| Condensed Balance Sheets |
Condensed Balance Sheets
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US$ Note 2(g) |
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|
(in millions, except share and per share data) |
|
| ASSETS |
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|
|
|
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|
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| Cash and cash equivalents |
|
|
646 |
|
|
|
5,707 |
|
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|
816 |
|
| Short-term investments |
|
|
5,191 |
|
|
|
— |
|
|
|
— |
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| Internal balance |
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35,639 |
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2,613 |
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|
373 |
|
| Investments in subsidiaries and consolidated VIEs |
|
|
230,090 |
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248,355 |
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|
35,514 |
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| Prepayments and other assets |
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|
65 |
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|
76 |
|
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|
11 |
|
|
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| Total assets |
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271,631 |
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|
256,751 |
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36,714 |
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| LIABILITIES |
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| Unsecured senior notes |
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24,898 |
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24,434 |
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3,494 |
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| Long-term debts |
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7,188 |
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7,029 |
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|
1,005 |
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| Accrued expenses and other liabilities |
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|
198 |
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|
248 |
|
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|
35 |
|
|
|
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|
|
|
|
|
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|
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| Total liabilities |
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32,284 |
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31,711 |
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|
4,534 |
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| SHAREHOLDERS’ EQUITY |
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Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; Class A ordinary shares issued and outstanding, 322,483,772 Class B ordinary shares issued and outstanding as of December 31, 2024; Class A ordinary shares issued and outstanding, 321,776,028 Class B ordinary shares issued and outstanding as of December 31, 2025.) |
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— |
* |
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— |
* |
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— |
* |
Additional paid-in capital |
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182,404 |
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141,515 |
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|
20,236 |
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| Statutory reserves |
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6,688 |
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7,617 |
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1,089 |
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| Treasury stock |
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(27,739 |
) |
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(7,874 |
) |
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(1,126 |
) |
| Retained earnings |
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76,573 |
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84,957 |
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12,149 |
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| Accumulated other comprehensive income/(loss) |
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1,421 |
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(1,175 |
) |
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(168 |
) |
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| Total shareholders’ equity |
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239,347 |
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225,040 |
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32,180 |
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| Total liabilities and shareholders’ equity |
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271,631 |
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256,751 |
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36,714 |
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| * |
Absolute value is less than RMB1 million or US$1 million. |
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| Condensed Statements of Operations and Comprehensive Income |
Condensed Statements of Operations and Comprehensive Income
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For the year ended December 31, |
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US$ Note 2(g) |
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(in millions) |
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Net revenues |
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— |
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|
11 |
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|
26 |
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4 |
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Operating expenses |
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Marketing |
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(4 |
) |
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(5 |
) |
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(6 |
) |
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(1 |
) |
General and administrative |
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(204 |
) |
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(155 |
) |
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(1,546 |
) |
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(221 |
) |
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Loss from operations |
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(208 |
) |
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(149 |
) |
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(1,526 |
) |
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(218 |
) |
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Other income/(expense) |
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Income from subsidiaries and consolidated VIEs |
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24,967 |
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41,991 |
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21,983 |
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3,143 |
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Other expense, net |
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(591 |
) |
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(483 |
) |
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(826 |
) |
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(118 |
) |
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Income before tax |
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24,168 |
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41,359 |
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19,631 |
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2,807 |
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Income tax expenses |
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(1 |
) |
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— |
* |
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— |
* |
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— |
* |
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Net income |
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24,167 |
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41,359 |
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19,631 |
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2,807 |
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Other comprehensive income/(loss): |
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Foreign currency translation adjustments |
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1,862 |
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|
518 |
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(2,596 |
) |
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(371 |
) |
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Total comprehensive income |
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26,029 |
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41,877 |
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17,035 |
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2,436 |
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| * |
Absolute value is less than RMB1 million or US$1 million. |
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| Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows
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For the year ended December 31, |
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(in millions) |
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Net cash used in operating activities |
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(765 |
) |
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(717 |
) |
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(982 |
) |
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(140 |
) |
Cash flows from investing activities: |
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Purchase of time deposits and wealth management products |
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(2,833 |
) |
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(4,979 |
) |
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— |
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— |
|
Maturity of time deposits and wealth management products |
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— |
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2,838 |
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5,023 |
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|
718 |
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Cash received from internal companies |
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12,633 |
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18,773 |
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32,872 |
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4,700 |
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Net cash provided by investing activities |
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9,800 |
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16,632 |
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37,895 |
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5,418 |
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Cash flows from financing activities: |
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Repurchase of ordinary shares |
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(2,497 |
) |
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(25,912 |
) |
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(21,430 |
) |
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(3,064 |
) |
Cash paid for dividends |
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(6,741 |
) |
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(8,263 |
) |
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(10,379 |
) |
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(1,484 |
) |
Proceeds from unsecured senior notes, net of issuance costs |
|
|
— |
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|
13,999 |
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|
— |
|
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|
— |
|
Other financing activities |
|
|
33 |
|
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|
27 |
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|
33 |
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5 |
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Net cash used in financing activities |
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|
(9,205 |
) |
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(20,149 |
) |
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(31,776 |
) |
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(4,543 |
) |
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Effect of exchange rate changes on cash and cash equivalents |
|
|
(71 |
) |
|
|
92 |
|
|
|
(76 |
) |
|
|
(11 |
) |
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|
|
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|
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Net (decrease)/increase in cash and cash equivalents |
|
|
(241 |
) |
|
|
(4,142 |
) |
|
|
5,061 |
|
|
|
724 |
|
Cash and cash equivalents at beginning of year |
|
|
5,029 |
|
|
|
4,788 |
|
|
|
646 |
|
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|
92 |
|
|
|
|
|
|
|
|
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|
|
|
|
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Cash and cash equivalents at end of year |
|
|
4,788 |
|
|
|
646 |
|
|
|
5,707 |
|
|
|
816 |
|
|
|
|
|
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