
Number of shares authorized			581,972,860
Term of the options (in years)			20 years
2018 Plan \| RSU
Share-Based Compensation
Number of shares authorized		363,130,400
Term of the options (in years)			4 years
Percentage of annual increase on shares issued	3%	1%
Annual vesting percentage			25%
Vesting percentage on 2nd anniversary of the grant date			50%
Vesting percentage on 3rd and 4th anniversary of the grant date			25%

Share-Based Compensation - Su_2

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

Share-Based Compensation - Assu

Share-Based Compensation - Assumptions to estimate the fair value of options (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation
Risk-free interest rate, minimum (in percent)	3.81%	1.52%	1.31%
Risk-free interest rate, maximum (in percent)	5.13%	4.08%	1.69%
Expected volatility, minimum (in percent)	50.31%	46.29%	46.28%
Expected volatility, maximum (in percent)	50.55%	50.26%	46.87%
Expected dividend yield (in percent)	0%	0%	0%
Exercise multiple	2.80	2.80	2.80
Post-vesting forfeit rate	0%	0%	0%
Fair value of underlying Ordinary Share, minimum (in dollars per share)	$ 17.1475	$ 10.6625	$ 22.0375
Fair value of underlying Ordinary Share, maximum (in dollars per share)	36.3175	17.8550	46.5375
Fair value of share option, minimum	17.1425	10.6560	22.0310
Fair value of share option, maximum	$ 36.3127	$ 17.8485	$ 46.5310

Share-Based Compensation - Su_3

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

Share-Based Compensation - Reco

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

Income Taxes - Tax rates (Detai

Income Taxes - Tax rates (Details)		12 Months Ended
Income Taxes - Tax rates (Details)	Apr. 30, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Statutory income tax rate		25%	25%	25%
Hong Kong
Income Taxes
Statutory income tax rate		16.50%
Withholding tax rate (as a percent)		0%
Mainland China
Income Taxes
Statutory income tax rate		25%
Withholding tax rate (as a percent)		10%
Shanghai Xunmeng \| Mainland China
Income Taxes
Preferential tax rate (as a percent)		15%
Walnut Shanghai \| Mainland China
Income Taxes
Preferential tax rate (as a percent)		15%
Xinzhijiang \| Mainland China
Income Taxes
Preferential tax rate (as a percent)	15%

Income Taxes - Group's loss bef

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

Income Taxes - Schedule of inco

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

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of difference between the statutory income tax rate and effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Statutory income tax rate	25%	25%	25%
Tax effect of different tax rates in different jurisdictions	(4.40%)	5.60%	15.70%
Tax effect of preferential tax rates	(4.20%)	(12.30%)	(14.80%)
Tax effect of non-deductible expenses	0.40%	0.90%	1.60%
Tax effect of non-taxable income	(0.00%)	(0.30%)	(1.40%)
Tax effect of tax rate changes on deferred taxes	0.20%	1.50%	0.50%
Tax effect of additional deduction of research and development expenses	(1.00%)	(1.20%)	(2.30%)
Change in valuation allowance	0.50%	(6.20%)	(4.40%)
Effective tax rate	16.50%	13%	19.90%

Income Taxes - Components of de

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

Related Party Transactions - Si

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

Related Party Transactions - Re

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

Earnings Per Share (Details)

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

Restricted Net Assets (Details)

Restricted Net Assets (Details) - 12 months ended Dec. 31, 2023 ¥ in Thousands, $ in Thousands	CNY (¥)	USD ($)
Restricted Net Assets
Minimum percentage of after tax profit to be allocated to general reserve	10%
Limit of general reserve fund as a percentage of registered capital, after which allocations to general reserve fund are no longer required	50%
Restricted net assets of Company's mainland China subsidiaries, the VIE and subsidiaries of the VIE	¥ 80,755,482	$ 11,374,172

Employee Contribution Plan (Det

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

Commitments and Contingencies (

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

Condensed Financial Informati_3

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

Condensed Financial Informati_4

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

Condensed Financial Informati_5

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