Foreign Exchange Risk The conversion of Renminbi into other currencies, including U.S. dollars, is based on rates set by the People’s Bank of China. The Renminbi has fluctuated against other currencies, at times significantly and unpredictably. The value of Renminbi against other currencies is affected by changes in China’s political and economic conditions and by China’s foreign exchange policies, among other things. It is difficult to predict how market forces or government policies may impact the exchange rate between Renminbi and other currencies in the future. As of December 31, 2025, we had Renminbi-denominated cash and cash equivalents, restricted cash, and short-term treasury investments of RMB18.3 billion (US$2.6 billion) and U.S. dollar-denominated cash and cash equivalents, restricted cash, and short-term treasury investments of US$4.3 billion. Assuming we had converted RMB18.3 billion into U.S. dollars at the exchange rate of RMB6.9931 for US$1.00 as of December 31, 2025, our total balance of cash and cash equivalents, restricted cash and short-term treasury investments in U.S. dollars would have been US$6.9 billion. If the Renminbi had depreciated by 10% against the U.S. dollar, the balance in U.S. dollars would have been US$6.7 billion. A large majority of our revenues is denominated in Renminbi. Any significant depreciation of Renminbi against the U.S. dollar may materially and adversely affect our ability to pay dividends on our Class A ordinary shares or ADSs in U.S. dollars. We are also exposed to foreign currency risk because of our international operations, particularly in Brazil and Mexico. While we generally expect to use any cash from operations in the same country where we receive that currency, fluctuations in the exchange rate between the currency of that country and the Renminbi will be recorded as foreign currency translation adjustments in our consolidated statements of comprehensive income (loss). 160 Table of Contents Price Risk We are exposed to price risk primarily in respect of our investments that classified either as other financial investments measured at fair value through profit or loss or other financial investments measured at fair value through other comprehensive income. We are not exposed to commodity price risk. To manage our price risk arising from the investments, we diversify our portfolio. Each investment is managed by us on a case by case basis. See Note 4.1.1 to our consolidated financial statements included elsewhere in this annual report for a sensitivity analysis relating to price risk. Interest Rate Risk We have both short-term and long-term borrowings. Our short-term borrowings mainly consist of RMB-dominated borrowings by our subsidiaries from financial institutions in the PRC. We had short-term borrowings of RMB10.8 billion and RMB12.4 billion (US$1.8 billion) as of December 31, 2024 and 2025, respectively. Our long-term borrowings consist of a series of loan facilities with terms that range from two to three years. We had total long-term borrowings of RMB0.7 billion and RMB0.2 billion (US$33.0 million) as of December 31, 2024 and 2025, respectively. Borrowings carried at floating rates exposed to cash flow interest rate risk whereas borrowings carried at fixed rates exposed to fair value interest rate risk. See Note 4.1.1 to our consolidated financial statements included elsewhere in this annual report for a sensitivity analysis relating to interest rate risk. Credit Risk As of December 31, 2024 and 2025, substantially all of our cash and cash equivalents, restricted cash, treasury investment stated at amortized cost and debt instruments measured at fair value through other comprehensive income (FVOCI) are held by major financial institutions located in the Chinese mainland and Hong Kong which we believe are of high credit quality. We expect that there is no significant credit risk associated with these assets. Cash balances are held in other financial institutions we believe are of high credit quality. As of December 31, 2024 and 2025, cash held in accounts managed by other financial institutions amounted to RMB1.1 billion and RMB2.5 billion (US$0.4 billion), respectively. Accounts receivable are typically unsecured and are generally derived from customers and end-users. The credit risk with respect to account receivables is mitigated by credit control policies we carry out with respect to our customers and our ongoing monitoring process of outstanding balances. We have loan receivables which primarily represent micro-loans that we generally offer to individual borrowers who are registered as riders, end-users or drivers via our platform. Our loan receivables, net, were RMB10.5 billion and RMB12.1 billion (US$1.7 billion) as of December 31, 2024 and 2025, respectively. We do not have significant exposure to any individual customer.