Investments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Schedule of Short-term Investments at Amortized Cost and Fair Value |
Short-term investments classification as of December 31, 2024 and 2025 were shown as below:
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Cost or
amortized
cost less
allowance
for credit
losses |
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Gross
unrecognized
holding gains |
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Gross
unrecognized
holding
losses |
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96,639 |
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370 |
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(97 |
) |
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— |
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— |
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— |
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— |
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96,912 |
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5,912 |
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— |
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— |
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42 |
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— |
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— |
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— |
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5,954 |
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15 |
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— |
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— |
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— |
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— |
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— |
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— |
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15 |
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Cost or
amortized
cost less
allowance
for credit
losses |
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Gross
unrecognized
holding gains |
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Gross
unrecognized
holding
losses |
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59,530 |
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314 |
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(274 |
) |
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— |
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— |
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— |
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— |
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59,570 |
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8,518 |
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26,886 |
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— |
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— |
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164 |
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— |
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— |
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— |
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27,050 |
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3,868 |
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3,299 |
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— |
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— |
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— |
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— |
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782 |
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— |
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4,081 |
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584 |
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| Summary of Fair Value of Available-For-Sale Debt Investments |
Available-for-sale debt investments as of December 31, 2024 and 2025 are shown as below:
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3,734 |
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153 |
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(667 |
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3,220 |
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460 |
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| Schedule of Equity Method Investments Excluding Trip |
Financial information for the Group’s equity method investments excluding Trip are summarized as a group as follow:
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199,089 |
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218,456 |
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31,239 |
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18,844 |
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16,741 |
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2,394 |
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157,098 |
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127,192 |
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18,188 |
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7,692 |
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56,743 |
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8,114 |
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1,654 |
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1,721 |
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246 |
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For the years ended December 31, (i) |
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| Revenue |
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20,830 |
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38,029 |
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46,892 |
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6,705 |
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8,402 |
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15,160 |
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20,105 |
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2,875 |
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| Income (loss) from operations |
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(767 |
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(2,403 |
) |
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3,638 |
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520 |
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| Net income (loss) |
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(1,196 |
) |
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(3,061 |
) |
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2,660 |
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380 |
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| Net income (loss) attributable to the investees |
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(1,185 |
) |
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(3,051 |
) |
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2,600 |
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372 |
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(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. |
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| Summary of Estimated Fair Value of Available-For-Sale Debt Investments, Classified by the Contractual Maturity Date |
The following table summarizes the estimated fair value of debt investments, classified by the contractual maturity date of the investments:
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1,793 |
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56 |
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8 |
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Due in 1 year through 5 years |
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870 |
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1,776 |
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254 |
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Not due at a single maturity date |
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3,697 |
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1,388 |
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198 |
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6,360 |
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3,220 |
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460 |
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| Long Term Investments |
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| Summary of Breakdown of 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:
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Equity investments at fair value with readily determinable fair value |
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8,586 |
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10,774 |
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1,541 |
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Equity investments without readily determinable fair value using the NAV practical expedient |
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727 |
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618 |
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88 |
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Equity investments without readily determinable fair value using the measurement alternative |
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4,150 |
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5,725 |
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819 |
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6,360 |
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3,220 |
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460 |
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Equity method investments |
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17,517 |
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19,988 |
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2,858 |
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Investments accounted for at fair value |
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4,381 |
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4,593 |
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657 |
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Total long-term investments |
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41,721 |
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44,918 |
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6,423 |
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| Schedule of the Carrying Amount of Equity Securities Without Readily Determinable Fair Values |
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:
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9,083 |
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10,063 |
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1,439 |
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Cumulative unrealized gains |
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1,193 |
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1,443 |
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206 |
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Cumulative unrealized losses (including impairment) |
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(6,126 |
) |
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(5,781 |
) |
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(826 |
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4,150 |
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5,725 |
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819 |
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| Trip.com Group, Ltd |
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| Equity Method Investments |
The following tables set forth the summarized financial information of Trip:
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114,598 |
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125,413 |
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17,934 |
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129,702 |
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145,165 |
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20,758 |
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80,437 |
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84,479 |
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12,080 |
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23,736 |
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16,120 |
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2,305 |
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984 |
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1,752 |
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251 |
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For the years ended December 31, (i) |
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Revenue |
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39,212 |
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50,875 |
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59,755 |
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8,545 |
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31,902 |
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41,515 |
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48,233 |
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6,897 |
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8,887 |
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14,073 |
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15,540 |
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2,222 |
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10,740 |
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16,378 |
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31,304 |
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4,476 |
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Net income attributable to the investee |
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10,678 |
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16,207 |
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31,170 |
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4,457 |
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(i) |
The Group adopted a one-quarter lag in reporting for its share of equity earnings (losses) to Trip. |
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