Investments

12 Months Ended

Dec. 31, 2025

4.	INVESTMENTS

Short-term Investments

As of December 31, 2024 and 2025, the Group’s short-term investments primarily comprised of deposits in commercial banks with maturities between three months and one year and wealth management products issued by commercial banks and other financial institutions.

During the years ended December 31, 2023, 2024 and 2025, the Group recorded interest income from its short-term investments of RMB5.1 billion, RMB3.9 billion and RMB1.6 billion (US$222 million) in the consolidated statements of comprehensive income, respectively.

Short-term investments classification as of December 31, 2024 and 2025 were shown as below:


	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
	(In millions)
Held-to-maturity debt investments		96,639		370		(97	)		—		—		—		—		96,912
Available-for-sale debt investments		5,912		—		—			42		—		—		—		5,954
Trading debt investments		15		—		—			—		—		—		—		15


	As of December 31, 2025
	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		59,530		314		(274	)		—		—		—		—		59,570		8,518
Available-for-sale debt investments		26,886		—		—			164		—		—		—		27,050		3,868
Trading debt investments		3,299		—		—			—		—		782		—		4,081		584

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,
	2024		2025		2025
	RMB		RMB		US$
	(In millions)
Equity investments at fair value with readily determinable fair value		8,586		10,774		1,541
Equity investments without readily determinable fair value using the NAV practical expedient		727		618		88
Equity investments without readily determinable fair value using the measurement alternative		4,150		5,725		819
Available-for-sale debt investments		6,360		3,220		460
Equity method investments		17,517		19,988		2,858
Investments accounted for at fair value		4,381		4,593		657

Total long-term investments		41,721		44,918		6,423

Equity investments without readily determinable fair value using the measurement alternative

Impairment charges recognized on equity investments without readily determinable fair value using the measurement alternative were RMB

753 million, RMB292 million and RMB263 million (US$38

million) for the years ended December 31, 2023, 2024 and 2025,

respectively.

The total carrying value of equity investments without readily determinable fair value using the measurement alternative as of December 31, 2024 and 2025 were as follows:


	As of December 31,
	2024			2025			2025
	RMB			RMB			US$
	(In millions)
Initial cost basis		9,083			10,063			1,439
Cumulative unrealized gains		1,193			1,443			206
Cumulative unrealized losses (including impairment)		(6,126	)		(5,781	)		(826	)

Total carrying value		4,150			5,725			819

Equity method investments

Equity Investment in Trip.com Group Limited (“Trip”)

The Group disposed of an aggregate of 10 million and 13

million American Depositary Shares of Trip in 2023 and 2024, respectively, and recognized disposal gains of RMB

1.4 billion and RMB1.9

billion, respectively. The Group did not dispose any American Depositary Shares of Trip in 2025. As of December 31, 2024 and 2025, the Group held approximately

7% and 7%

equity interest in Trip, respectively, and the Group can actively participate in the operating and financing policies of Trip through its

one

seat on Trip’s board of directors with a total of

eight

members. Accordingly, the Group has significant influence over Trip and accounts for its remaining investment as an equity method investment in accordance with ASC 323. As of December 31, 2025, the Group’s investments in Trip had a fair value of RMB

23.1 billion (US$3.3 billion), based on the closing share price.

The following tables set forth the summarized financial information of Trip:


	As of December 31, (i)
	2024		2025		2025
	RMB		RMB		US$
	(In millions)
Current assets		114,598		125,413		17,934
Non-current assets		129,702		145,165		20,758
Current liabilities		80,437		84,479		12,080
Non-current liabilities		23,736		16,120		2,305
Noncontrolling interests		984		1,752		251


	For the years ended December 31, (i)
	2023		2024		2025		2025
	RMB		RMB		RMB		US$
	(In millions)
Revenue		39,212		50,875		59,755		8,545
Gross profit		31,902		41,515		48,233		6,897
Income from operations		8,887		14,073		15,540		2,222
Net income		10,740		16,378		31,304		4,476
Net income attributable to the investee		10,678		16,207		31,170		4,457

(i)	The Group adopted a one-quarter lag in reporting for its share of equity earnings (losses) to Trip.

Equity Method Investments excluding Trip

As of December 31, 2024 and 2025, in addition to the aforementioned equity investment in Trip,

the

Group held other equity method investments through its subsidiaries or VIEs and over which the Group had significant influence.

For

the year ended December 31, 2025, equity method investments excluding Trip held by the Group in aggregate were significant as defined under

Rule 4-08(g) of

Regulation S-X.

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


	As of December 31, (i)
	2024		2025		2025
	RMB		RMB		US$
	(In millions)
Current assets		199,089		218,456		31,239
Non-current assets		18,844		16,741		2,394
Current liabilities		157,098		127,192		18,188
Non-current liabilities		7,692		56,743		8,114
Noncontrolling interests		1,654		1,721		246


	For the years ended December 31, (i)
	2023			2024			2025		2025
	RMB			RMB			RMB		US$
	(In millions)
Revenue		20,830			38,029			46,892		6,705
Gross profit		8,402			15,160			20,105		2,875
Income (loss) from operations		(767	)		(2,403	)		3,638		520
Net income (loss)		(1,196	)		(3,061	)		2,660		380
Net income (loss) attributable to the investees		(1,185	)		(3,051	)		2,600		372

(i)	The Group adopted a one-quarter lag in reporting for its share of equity earnings (losses) to a majority of equity method investees excluding Trip.

Available-for-sale

debt investments

Available-for-sale debt investments as of December 31, 2024 and 2025 are shown as below:

As of December 31, 2024

Cost or
amortized cost

Gross
unrealized
gains

Gross
unrealized
losses

Fair
value

RMB

(In millions)

Available-for-sale

debt investments

6,819

629

(1,088

)

6,360

As of December 31, 2025

Cost or
amortized cost

Gross
unrealized
gains

Gross
unrealized
losses

Fair value

RMB

US$

(In millions)

Available-for-sale

debt investments

3,734

153

(667

)

3,220

460

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,
	2024		2025		2025
	RMB		RMB		US$
	(In millions)
Due in 1 year		1,793		56		8
Due in 1 year through 5 years		870		1,776		254
Not due at a single maturity date		3,697		1,388		198

Total		6,360		3,220		460