The net cash flow used in investing activities for the three months ended June 30, 2026 was RMB 18,964 million, mainly reflecting capital expenditure of RMB 67,678 million, partially offset by a net decrease of RMB 50,452 million in short-term investments and other financial management investments. The year-on-year increase in capital expenditure was significantly driven by many factors, including fluctuations in procurement cycles, increased CPU computing power driven by expected customers to continue using AI agents, and rising prices of various chip components.

The net cash flow used in investing activities for the three months ended June 30, 2026 was RMB 18,964 million, mainly reflecting capital expenditure of RMB 67,678 million, partially offset by a net decrease of RMB 50,452 million in short-term investments and other financial management investments. The year-on-year increase in capital expenditure was significantly driven by many factors, including fluctuations in procurement cycles, increased CPU computing power driven by expected customers to continue using AI agents, and rising prices of various chip components.