Investments in equity method investees

12 Months Ended

Mar. 31, 2025

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 RMB25,033 million are publicly traded and the total market value of these investments amounted to RMB29,583 million. As of March 31, 2025, the Company’s retained earnings included undistributed earnings from equity method investees of RMB54,595 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