Investments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Short-term Investments at Amortized Cost and Fair Value

Short-term investments classification as of December 31, 2023 and 2024 were shown as below:

	As of December 31, 2023
	Cost or amortized cost less allowance for credit losses		Gross unrecognized holding gains		Gross unrecognized holding losses			Gross unrealized gains		Gross unrealized losses		Fair value
	RMB		RMB		RMB			RMB		RMB		RMB
	(In millions)
Held-to-maturity debt investments		166,999		835		(94	)		—		—		167,740
Available-for-sale debt investments		1,642		—		—			29		—		1,671

	As of December 31, 2024
	Cost or amortized cost less allowance for credit losses		Gross unrecognized holding gains		Gross unrecognized holding losses			Gross unrealized gains		Gross unrealized losses		Trading gains		Trading losses		Fair value
	RMB		RMB		RMB			RMB		RMB		RMB		RMB		RMB		US$
	(In millions)
Held-to-maturity debt investments		96,639		370		(97	)		—		—		—		—		96,912		13,277
Available-for-sale debt investments		5,912		—		—			42		—		—		—		5,954		816
Trading debt investments		15		—		—			—		—		—		—		15		2

Equity Method Investments

Financial information for the Group’s equity method investments are summarized as a group as follow:

	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
	(In millions)
Current assets		271,407		313,687		42,975
Non-current assets		154,364		148,546		20,351
Current liabilities		227,894		237,535		32,542
Non-current liabilities		30,226		31,428		4,306
Noncontrolling interests		2,461		2,638		361

	For the years ended December 31,
	2022			2023		2024		2024
	RMB			RMB		RMB		US$
	(In millions)
Total revenues		42,123			60,042		88,904		12,180
Gross profit		23,925			40,304		56,675		7,764
Income from operations		617			8,120		11,670		1,599
Net (loss) income		(1,292	)		9,544		13,317		1,824
Net (loss) income attributable to the investees		(1,239	)		9,493		13,156		1,802

Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments

The following table summarizes the estimated fair value of available-for-sale debt investments, classified by the contractual maturity date of the investments:

	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
	(In millions)
Due in 1 year		—		1,793		246
Due in 1 year through 5 years		2,154		870		119
Not due at a single maturity date		1,528		3,697		506
Total		3,682		6,360		871

Long Term Investments

Schedule of Investments accounted for at fair value

Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2023 and 2024 are shown as below:

	As of December 31, 2023
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	RMB		RMB		RMB			RMB
	(In millions)
Equity investments at fair value with readily determinable fair value		14,716		1,698		(6,804	)		9,610
Available-for-sale debt investments		4,360		455		(1,133	)		3,682
Investments accounted for at fair value		2,547		2,942		(648	)		4,841

	As of December 31, 2024
	Cost or amortized cost		Gross unrealized gains		Gross unrealized losses			Fair value
	RMB		RMB		RMB			RMB		US$
	(In millions)
Equity investments at fair value with readily determinable fair value		13,303		1,198		(5,915	)		8,586		1,176
Available-for-sale debt investments		6,819		629		(1,088	)		6,360		871
Investments accounted for at fair value		2,558		2,580		(757	)		4,381		600

Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values

Total unrealized and realized gains and losses of equity investments without readily determinable fair values that do not qualify for the NAV practical expedient for the years ended December 31, 2022, 2023 and 2024 were as follows:

	For the years ended December 31,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
	(In millions)
Gross unrealized gains		218			571			32			4
Gross unrealized losses (including impairment)(i)		(2,418	)		(744	)		(292	)		(40	)
Net unrealized losses on equity investments held		(2,200	)		(173	)		(260	)		(36	)
Net realized gains on equity investments sold		90			251			38			5
Total net (losses) gains recognized		(2,110	)		78			(222	)		(31	)

(i) Gross unrealized losses (downward adjustments excluding impairment) were nil, RMB8 million and nil for the years ended December 31, 2022, 2023 and 2024, respectively.

Summary of Breakdown of Long-term Investments

The following table sets forth a breakdown of the categories of long-term investments held by the Group as of the dates indicated:

	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
	(In millions)
Equity investments at fair value with readily determinable fair value		9,610		8,586		1,176
Equity investments without readily determinable fair value using the NAV practical expedient		942		727		100
Equity investments without readily determinable fair value using the measurement alternative		8,093		4,150		569
Available-for-sale debt investments		3,682		6,360		871
Equity method investments		20,789		17,517		2,400
Investments accounted for at fair value		4,841		4,381		600
Total long-term investments		47,957		41,721		5,716

Schedule of the Carrying Amount of Equity Securities Without Readily Determinable Fair Values

The total carrying value of equity investments without readily determinable fair value that do not qualify for the NAV practical expedient held as of December 31, 2023 and 2024 were as follows:

	As of December 31,
	2023			2024			2024
	RMB			RMB			US$
	(In millions)
Initial cost basis		13,586			9,083			1,244
Cumulative unrealized gains		3,099			1,193			163
Cumulative unrealized losses (including impairment)		(8,592	)		(6,126	)		(838	)
Total carrying value		8,093			4,150			569