Share-based awards (Tables)

12 Months Ended

Mar. 31, 2025

Share-based awards

Schedule of share-based compensation expense by function

	Year ended March 31,
	2023		2024		2025
	RMB		RMB		RMB
	(in millions)
Cost of revenue		5,710		3,012		2,162
Product development expenses		13,514		7,623		6,700
Sales and marketing expenses		3,710		2,265		2,137
General and administrative expenses		7,897		5,646		4,578
		30,831		18,546		15,577

RSUs

Share-based awards

Summary of changes in the RSUs

A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2025 is as follows:

				Weighted-
				average
	Number			grant date
	of RSUs (iii)			fair value
				US$
Awarded and unvested as of April 1, 2024		64,446,461			116.85
Granted		11,553,472			87.51
Vested		(24,683,544	)		135.52
Canceled/forfeited		(6,456,911	)		105.56
Awarded and unvested as of March 31, 2025 (i)		44,859,478			100.65
Expected to vest as of March 31, 2025 (ii)		39,171,294			102.89

A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2025 is as follows:

				Weighted-
				average
	Number			grant date
	of RSUs (iv)			fair value
				HK$
Awarded and unvested as of April 1, 2024	-			-
Granted		10,157,479			123.46
Vested		(76,000	)		85.25
Canceled/forfeited		(645,944	)		127.06
Awarded and unvested as of March 31, 2025 (i)		9,435,535			123.53
Expected to vest as of March 31, 2025 (ii)		8,309,041			123.73

(i)No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant.

(ii)RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs.

(iii)Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award under the 2014 Plan.

(iv)One ordinary share is issuable upon the vesting or the exercise of one share-based award under the 2024 equity incentive plans.

Options

Share-based awards

Summary of changes in the share options

A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2025 is as follows:

						Weighted
				Weighted		average
	Number			average		remaining
	of share			exercise		contractual
	options (iii)			price		life
				US$		(in years)
Outstanding as of April 1, 2024		6,834,667			85.77		5.5
Granted		150,000			84.60		7.1
Exercised		(181,000	)		26.00	—
Canceled/forfeited		(168,000	)		26.00	—
Outstanding as of March 31, 2025		6,635,667			88.89		4.5
Vested and exercisable as of March 31, 2025 (i)		4,475,667			98.65		3.0
Vested and expected to vest as of March 31, 2025 (ii)		6,619,558			89.04	4.5

A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2025 is as follows:

					Weighted
			Weighted		average
	Number		average		remaining
	of share		exercise		contractual
	options (iv)		price		life
			HK$		(in years)
Outstanding as of April 1, 2024		—		—		—
Granted		2,933,332		68.00		5.9
Outstanding as of March 31, 2025		2,933,332		68.00		5.9
Vested and exercisable as of March 31, 2025 (i)		—		—		—
Vested and expected to vest as of March 31, 2025 (ii)		2,698,650		68.00	5.9

(i)No outstanding share options will be vested or exercisable after the expiry of a period of up to twelve and ten years from the date of grant under the 2014 Plan and the 2024 equity incentive plans, respectively.

(ii)Share options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding share options.

(iii)Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award under the 2014 Plan.

(iv)One ordinary share is issuable upon the vesting or the exercise of one share-based award under the 2024 equity incentive plans.

Schedule of fair value assumptions

	Year ended March 31,
	2024	2025
Risk-free interest rate (i)	4.50%	3.36% - 4.49%
Expected dividend yield (ii)	0%	0%
Expected life (years) (iii)	6.50	4.45 - 4.75
Expected volatility (iv)	44.80%	48.51% - 49.44%

(i)Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect on the measurement date.

(ii)For the share options granted during the years ended March 31, 2024 and 2025, expected dividend yield is nil as the Company decided to pay upon the exercise of such share options in an amount equivalent to the dividends as detailed in Note 30 to the participants.

(iii)Expected life of share options is based on management’s estimate on timing of exercise of share options.

(iv)Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant.