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Related Party Balances and Transactions | 12 Months Ended
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Dec. 31, 2025
Related Party Balances and Transactions |
Related Party Balances and Transactions | 25. Related Party Balances and Transactions The principal related parties with which the Group had transactions during the years presented are as follows: ​
Name of Entity or Individual | ​ ​ ​ | Relationship with the Company
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ​ | An investee of the Group
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | An investee of the Group
Xunjie Energy (Wuhan) Co., Ltd. | ​ | An investee of the Group
Blue Horizon Limited and its subsidiaries | ​ | An investee of the Group
VTA Technology Inc. and its subsidiaries | ​ | An investee of the Group
Beijing WeLion New Energy Technology Co., Ltd. | ​ | An investee of the Group
Chongqing Chuangyuan Zhihang Technology Co., Ltd. | ​ | An investee of the Group
Hefei Chuang Wei Information Consultation Co., Ltd. | ​ | Controlled by Principal Shareholder
Tianjin Tengyi Information Technology Co., Ltd. (formerly known as Tianjin Boyou Information Technology Co., Ltd.) | ​ | Controlled by Principal Shareholder
McLaren Group Holdings Ltd. and its subsidiaries (formerly disclosed as Forseven Limited and its affiliate) | ​ | Controlled by Principal Shareholder
Shanghai Weishang Business Consulting Co., Ltd. | ​ | Significantly influenced by Principal Shareholder
​ In July 2025, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. completed the business deregistration. Since then, Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. was no longer the Group’s related party. In August 2025, Nanjing Weibang Transmission Technology Co., Ltd. completed the business deregistration. Since then, Nanjing Weibang Transmission Technology Co., Ltd. was no longer the Group’s related party. In 2025, in light of an internal restructuring of Forseven’s corporate group, Forseven’s parent company was renamed to McLaren Group Holdings Ltd. and McLaren Automotive Limited, a subsidiary of McLaren Group Holdings Ltd., substituted for Forseven on the terms of the technology license agreement and related service agreements. Therefore, the Group disclosed “McLaren Group Holdings Ltd. and its subsidiaries” as the counterparty for these related party transactions. (a) The Group entered into the following significant related party transactions: (i) Provision of services For the years ended December 31, 2023, 2024 and 2025, service income was primarily generated from property management, administrative support, research and development services and BaaS battery buy-out services the Group provided to its related parties. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Mclaren Group Holdings Ltd. and its subsidiaries | ​ | — | ​ | 201,063 | ​ | 762,681
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | 166,027 | ​ | 101,381 | ​ | 162,095
Blue Horizon Limited and its subsidiaries | ​ | — | ​ | 3,017 | ​ | 68,563
VTA Technology Inc. and its subsidiaries | ​ | — | ​ | — | ​ | 5,242
Nanjing Weibang Transmission Technology Co., Ltd. | ​ | 1,153 | ​ | 1,067 | ​ | 719
Total | ​ | 167,180 | ​ | 306,528 | ​ | 999,300
​ (ii) Purchase of services ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ​ | — | ​ | 5,738 | ​ | 26,178
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries |  | 23,878 | ​ | 17,594 | ​ | 9,694
Tianjin Tengyi Information Technology Co., Ltd. | ​ | 7,823 | ​ | 15,031 | ​ | 9,650
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | ​ | 184,279 | ​ | 92,549 | ​ | 1,554
Xunjie Energy (Wuhan) Co., Ltd. |  | — | ​ | 1,225 | ​ | 603
Beijing WeLion New Energy Technology Co., Ltd. | ​ | 34,016 | ​ | 21,603 | ​ | 40
VTA Technology Inc. and its subsidiaries | ​ | — | ​ | 59 | ​ | —
Total | ​ | 249,996 | ​ | 153,799 | ​ | 47,719
​ (iii) Purchase of raw materials or long-lived assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Xunjie Energy (Wuhan) Co., Ltd. | ​ | 111,875 | ​ | 37,603 | ​ | 12,239
VTA Technology Inc. and its subsidiaries |  | — | ​ | 2,485 | ​ | 4,917
Nanjing Weibang Transmission Technology Co., Ltd. | ​ | 73,071 | ​ | 85,938 | ​ | 4,363
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ​ | 1,062,521 | ​ | 86,985 | ​ | —
Beijing WeLion New Energy Technology Co., Ltd. | ​ | — | ​ | 48,547 | ​ | —
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | ​ | — | ​ | 32,213 | ​ | —
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries |  | — | ​ | 8 | ​ | —
Total |  | 1,247,467 | ​ | 293,779 | ​ | 21,519
​ (iv) Sales of goods
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | 1,457,500 |  | 9,848,487 |  | 16,002,921
Blue Horizon Limited and its subsidiaries | ​ | — | ​ | 69,447 | ​ | 113,836
Shanghai Weishang Business Consulting Co., Ltd. | ​ | 199 |  | 331 |  | 383
Hefei Chuangwei Information Consultation Co., Ltd. | ​ | 194 | ​ | — | ​ | —
Total | ​ | 1,457,893 |  | 9,918,265 |  | 16,117,140
​ (v) Sales of raw materials or long-lived assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Chongqing Chuangyuan Zhihang Technology Co., Ltd. | ​ | — | ​ | — | ​ | 150,000
Kunshan Siwopu Intelligent Equipment Co., Ltd. | ​ | — | ​ | 3,215 | ​ | 3,296
VTA Technology Inc. and its subsidiaries | ​ | — | ​ | 46,779 | ​ | 1,608
Blue Horizon Limited and its subsidiaries |  | — | ​ | 1,504 | ​ | 1,388
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | 5,597 | ​ | 7 | ​ | —
Total | ​ | 5,597 | ​ | 51,505 | ​ | 156,292
​ (vi) Convertible notes issued to related parties and interest accrual ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Huang River Investment Limited |  | 11,234 | ​ | — | ​ | —
​ (vii) Proceeds from borrowings from related parties and interest accrual ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Year Ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
Zhong’an Energy (Anhui) Co., Ltd. |  | — |  | — |  | 87,746
​ (b) The Group had the following significant related party balances: (i) Amounts due from related parties ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries |  | 7,622,041 | ​ | 15,976,578
Blue Horizon Limited and its subsidiaries |  | 72,636 | ​ | 90,930
Mclaren Group Holdings Ltd. and its subsidiaries | ​ | 11,749 | ​ | 23,702
Kunshan Siwopu Intelligent Equipment Co., Ltd. |  | 3,633 | ​ | 5,426
VTA Technology Inc. and its subsidiaries | ​ | — | ​ | 2,193
Hefei Chuang Wei Information Consultation Co., Ltd. | ​ | 2,249 | ​ | —
Nanjing Weibang Transmission Technology Co., Ltd. | ​ | 238 | ​ | —
Expected credit losses |  | (10,142) | ​ | (20,579)
Total |  | 7,702,404 | ​ | 16,078,250
​ (ii) Amounts due to related parties, current ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Mclaren Group Holdings Ltd. and its subsidiaries | ​ | 272,563 | ​ | 552,480
Zhong’an Energy (Anhui) Co., Ltd. |  | — | ​ | 16,656
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | 9,634 | ​ | 14,565
Beijing WeLion New Energy Technology Co., Ltd. | ​ | 66,477 | ​ | 14,514
Tianjin Tengyi Information Technology Co., Ltd. | ​ | 8,575 | ​ | 11,902
Kunshan Siwopu Intelligent Equipment Co., Ltd. |  | 29,658 | ​ | 11,271
Xunjie Energy (Wuhan) Co., Ltd. | ​ | 17,409 | ​ | 3,688
Blue Horizon Limited and its subsidiaries | ​ | 71 | ​ | 484
VTA Technology Inc. and its subsidiaries | ​ | 1,932 | ​ | 343
Nanjing Weibang Transmission Technology Co., Ltd. | ​ | 2,630 | ​ | —
Jianglai Advanced Manufacturing Technology (Anhui) Co., Ltd. | ​ | 281 | ​ | —
Shanghai Weishang Business Consulting Co.,Ltd. | ​ | 133 | ​ | —
Total | ​ | 409,363 | ​ | 625,903
​ (iii) Amount due to related parties, non-current ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
Wuhan Weineng Battery Assets Co., Ltd. and its subsidiaries | ​ | 78,460 | ​ | 351,014
Mclaren Group Holdings Ltd. and its subsidiaries | ​ | 251,032 | ​ | 182,074
Zhong’an Energy (Anhui) Co., Ltd. | ​ | — | ​ | 71,090
Total |  | 329,492 |  | 604,178
​

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-5 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-6 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483326/850-10-50-1 + Details
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