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Investments in equity method investees | 12 Months Ended
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Mar. 31, 2025
Investments in equity method investees |
Investments in equity method investees | 14. Investments in equity method investees
|  | Amounts |
|  | RMB |
|  | (in millions) |
Balance as of March 31, 2023 |  |  | 207,380 |
Additions |  |  | 3,605 |
Share of results, other comprehensive income and other reserves (i) |  |  | 2,739 |
Disposals |  |  | (1,069 | )
Distributions |  |  | (1,258 | )
Transfers |  |  | 32 |
Impairment loss (ii) |  |  | (9,895 | )
Foreign currency translation adjustments |  |  | 1,597 |
Balance as of March 31, 2024 |  |  | 203,131 |
Additions |  |  | 3,827 |
Share of results, other comprehensive income and other reserves (i) |  |  | 8,794 |
Disposals |  |  | (2,606 | )
Distributions |  |  | (3,906 | )
Transfers |  |  | 3,559 |
Impairment loss (ii) |  |  | (2,723 | )
Foreign currency translation adjustments |  |  | 93 |
Balance as of March 31, 2025 |  |  | 210,169 |
(i) Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and basis differences arising from equity method investees. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees. (ii) Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation. As of March 31, 2025, equity method investments with an aggregate carrying amount of RMB 25,033 million are publicly traded and the total market value of these investments amounted to RMB 29,583 million. As of March 31, 2025, the Company’s retained earnings included undistributed earnings from equity method investees of RMB 54,595 million. For the years ended March 31, 2023, 2024 and 2025, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows:
|  | Year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |
|  | RMB |  |  | RMB |  |  | RMB |
|  | (in millions) |
Operating data: |  |  |  |  |  |  |  |  |
Revenue |  |  | 441,495 |  |  |  | 451,861 |  |  |  | 473,328 |
Cost of revenue |  |  | (297,895 | ) |  |  | (312,422 | ) |  |  | (339,466 | )
Income from operations |  |  | 27,163 |  |  |  | 56,646 |  |  |  | 43,488 |
Net (loss) income |  |  | (86,761 | ) |  |  | 75,820 |  |  |  | 47,012 |
14. Investments in equity method investees (Continued)
|  | As of March 31, |
|  | 2024 |  |  | 2025 |
|  | RMB |  |  | RMB |
|  | (in millions) |
Balance sheet data: |  |  |  |  |  |
Current assets |  |  | 619,857 |  |  |  | 695,532 |
Non-current assets |  |  | 788,137 |  |  |  | 930,191 |
Current liabilities |  |  | 469,259 |  |  |  | 494,677 |
Non-current liabilities |  |  | 83,997 |  |  |  | 132,780 |
Noncontrolling interests and mezzanine equity |  |  | 13,863 |  |  |  | 16,991 |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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