Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

20.	REDEEMABLE NONCONTROLLING INTERESTS


	2023		2024			2025		2025
	RMB		RMB			RMB		US$
	(In millions)
Balance as of January 1		8,393		9,465			9,870		1,412
Issuance of subsidiaries’ shares		351		615			2,370		339
Accretion of redeemable noncontrolling interests		721		588			926		132
Repurchase of redeemable noncontrolling interests		—		(798	)		—		—

Balance as of December 31		9,465		9,870			13,166		1,883

A subsidiary of the Group issued preferred shares to certain

non-controlling

shareholders, which could be redeemed by such shareholders upon the occurrence of certain events that are not solely within the control of the Group. Therefore, these preferred shares were accounted for as redeemable noncontrolling interests. In 2024,

16,848,082 preferred shares were repurchased by this subsidiary.

In 2023, 2024 and 2025, a subsidiary of the Group issued

407,103

659,564

and

2,537,194

respectively, preferred shares to certain

non-controlling

The Company also has other subsidiaries or VIEs that have issued preferred shares which were accounted for as redeemable noncontrolling interests. As of December 31, 2025, those redeemable noncontrolling interests were insignificant.

The Company accounts for the changes in accretion to the redemption value in accordance with ASC Topic 480,

Distinguishing Liabilities from Equity

. The Company elects to use the effective interest method to account for the changes of redemption value over the period from the date of issuance to the earliest redemption date of the noncontrolling interest.