Parent company only condensed financial information

12 Months Ended

Dec. 31, 2024

Parent company only condensed financial information

Parent company only condensed financial information

34.	Parent company only condensed financial information

The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs in accordance with Rule

5-04

S-X,

and concluded that it was applicable for the Company to disclose the financial information for the parent company only.

As of December 31, 2024, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements.

Condensed Balance Sheets


	As of December 31,
	2023			2024
	RMB			RMB			US$ Note 2(g)
	(in millions, except share and per share data)
ASSETS

Cash and cash equivalents		4,788			646			89
Short-term investments		2,843			5,191			711
Internal balance		53,088			35,639			4,883
Investments in subsidiaries and consolidated VIEs		188,817			230,090			31,522
Prepayments and other assets		154			65			10

Total assets		249,690			271,631			37,215

LIABILITIES
Unsecured senior notes		10,536			24,898			3,411
Long-term borrowings		7,083			7,188			985
Accrued expenses and other liabilities		213			198			28

Total liabilities		17,832			32,284			4,424

SHAREHOLDERS’ EQUITY:
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023; 2,865,069,999 Class A ordinary shares issued and 2,587,296,615 outstanding, 322,483,772 Class B ordinary shares issued and 316,136,640 outstanding as of December 31, 2024.)		—	*		—	*		—	*
Additional paid-in capital		184,204			182,404			24,989
Statutory reserves		6,109			6,688			916
Treasury stock		(3,409	)		(27,739	)		(3,800	)
Retained earnings		44,051			76,573			10,491
Accumulated other comprehensive income		903			1,421			195

Total shareholders’ equity		231,858			239,347			32,791

Total liabilities and shareholders’ equity		249,690			271,631			37,215

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Operations and Comprehensive Income


	For the year ended December 31,
	2022			2023			2024
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net revenues		—			—			11			2
Operating expenses
Marketing		(2	)		(4	)		(5	)		(1	)
General and administrative		(331	)		(204	)		(155	)		(21	)

Loss from operations		(333	)		(208	)		(149	)		(20	)

Other income/(expense)
Income from subsidiaries and consolidated VIEs		10,667			24,967			41,991			5,753
Other income/(expense), net		48			(591	)		(483	)		(67	)

Income before tax		10,382			24,168			41,359			5,666
Income tax expenses		(2	)		(1	)		—	*		—	*

Net income		10,380			24,167			41,359			5,666

Other comprehensive income:
Foreign currency translation adjustments		5,131			1,862			518			71

Total comprehensive income		15,511			26,029			41,877			5,737

*	Absolute value is less than RMB1 million or US$1 million.

Condensed Statements of Cash Flows


	For the year ended December 31,
	2022			2023			2024
	RMB			RMB			RMB			US$ Note 2(g)
	(in millions)
Net cash used in operating activities		(509	)		(765	)		(717	)		(98	)
Cash flows from investing activities:
Purchase of time deposits and wealth management products		—			(2,833	)		(4,979	)		(682	)
Maturity of time deposits and wealth management products		1			—			2,838			389
Cash received from internal companies		7,426			12,633			18,773			2,572

Net cash provided by investing activities		7,427			9,800			16,632			2,279

Cash flows from financing activities:
Repurchase of ordinary shares		(1,823	)		(2,497	)		(25,912	)		(3,550	)
Cash paid for dividends		(13,087	)		(6,741	)		(8,263	)		(1,132	)
Proceeds from debts		10,563			—			—			—
Repayment of debts		(7,005	)		—			—			—
Proceeds from unsecured senior notes, net of issuance costs		—			—			13,999			1,918
Other financing activities		1,043			33			27			4

Net cash used in financing activities		(10,309	)		(9,205	)		(20,149	)		(2,760	)

Effect of exchange rate changes on cash and cash equivalents		1,003			(71	)		92			12

Net decrease in cash and cash equivalents		(2,388	)		(241	)		(4,142	)		(567	)
Cash and cash equivalents at beginning of year		7,417			5,029			4,788			656

Cash and cash equivalents at end of year		5,029			4,788			646			89

Basis of presentation

The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs.

For the parent company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Income from subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income. The parent company only condensed financial information should be read in conjunction with the Group’s consolidated financial statements.