In millions of CNY; shares in millions, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q4 FY2022
As of Dec 31, 2022
ASSETS
Current assets
Cash
Restricted cash
Short-term investments
Accounts receivable
Nonrelated Party
Related Party
Total accounts receivable
Accounts receivable - related parties, net
Notes receivable (including notes receivable of VIEs that can only be used to settle the VIEs' obligation of RMB110,550 and nil as of December 31, 2021 and 2022, respectively)
Notes receivable
Inventories
Amounts due from related parties
Amounts due from related parties, net
Related Party
Total amounts due from related parties, net
Prepayments and other current assets, net
Total current assets
Non-current assets
Long-term investments
Long-term investments, net
Property and equipment, net
Intangible assets, net
Operating lease right-of-use assets
Goodwill
Other non-current assets
Nonrelated Party
Related Party
Total other non-current assets
Other non-current assets - related parties
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Short-term borrowings
Accounts payable
Nonrelated Party
Related Party
Total accounts payable
Accounts payable - related parties (including accounts payable - related parties of the VIEs without recourse to the Company of RMB99,906 and nil as of December 31, 2021 and 2022, respectively)
Notes payable (including notes payable of the VIEs without recourse to the Company of RMB127,304 and nil as of December 31, 2021 and 2022, respectively)
Amounts due to related parties (including amounts due to related parties of the VIEs without recourse to the Company of RMB309,010 and nil as of December 31, 2021 and 2022, respectively)
Notes payable
Amounts due to related parties
Related Party
Total amounts due to related parties
Contract liabilities, current
Nonrelated Party
Related Party
Total contract liabilities, current
Contract liabilities, current - related parties (including contract liabilities, current - related parties of the VIEs without recourse to the Company of RMB363,285 and nil as of December 31, 2021 and 2022, respectively)
Operating lease liabilities, current
Related Party
Total operating lease liabilities, current
Convertible notes payable, current
Accrued expenses and other current liabilities
Income tax payable
Total current liabilities
Non-current liabilities
Long term borrowings
Contract liabilities, non-current
Nonrelated Party
Related Party
Total contract liabilities, non-current
Contract liabilities, non-current - related parties (including contract liabilities, non-current - related parties of the VIEs without recourse to the Company of RMB472,749 and nil as of December 31, 2021 and 2022, respectively)
Convertible notes payable, non-current
Operating lease liabilities, non-current
Warrant liabilities, non-current
Provisions
Other non-current liabilities
Nonrelated Party
Related Party
Total other non-current liabilities
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Commitments and contingencies
MEZZANINE EQUITY
Redeemable non-controlling interests
SHAREHOLDERS’ DEFICIT
Ordinary Shares
Common Class A
Class B Ordinary Shares
Treasury Stock, Value
Additional paid-in capital
Accumulated deficit
Accumulated other comprehensive loss
Total deficit attributable to ordinary shareholders of ECARX Holdings Inc.
