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Leases | 12 Months Ended
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Mar. 31, 2025
Lessee Disclosure [Abstract] |
Leases | 6. Leases The Company entered into operating lease agreements primarily for shops and malls, offices, warehouses and land. Certain lease agreements contain an option for the Company to renew a lease or an option to terminate a lease early. The Company considers these options in determining the classification and measurement of the leases. The leases may include variable payments based on measures such as the level of sales at a physical store, which are expensed as incurred. Components of operating lease cost are as follows:
|  | Year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |
|  | RMB |  |  | RMB |  |  | RMB |
|  | (in millions) |
Operating lease cost |  |  | 10,802 |  |  |  | 10,752 |  |  |  | 10,431 |
Variable lease cost |  |  | 672 |  |  |  | 655 |  |  |  | 621 |
Total operating lease cost |  |  | 11,474 |  |  |  | 11,407 |  |  |  | 11,052 |
For the years ended March 31, 2023, 2024 and 2025, cash payments for operating leases amounted to RMB 8,050 million, RMB 10,452 million and RMB 7,637 million, respectively. For the years ended March 31, 2024 and 2025, the operating lease assets obtained in exchange for operating lease liabilities amounted to RMB 7,969 million and RMB 6,171 million, respectively. As of March 31, 2024 and 2025, the Company’s operating leases had a weighted average remaining lease term of 9.2 years and 7.4 years, respectively. As of the same dates, the Company’s operating leases had a weighted average discount rate of 4.7% and 4.6%, respectively. Future lease payments under operating leases as of March 31, 2025 are as follows:
|  | Amounts |
|  | RMB |
|  | (in millions) |
For the year ending March 31, |  |  |
2026 |  |  | 4,876 |
2027 |  |  | 3,654 |
2028 |  |  | 2,917 |
2029 |  |  | 2,451 |
2030 |  |  | 1,863 |
Thereafter |  |  | 6,676 |
|  |  | 22,437 |
Less: imputed interest |  |  | (5,030 | )
Total operating lease liabilities (Note 19) |  |  | 17,407 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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