Licensed Copyrights, Net

12 Months Ended

Dec. 31, 2025

6.	LICENSED COPYRIGHTS, NET


	As of December 31, 2024
	Gross carrying value		Accumulated amortization			Impairment amount			Net carrying value
	RMB		RMB			RMB			RMB
	(In millions)
Licensed copyrights
—Broadcasting rights		46,579		(39,059	)		(201	)		7,319
—Sublicensing rights		8,338		(8,338	)		—			—

		54,917		(47,397	)		(201	)		7,319

Less: current portion:
—Broadcasting rights		7,601		(7,203	)		(9	)		389
—Sublicensing rights		8,338		(8,338	)		—			—

		15,939		(15,541	)		(9	)		389

Licensed copyrights—non-current
—Broadcasting rights		38,978		(31,856	)		(192	)		6,930
—Sublicensing rights		—		—			—			—

		38,978		(31,856	)		(192	)		6,930


	As of December 31, 2025
	Gross carrying value		Accumulated amortization			Impairment amount			Net carrying value
	RMB		RMB			RMB			RMB		US$
	(In millions)
Licensed copyrights
—Broadcasting rights		46,814		(40,222	)		(182	)		6,411		917
—Sublicensing rights		8,273		(8,273	)		—			—		—

		55,087		(48,495	)		(182	)		6,411		917

Less: current portion:
—Broadcasting rights		7,788		(7,331	)		(9	)		448		64
—Sublicensing rights		8,273		(8,273	)		—			—		—

		16,061		(15,604	)		(9	)		448		64

Licensed copyrights—non-current
—Broadcasting rights		39,026		(32,891	)		(173	)		5,963		853
—Sublicensing rights		—		—			—			—		—

		39,026		(32,891	)		(173	)		5,963		853

Amortization expense of RMB7.1 billion, RMB7.5 billion and RMB6.1 billion (US$878

illion) was reco

ized as cost of revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

Estimated amortization expense relating to the existing licensed copyrights for each of the next three years is as follow: