The Company’s capital commitments primarily relate to capital expenditures contracted for purchase of property and equipment, including the construction of corporate campuses. Total capital commitments contracted but not provided for amounted to RMB45,321 million and RMB54,136 million as of March 31, 2025 and 2026, respectively. The capital expenditures contracted for are analyzed as follows:


	As of March 31,
	2025		2026
	RMB		RMB
	(in millions)
No later than 1 year		44,067		53,484
Later than 1 year and no later than 5 years		1,254		652
		45,321		54,136

The Company was obligated to pay up to RMB20,341 million and RMB14,501 million for business combinations and equity investments under various arrangements as of March 31, 2025 and 2026, respectively. The commitment balance as of March 31, 2025 and 2026 primarily includes the committed capital of certain investment funds.

The Company also has other commitments including commitments for co-location and bandwidth fees, licensed copyrights and marketing expenses. These commitments are analyzed as follows:


	As of March 31,
	2025		2026
	RMB		RMB
	(in millions)
No later than 1 year		32,364		57,441
Later than 1 year and no later than 5 years		46,768		133,598
More than 5 years		5,094		9,023
		84,226		200,062