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v3.25.2

Share-based awards (Tables) | 12 Months Ended
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Mar. 31, 2025
Share-based awards |
Schedule of share-based compensation expense by function |
|  | Year ended March 31, |
|  | 2023 |  |  | 2024 |  |  | 2025 |
|  | RMB |  |  | RMB |  |  | RMB |
|  | (in millions) |
Cost of revenue |  |  | 5,710 |  |  |  | 3,012 |  |  |  | 2,162 |
Product development expenses |  |  | 13,514 |  |  |  | 7,623 |  |  |  | 6,700 |
Sales and marketing expenses |  |  | 3,710 |  |  |  | 2,265 |  |  |  | 2,137 |
General and administrative expenses |  |  | 7,897 |  |  |  | 5,646 |  |  |  | 4,578 |
|  |  | 30,831 |  |  |  | 18,546 |  |  |  | 15,577 |
RSUs |
Share-based awards |
Summary of changes in the RSUs | A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2025 is as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | average |
|  | Number |  |  | grant date |
|  | of RSUs (iii) |  |  | fair value |
|  |  |  |  | US$ |
Awarded and unvested as of April 1, 2024 |  |  | 64,446,461 |  |  |  | 116.85 |
Granted |  |  | 11,553,472 |  |  |  | 87.51 |
Vested |  |  | (24,683,544 | ) |  |  | 135.52 |
Canceled/forfeited |  |  | (6,456,911 | ) |  |  | 105.56 |
Awarded and unvested as of March 31, 2025 (i) |  |  | 44,859,478 |  |  |  | 100.65 |
Expected to vest as of March 31, 2025 (ii) |  |  | 39,171,294 |  |  |  | 102.89 |
A summary of the changes in the RSUs relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2025 is as follows:
|  |  |  |  | Weighted- |
|  |  |  |  | average |
|  | Number |  |  | grant date |
|  | of RSUs (iv) |  |  | fair value |
|  |  |  |  | HK$ |
Awarded and unvested as of April 1, 2024 |  | - |  |  | - |
Granted |  |  | 10,157,479 |  |  |  | 123.46 |
Vested |  |  | (76,000 | ) |  |  | 85.25 |
Canceled/forfeited |  |  | (645,944 | ) |  |  | 127.06 |
Awarded and unvested as of March 31, 2025 (i) |  |  | 9,435,535 |  |  |  | 123.53 |
Expected to vest as of March 31, 2025 (ii) |  |  | 8,309,041 |  |  |  | 123.73 |
(i) No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant. (ii) RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs. (iii) Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award under the 2014 Plan. (iv) One ordinary share is issuable upon the vesting or the exercise of one share-based award under the 2024 equity incentive plans.
Options |
Share-based awards |
Summary of changes in the share options | A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2014 Plan during the year ended March 31, 2025 is as follows:
|  |  |  |  |  |  |  | Weighted |
|  |  |  |  | Weighted |  |  | average |
|  | Number |  |  | average |  |  | remaining |
|  | of share |  |  | exercise |  |  | contractual |
|  | options (iii) |  |  | price |  |  | life |
|  |  |  |  | US$ |  |  | (in years) |
Outstanding as of April 1, 2024 |  |  | 6,834,667 |  |  |  | 85.77 |  |  |  | 5.5 |
Granted |  |  | 150,000 |  |  |  | 84.60 |  |  |  | 7.1 |
Exercised |  |  | (181,000 | ) |  |  | 26.00 |  |  | — |
Canceled/forfeited |  |  | (168,000 | ) |  |  | 26.00 |  |  | — |
Outstanding as of March 31, 2025 |  |  | 6,635,667 |  |  |  | 88.89 |  |  |  | 4.5 |
Vested and exercisable as of March 31, 2025 (i) |  |  | 4,475,667 |  |  |  | 98.65 |  |  |  | 3.0 |
Vested and expected to vest as of March 31, 2025 (ii) |  |  | 6,619,558 |  |  |  | 89.04 |  |  | 4.5 |
A summary of the changes in the share options relating to ordinary shares granted by the Company under the 2024 equity incentive plans during the year ended March 31, 2025 is as follows:
|  |  |  |  |  |  |  | Weighted |
|  |  |  |  | Weighted |  |  | average |
|  | Number |  |  | average |  |  | remaining |
|  | of share |  |  | exercise |  |  | contractual |
|  | options (iv) |  |  | price |  |  | life |
|  |  |  |  | HK$ |  |  | (in years) |
Outstanding as of April 1, 2024 |  |  | — |  |  |  | — |  |  |  | — |
Granted |  |  | 2,933,332 |  |  |  | 68.00 |  |  |  | 5.9 |
Outstanding as of March 31, 2025 |  |  | 2,933,332 |  |  |  | 68.00 |  |  |  | 5.9 |
Vested and exercisable as of March 31, 2025 (i) |  |  | — |  |  |  | — |  |  |  | — |
Vested and expected to vest as of March 31, 2025 (ii) |  |  | 2,698,650 |  |  |  | 68.00 |  |  | 5.9 |
(i) No outstanding share options will be vested or exercisable after the expiry of a period of up to twelve and ten years from the date of grant under the 2014 Plan and the 2024 equity incentive plans, respectively. (ii) Share options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding share options. (iii) Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award under the 2014 Plan. (iv) One ordinary share is issuable upon the vesting or the exercise of one share-based award under the 2024 equity incentive plans.
Schedule of fair value assumptions |
|  | Year ended March 31,
|  | 2024 |  | 2025
Risk-free interest rate (i) |  | 4.50% |  | 3.36% - 4.49%
Expected dividend yield (ii) |  | 0% |  | 0%
Expected life (years) (iii) |  | 6.50 |  | 4.45 - 4.75
Expected volatility (iv) |  | 44.80% |  | 48.51% - 49.44%
(i) Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect on the measurement date. (ii) For the share options granted during the years ended March 31, 2024 and 2025, expected dividend yield is nil as the Company decided to pay upon the exercise of such share options in an amount equivalent to the dividends as detailed in Note 30 to the participants. (iii) Expected life of share options is based on management’s estimate on timing of exercise of share options. (iv) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant.

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of share based awards other than stock options, including, but not limited to: (a) expected term of share awards and similar instruments, (b) expected volatility of the entity's comparable companies shares , (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting sale restrictions. + References No definition available. + Details
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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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