Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

Income (loss) before income taxes consists of:

	For the years ended December 31,
	2022			2023			2024		2024
	RMB			RMB			RMB		US$
	(In millions)
Mainland China		18,306			28,449			24,970		3,421
Non-Mainland China		(8,194	)		(3,251	)		3,652		500
		10,112			25,198			28,622		3,921

Components of Income Tax

Income taxes consist of:

	For the years ended December 31,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
	(In millions)
Current income tax		3,163			3,812			3,407			467
Income tax refund due to reduced tax rate		(468	)		—			—			—
Adjustments of deferred tax assets due to change in tax rates		119			111			(334	)		(46	)
Deferred income tax (benefit) expense		(236	)		(274	)		1,374			188
		2,578			3,649			4,447			609

Reconciliation of Effective Income Tax Provision of Tax Computed By Applying Statutory Income Tax Rate to Pre-Tax Income

The reconciliation of the actual income taxes to the amount of tax computed by applying the aforementioned statutory income tax rate to pre-tax income is as follows:

	For the years ended December 31,
	2022			2023			2024			2024
	RMB			RMB			RMB			US$
	(In millions)
Expected taxation at PRC statutory tax rate		2,541			6,299			7,156			980
Effect of differing tax rates in different jurisdictions		1,976			410			(153	)		(21	)
Non-taxable income		(44	)		(456	)		(593	)		(81	)
Non-deductible expenses		534			1,928			814			112
Research and development super-deduction		(2,274	)		(3,067	)		(3,048	)		(418	)
Effect of PRC preferential tax rates and tax holiday		(1,507	)		(1,833	)		(1,760	)		(241	)
Effect of tax rate changes on deferred taxes		119			111			(334	)		(46	)
Reversal of prior year’s income taxes		(913	)		(156	)		(23	)		(3	)
PRC withholding tax		181			574			1,762			241
Change in valuation allowance		1,965			(161	)		626			86
Taxation for the year		2,578			3,649			4,447			609
Effective tax rate		25.5	%		14.5	%		15.5	%		15.5	%

Tax Effects of Temporary Differences that Gave Rise to Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to the deferred tax balances at December 31, 2023 and 2024 are as follows:

	As of December 31,
	2023			2024			2024
	RMB			RMB			US$
	(In millions)
Deferred tax assets:
Allowance for credit losses		704			905			124
Accrued expenses, payroll and others		3,602			4,067			557
Fixed assets depreciation and intangible assets amortization		3,532			3,511			481
Operating lease liabilities		1,228			1,255			172
Net operating loss carry – forwards		4,223			4,483			614
Less: valuation allowance		(9,872	)		(10,498	)		(1,438	)
Deferred tax assets, net		3,417			3,723			510

	As of December 31,
	2023		2024		2024
	RMB		RMB		US$
	(In millions)
Deferred tax liabilities:
Long-lived assets arising from acquisitions		220		182		25
Operating lease right-of-use asset		1,228		1,255		172
Withholding tax on PRC subsidiaries’ undistributed earnings		1,475		2,966		406
Tax on capital gains		908		779		107
Others		211		218		30
		4,042		5,400		740