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 RMB18,372 million and RMB45,321 million as of March 31, 2024 and 2025, respectively. The capital expenditures contracted for are analyzed as follows:


	As of March 31,
	2024		2025
	RMB		RMB
	(in millions)
No later than 1 year		11,884		44,067
Later than 1 year and no later than 5 years		6,486		1,254
More than 5 years		2		—
		18,372		45,321

The Company was obligated to pay up to RMB11,166 million and RMB20,341 million for business combinations and equity investments under various arrangements as of March 31, 2024 and 2025, respectively. The commitment balance as of March 31, 2024 and 2025 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,
	2024		2025
	RMB		RMB
	(in millions)
No later than 1 year		40,243		32,364
Later than 1 year and no later than 5 years		21,471		46,768
More than 5 years		4,366		5,094
		66,080		84,226