Unsecured senior notes (Tables)

12 Months Ended

Dec. 31, 2025

A summary of the Company’s senior notes due 2026, 2030 and 2050 (collectively “Senior Notes”) and the Convertible Senior Notes as of December 31, 2024 and 2025 is as follows:


	As of December 31,				Effective interest rate
	2024		2025		Effective interest rate
	(RMB in millions)
US$500 million 3.875% Senior Notes due 2026		3,582		3,511		4.15	%
US$700 million 3.375% Senior Notes due 2030		4,973		4,867		3.47	%
US$300 million 4.125% Senior Notes due 2050		2,024		1,980		4.25	%
US$2,000 million 0.25% Convertible Senior Notes due 2029		14,191		13,951		0.79	%

Carrying value		24,770		24,309
Unamortized discount and debt issuance costs of the Senior Notes		73		57
Unamortized debt issuance costs of the Convertible Senior Notes		186		107

Total principal amounts of unsecured senior notes		25,029		24,473

Summary of Principal Amounts due of Unsecured Senior Notes

As of December 31, 2025, the principal of the Senior Notes of RMB3,514 million, RMB4,885 million and RMB2,016 million will be due in 2026, 2030 and 2050, respectively. The principal of the Convertible Senior Notes of RMB14,058 million will be due in 2029. The principal of the unsecured senior notes will be due according to the following schedule:


Principal amounts	Total		Within 1 year		Between 1 to 2 years		Between 2 to 3 years		Between 3 to 4 years		Between 4 to 5 years		Beyond 5 years
	(RMB in millions)
Senior Notes		10,415		3,514		—		—		—		4,885		2,016
Convertible Senior Notes		14,058		—		—		—		14,058		—		—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details