Property, equipment and software, net

12 Months Ended

Dec. 31, 2025

Property, equipment and software, net

9.	Property, equipment and software, net

Property, equipment and software, net consist of the following:


	As of December 31,
	2024			2025
	(RMB in millions)
Land, building and building improvement		70,977			78,716
Logistics, warehouse and other heavy equipment		18,061			20,337
Vehicles		8,981			11,433
Leasehold improvement		5,895			7,656
Electronic equipment		2,947			3,259
Office equipment		757			1,255
Software		1,072			1,121

Total		108,690			123,777
Less: accumulated depreciation and impairment		(25,953	)		(32,428	)

Net carrying amount		82,737			91,349

Depreciation expenses were RMB6,088 million, RMB6,958 million and RMB7,655 million for the years ended December 31, 2023, 2024 and 2025, respectively. For the years ended December 31, 2023, 2024 and 2025, the Group recorded impairment losses of RMB819 million, RMB716 million and nil, respectively.