Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of assets and liabilities that are measured at fair value on a recurring basis

As of December 31, 2024 and 2025, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		7,366		—		7,366		—
Short-term investments
Wealth management products		38,396		—		38,396		—
Marketable securities and other investments
Listed equity securities		2,907		2,907		—		—

Total assets		48,669		2,907		45,762		—


			Fair value measurement at reporting date using
Description	Fair Value as of December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(RMB in millions)
Assets:
Restricted cash		12,137		—		12,137		—
Short-term investments
Wealth management products		15,519		—		15,519		—
Foreign exchange forward		13		—		13		—
Marketable securities and other investments
Listed equity securities		1,494		1,494		—		—
Wealth management products		36,592		—		36,592		—

Total assets		65,755		1,494		64,261		—