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Parent company only condensed financial information (Tables) | 12 Months Ended
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Dec. 31, 2024
Parent company only condensed financial information |
Condensed Balance Sheets | Condensed Balance Sheets
|  | As of December 31, |
|  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | US$ Note 2(g) |
|  | (in millions, except share and per share data) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 4,788 |  |  |  | 646 |  |  |  | 89 |
Short-term investments |  |  | 2,843 |  |  |  | 5,191 |  |  |  | 711 |
Internal balance |  |  | 53,088 |  |  |  | 35,639 |  |  |  | 4,883 |
Investments in subsidiaries and consolidated VIEs |  |  | 188,817 |  |  |  | 230,090 |  |  |  | 31,522 |
Prepayments and other assets |  |  | 154 |  |  |  | 65 |  |  |  | 10 |
Total assets |  |  | 249,690 |  |  |  | 271,631 |  |  |  | 37,215 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Unsecured senior notes |  |  | 10,536 |  |  |  | 24,898 |  |  |  | 3,411 |
Long-term borrowings |  |  | 7,083 |  |  |  | 7,188 |  |  |  | 985 |
Accrued expenses and other liabilities |  |  | 213 |  |  |  | 198 |  |  |  | 28 |
Total liabilities |  |  | 17,832 |  |  |  | 32,284 |  |  |  | 4,424 |
SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |  |  |
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023; 2,865,069,999 Class A ordinary shares issued and 2,587,296,615 outstanding, 322,483,772 Class B ordinary shares issued and 316,136,640 outstanding as of December 31, 2024.) |  |  | — | * |  |  | — | * |  |  | — | *
Additional paid-in capital |  |  | 184,204 |  |  |  | 182,404 |  |  |  | 24,989 |
Statutory reserves |  |  | 6,109 |  |  |  | 6,688 |  |  |  | 916 |
Treasury stock |  |  | (3,409 | ) |  |  | (27,739 | ) |  |  | (3,800 | )
Retained earnings |  |  | 44,051 |  |  |  | 76,573 |  |  |  | 10,491 |
Accumulated other comprehensive income |  |  | 903 |  |  |  | 1,421 |  |  |  | 195 |
Total shareholders’ equity |  |  | 231,858 |  |  |  | 239,347 |  |  |  | 32,791 |
Total liabilities and shareholders’ equity |  |  | 249,690 |  |  |  | 271,631 |  |  |  | 37,215 |
* | Absolute value is less than RMB1 million or US$1 million.
Condensed Statements of Operations and Comprehensive Income | Condensed Statements of Operations and Comprehensive Income
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ Note 2(g) |
|  | (in millions) |
Net revenues |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 2 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing |  |  | (2 | ) |  |  | (4 | ) |  |  | (5 | ) |  |  | (1 | )
General and administrative |  |  | (331 | ) |  |  | (204 | ) |  |  | (155 | ) |  |  | (21 | )
Loss from operations |  |  | (333 | ) |  |  | (208 | ) |  |  | (149 | ) |  |  | (20 | )
Other income/(expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from subsidiaries and consolidated VIEs |  |  | 10,667 |  |  |  | 24,967 |  |  |  | 41,991 |  |  |  | 5,753 |
Other income/(expense), net |  |  | 48 |  |  |  | (591 | ) |  |  | (483 | ) |  |  | (67 | )
Income before tax |  |  | 10,382 |  |  |  | 24,168 |  |  |  | 41,359 |  |  |  | 5,666 |
Income tax expenses |  |  | (2 | ) |  |  | (1 | ) |  |  | — | * |  |  | — | *
Net income |  |  | 10,380 |  |  |  | 24,167 |  |  |  | 41,359 |  |  |  | 5,666 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | 5,131 |  |  |  | 1,862 |  |  |  | 518 |  |  |  | 71 |
Total comprehensive income |  |  | 15,511 |  |  |  | 26,029 |  |  |  | 41,877 |  |  |  | 5,737 |
* | Absolute value is less than RMB1 million or US$1 million.
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
|  | For the year ended December 31, |
|  | 2022 |  |  | 2023 |  |  | 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ Note 2(g) |
|  | (in millions) |
Net cash used in operating activities |  |  | (509 | ) |  |  | (765 | ) |  |  | (717 | ) |  |  | (98 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of time deposits and wealth management products |  |  | — |  |  |  | (2,833 | ) |  |  | (4,979 | ) |  |  | (682 | )
Maturity of time deposits and wealth management products |  |  | 1 |  |  |  | — |  |  |  | 2,838 |  |  |  | 389 |
Cash received from internal companies |  |  | 7,426 |  |  |  | 12,633 |  |  |  | 18,773 |  |  |  | 2,572 |
Net cash provided by investing activities |  |  | 7,427 |  |  |  | 9,800 |  |  |  | 16,632 |  |  |  | 2,279 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase of ordinary shares |  |  | (1,823 | ) |  |  | (2,497 | ) |  |  | (25,912 | ) |  |  | (3,550 | )
Cash paid for dividends |  |  | (13,087 | ) |  |  | (6,741 | ) |  |  | (8,263 | ) |  |  | (1,132 | )
Proceeds from debts |  |  | 10,563 |  |  |  | — |  |  |  | — |  |  |  | — |
Repayment of debts |  |  | (7,005 | ) |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from unsecured senior notes, net of issuance costs |  |  | — |  |  |  | — |  |  |  | 13,999 |  |  |  | 1,918 |
Other financing activities |  |  | 1,043 |  |  |  | 33 |  |  |  | 27 |  |  |  | 4 |
Net cash used in financing activities |  |  | (10,309 | ) |  |  | (9,205 | ) |  |  | (20,149 | ) |  |  | (2,760 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | 1,003 |  |  |  | (71 | ) |  |  | 92 |  |  |  | 12 |
Net decrease in cash and cash equivalents |  |  | (2,388 | ) |  |  | (241 | ) |  |  | (4,142 | ) |  |  | (567 | )
Cash and cash equivalents at beginning of year |  |  | 7,417 |  |  |  | 5,029 |  |  |  | 4,788 |  |  |  | 656 |
Cash and cash equivalents at end of year |  |  | 5,029 |  |  |  | 4,788 |  |  |  | 646 |  |  |  | 89 |

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