Parent company only condensed financial information (Tables)

12 Months Ended

Dec. 31, 2024

Parent company only condensed financial information

Condensed Balance Sheets

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

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

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