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Taxation (Tables) | 12 Months Ended
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Dec. 31, 2024
Taxation |
Schedule of components of income/(loss) before tax | The components of income/(loss) before tax are as follows:
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
Income/(loss) before tax |  |  |  |  |  |  |  |  |  |  |  |
Income from Chinese mainland operations |  |  | 16,800 |  |  |  | 33,130 |  |  |  | 47,693 |
Income/(loss) from non-Chinese mainland operations |  |  | (2,933 | ) |  |  | (1,480 | ) |  |  | 3,845 |
Total income before tax |  |  | 13,867 |  |  |  | 31,650 |  |  |  | 51,538 |
Income tax benefits/(expenses) applicable to Chinese mainland operations |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expenses |  |  | (4,418 | ) |  |  | (6,265 | ) |  |  | (6,187 | )
Deferred tax benefits |  |  | 732 |  |  |  | 410 |  |  |  | 1,805 |
Subtotal income tax expenses applicable to Chinese mainland operations |  |  | (3,686 | ) |  |  | (5,855 | ) |  |  | (4,382 | )
Income tax expenses applicable to non-Chinese mainland operations |  |  |  |  |  |  |  |  |  |  |  |
Current income tax expenses |  |  | (307 | ) |  |  | (1,259 | ) |  |  | (1,835 | )
Deferred tax expenses |  |  | (183 | ) |  |  | (1,279 | ) |  |  | (661 | )
Subtotal income tax expenses applicable to non-Chinese mainland operations |  |  | (490 | ) |  |  | (2,538 | ) |  |  | (2,496 | )
Total income tax expenses |  |  | (4,176 | ) |  |  | (8,393 | ) |  |  | (6,878 | )
Schedule of reconciliation of the differences between statutory income tax rate and the effective income tax rate | Reconciliation of difference between the PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2022, 2023 and 2024 is as follows:
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Statutory income tax rate |  |  | 25.0 | % |  |  | 25.0 | % |  |  | 25.0 | %
Tax effect of preferential tax rates and tax holiday |  |  | (19.3 | )% |  |  | (7.6 | )% |  |  | (4.2 | )%
Tax effect of tax-exempt entities |  |  | 12.1 | % |  |  | 3.3 | % |  |  | (0.6 | )%
Effect on tax rates in different tax jurisdiction |  |  | (3.2 | )% |  |  | (0.9 | )% |  |  | (0.5 | )%
Tax effect of non-deductible expenses |  |  | 4.0 | % |  |  | 0.1 | % |  |  | 0.6 | %
Tax effect of non-taxable income |  |  | (0.4 | )% |  |  | (0.5 | )% |  |  | (0.3 | )%
Tax effect of Super Deduction and others |  |  | (19.0 | )% |  |  | (9.6 | )% |  |  | (4.0 | )%
Changes in valuation allowance |  |  | 28.3 | % |  |  | 9.1 | % |  |  | (7.3 | )%
Effect on withholding income tax |  |  | 2.6 | % |  |  | 7.6 | % |  |  | 4.6 | %
Effective tax rates |  |  | 30.1 | % |  |  | 26.5 | % |  |  | 13.3 | %
Summary of income tax holiday | The following table sets forth the effect of tax holiday:
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
Tax holiday effect (RMB in millions) |  |  | 2,677 |  |  |  | 2,397 |  |  |  | 2,152 |
Effect of tax holiday on basic net income per share (RMB) |  |  | 0.86 |  |  |  | 0.76 |  |  |  | 0.72 |
Effect of tax holiday on diluted net income per share (RMB) |  |  | 0.84 |  |  |  | 0.76 |  |  |  | 0.70 |
Schedule of deferred tax assets and deferred tax liabilities |
|  | As of December 31, |
|  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
Deferred tax assets |  |  |  |  |  |  |  |
- Net operating loss carry forwards and others |  |  | 15,909 |  |  |  | 13,185 |
- Deferred revenues |  |  | 464 |  |  |  | 357 |
- Inventory valuation allowance |  |  | 1,092 |  |  |  | 1,022 |
- Allowance for doubtful accounts |  |  | 1,098 |  |  |  | 1,118 |
- Unrealized fair value losses for certain investments |  |  | 238 |  |  |  | 92 |
Less: valuation allowance |  |  | (17,057 | ) |  |  | (13,315 | )
Net deferred tax assets |  |  | 1,744 |  |  |  | 2,459 |
Deferred tax liabilities |  |  |  |  |  |  |  |
- Long-lived assets arisen from business combinations and asset acquisitions |  |  | 6,638 |  |  |  | 5,982 |
- Withholding tax on undistributed earnings |  |  | 1,779 |  |  |  | 2,570 |
- Accelerated tax depreciation and others |  |  | 850 |  |  |  | 946 |
Total deferred tax liabilities |  |  | 9,267 |  |  |  | 9,498 |
Schedule of movement of valuation allowance | The movements of valuation allowance of deferred tax assets are as follows:
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | (RMB in millions) |
Balance at beginning of the year |  |  | 7,670 |  |  |  | 14,276 |  |  |  | 17,057 |
Additions |  |  | 7,694 |  |  |  | 6,630 |  |  |  | 1,680 |
Reversals |  |  | (1,088 | ) |  |  | (3,849 | ) |  |  | (5,422 | )
Balance at end of the year |  |  | 14,276 |  |  |  | 17,057 |  |  |  | 13,315 |

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