v3.26.1
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-based compensation  
Schedule of share-based compensation expenses
The following table sets forth the allocation of share-based compensation expenses:
 
    
For the year ended December 31,
  
    
2023
     
2024
     
2025
  
    
(RMB in millions)
  
Cost of revenues
      133        80        87  
Fulfillment
      697        424        473  
Marketing
      426        273        313  
Research and development
      859        599        1,144  
General and administrative
      2,689        1,623        2,709  
  
 
 
     
 
 
     
 
 
  
Total
      4,804        2,999        4,726  
  
 
 
     
 
 
     
 
 
  
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Valuation Methodology Alternative
The weighted-average grant date fair value of options granted for the year ended December 31, 2025 was US$7.85 
per share
, estimated on the grant date or modification date using the Binominal option-pricing model with the following assumptions:
 
    
2025
  
Expected volatility
(i)
     48%~49%  
Exercise multiples
(ii)
     2.0  
Expected dividend yield
(iii)
     2.5%  
Expected term (in years)
(iv)
     10.0  
Risk-free interest rate
(v)
     4.26%~4.61%  
Fair value of the underlying shares on the date of option grants (US$ per share)
      16.35~17.18  
 
(i)
The volatility assumption was estimated based on historical volatility of the Company’s share price for the period of time close to the expected time to exercise.
(ii)
The exercise multiple was estimated as the ratio of fair value of underlying shares over exercise price as at the time the option is exercised, which comes from the historical exercise pattern of the Company.
(iii)
The dividend yield was estimated based on its expected dividend policy over the expected term of the options.
(iv)
Assumption of the expected term were based on the vesting and contractual terms.
(v)
Risk-free interest rate for periods within the contractual life of the option is based upon the U.S. treasury yield curve in effect at the time of grant.
Employee and non-employee  
Share-based compensation  
Schedule of RSUs activity
A summary of activities of the service-based RSUs for the years ended December 31, 2025 is presented as follows:
 
    
Number of
RSUs
     
Weighted-
Average
Grant-Date

Fair Value
  
           
US$
  
Unvested as of January 1, 2025
      70,983,422        19.53  
  
 
 
     
Granted
      31,551,310        18.27  
Vested
      (21,301,372 )       21.39  
Forfeited or cancelled
      (9,370,294 )       19.21  
  
 
 
     
Unvested as of December 31, 2025
      71,863,066        18.47  
  
 
 
     
Schedule of service-based share options activity
A summary of activities of the service-based share options for the years ended December 31, 2025 is presented as follows:
 
 
  
Number of
Share
Options
 
  
Weighted
Average
Exercise
Price
 
  
Weighted
Average
Remaining
Contractual
Term
 
  
Aggregate
Intrinsic
Value
 
 
  
 
 
  
US$
 
  
Year
 
  
US$
in millions
 
Outstanding as of January 1, 2025
      17,645,740        16.53        0.5        14  
  
 
 
           
Granted
      5,272,500        16.97        
Exercised
      (352,086 )
 
      13.03        
  
 
 
           
Forfeited or cancelled
      —         —               
 
 
 
Outstanding as of December 31, 2025
      22,566,154        16.69        9.3        1  
  
 
 
           
Vested and expected to vest as of December 31, 2025
      22,484,404        16.70        9.3        1  
Exercisable as of December 31, 2025
      17,293,654        16.61        9.3        1