| | |
As of March 31, | | |
As of December 31, | |
| | |
2025 | | |
2025 | |
| | |
RMB | | |
RMB | | |
US$ | |
| | |
| | |
| | |
| |
| | |
(in millions) | |
| Deferred revenue | |
| 4,536 | | |
| 4,454 | | |
| 637 | |
| Deferred tax liabilities | |
| 48,454 | | |
| 46,232 | | |
| 6,611 | |
| Non-current bank borrowings | |
| 49,909 | | |
| 51,423 | | |
| 7,353 | |
| Non-current unsecured senior notes | |
| 122,398 | | |
| 118,637 | | |
| 16,965 | |
| Non-current convertible unsecured senior notes | |
| 35,834 | | |
| 56,473 | | |
| 8,076 | |
| Non-current exchangeable bonds | |
| – | | |
| 11,552 | | |
| 1,652 | |
| Other liabilities | |
| 17,644 | | |
| 23,789 | | |
| 3,402 | |
| Total liabilities | |
| 714,121 | | |
| 772,371 | | |
| 110,448 | |
| | |
| | | |
| | | |
| | |
| Commitments and contingencies | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | |
| Mezzanine equity | |
| 11,713 | | |
| 7,751 | | |
| 1,108 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity: | |
| | | |
| | | |
| | |
| Ordinary shares | |
| 1 | | |
| 1 | | |
| – | |
| Additional paid-in capital | |
| 381,379 | | |
| 382,770 | | |
| 54,735 | |
| Treasury shares at cost | |
| (36,329 | ) | |
| (36,143 | ) | |
| (5,168 | ) |
| Statutory reserves | |
| 15,936 | | |
| 16,628 | | |
| 2,378 | |
| Accumulated other comprehensive income (loss) | |
| 3,393 | | |
| (6,431 | ) | |
| (920 | ) |
| Retained earnings | |
| 645,478 | | |
| 682,830 | | |
| 97,644 | |
| | |
| | | |
| | | |
| | |
| Total shareholders’ equity | |
| 1,009,858 | | |
| 1,039,655 | | |
| 148,669 | |
| Noncontrolling interests | |
| 68,535 | | |
| 58,522 | | |
| 8,368 | |
| | |
| | | |
| | | |
| | |
| Total equity | |
| 1,078,393 | | |
| 1,098,177 | | |
| 157,037 | |
| | |
| | | |
| | | |
| | |
| Total liabilities, mezzanine equity and equity | |
| 1,804,227 | | |
| 1,878,299 | | |
| 268,593 | |
