v3.26.1
Inventories, net
12 Months Ended
Dec. 31, 2025
Inventories, net  
Inventories, net
8.
Inventories, net
Inventories, net consist of the following:
 
    
As of December 31,
 
    
2024
    
2025
 
    
(RMB in millions)
 
Products
     91,631        98,171  
Packing materials and others
     1,782        2,044  
  
 
 
    
 
 
 
Inventories
     93,413        100,215  
Inventory valuation allowance
     (4,087      (4,787
  
 
 
    
 
 
 
Inventories, net
     89,326        95,428