
	Amounts
	RMB
	(in millions)

Balance as of March 31, 2024		203,131
Additions		3,827
Share of results, other comprehensive income and other reserves (i)		8,794
Disposals		(2,606	)
Distributions		(3,906	)
Transfers		3,559
Impairment loss (ii)		(2,723	)
Foreign currency translation adjustments		93
Balance as of March 31, 2025		210,169
Additions		3,999
Share of results, other comprehensive income and other reserves (i)		3,141
Disposals		(6,540	)
Distributions		(4,684	)
Transfers		2,052
Impairment loss (ii)		(15	)
Foreign currency translation adjustments		(1,319	)
Balance as of March 31, 2026		206,803

(i)

Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and basis differences arising from equity method investees. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees.

(ii)

Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation.

As of March 31, 2026, equity method investments with an aggregate carrying amount of RMB21,274 million are publicly traded and the total market value of these investments amounted to RMB25,291 million. As of March 31, 2026, the Company’s retained earnings included undistributed earnings from equity method investees of RMB55,550 million.

For the years ended March 31, 2024, 2025 and 2026, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows:


	Year ended March 31,
	2024			2025			2026
	RMB			RMB			RMB
	(in millions)
Operating data:
Revenue		451,861			473,328			477,781
Cost of revenue		(312,422	)		(339,466	)		(339,041	)
Income from operations		56,646			43,488			12,575
Net income		75,820			47,012			83,354

14.

Investments in equity method investees (Continued)


	As of March 31,
	2025		2026
	RMB		RMB
	(in millions)
Balance sheet data:
Current assets		695,532		732,354
Non-current assets		930,191		943,638
Current liabilities		494,677		536,862
Non-current liabilities		132,780		114,325
Noncontrolling interests and mezzanine equity		16,991		30,755