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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Schedule of Short-term Investments at Amortized Cost and Fair Value | Short-term investments classification as of December 31, 2022 and 2023 were shown as below:
|  | As of December 31, 2022 |
|  | Cost or Amortized cost less allowance for credit losses |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
| RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Held-to-maturity debt investments |  |  | 119,984 |  |  |  | 631 |  |  |  | (151 | ) |  |  | — |  |  |  | — |  |  |  | 120,464 |
Available-for-sale debt investments |  |  | 847 |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 855 |
|  | As of December 31, 2023 |
|  | Cost or Amortized cost less allowance for credit losses |  |  | Gross unrecognized holding gains |  |  | Gross unrecognized holding losses |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
| RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Held-to-maturity debt investments |  |  | 166,999 |  |  |  | 835 |  |  |  | (94 | ) |  |  | — |  |  |  | — |  |  |  | 167,740 |  |  |  | 23,626 |
Available-for-sale debt investments |  |  | 1,642 |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | 1,671 |  |  |  | 235 |
Equity Method Investments | Financial information for the Group’s equity method investments are summarized as a group as follow:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Current assets |  |  | 230,934 |  |  |  | 271,407 |  |  |  | 38,227 |
Non-current assets |  |  | 147,034 |  |  |  | 154,364 |  |  |  | 21,742 |
Current liabilities |  |  | 179,519 |  |  |  | 227,894 |  |  |  | 32,098 |
Non-current liabilities |  |  | 37,397 |  |  |  | 30,226 |  |  |  | 4,257 |
Noncontrolling interests |  |  | 2,434 |  |  |  | 2,461 |  |  |  | 347 |
|  | For the years ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Total revenues |  |  | 41,693 |  |  |  | 42,123 |  |  |  | 60,042 |  |  |  | 8,457 |
Gross profit |  |  | 23,540 |  |  |  | 23,925 |  |  |  | 40,304 |  |  |  | 5,677 |
Income from operations |  |  | 515 |  |  |  | 617 |  |  |  | 8,120 |  |  |  | 1,144 |
Net income (loss) |  |  | 3,263 |  |  |  | (1,292 | ) |  |  | 9,544 |  |  |  | 1,344 |
Net income (loss) attributable to the investees |  |  | 3,328 |  |  |  | (1,239 | ) |  |  | 9,493 |  |  |  | 1,337 |
Summary Of Estimated Fair Value Of Available-For-Sale Debt Investments | The following table summarizes the estimated fair value of available-for-sale debt investments, classified by the contractual maturity date of the investments:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Due in 1 year through 5 years |  |  | 1,581 |  |  |  | 2,154 |  |  |  | 303 |
Not due at a single maturity date |  |  | 866 |  |  |  | 1,528 |  |  |  | 216 |
Total |  |  | 2,447 |  |  |  | 3,682 |  |  |  | 519 |
Long Term Investments |
Schedule of Investments accounted for at fair value | Long-term investments classification, excluding equity method investments and equity investments without readily determinable fair value, as of December 31, 2022 and 2023 are shown as below:
|  | As of December 31, 2022 |
|  | Cost or Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 15,835 |  |  |  | 2,731 |  |  |  | (6,466 | ) |  |  | 12,100 |
Available-for-sale debt investments |  |  | 3,735 |  |  |  | 283 |  |  |  | (1,571 | ) |  |  | 2,447 |
Investments accounted for at fair value |  |  | 2,331 |  |  |  | 2,855 |  |  |  | (570 | ) |  |  | 4,616 |
|  | As of December 31, 2023 |
|  | Cost or Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
|  | RMB |  |  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 14,716 |  |  |  | 1,698 |  |  |  | (6,804 | ) |  |  | 9,610 |  |  |  | 1,354 |
Available-for-sale debt investments |  |  | 4,360 |  |  |  | 455 |  |  |  | (1,133 | ) |  |  | 3,682 |  |  |  | 519 |
Investments accounted for at fair value |  |  | 2,547 |  |  |  | 2,942 |  |  |  | (648 | ) |  |  | 4,841 |  |  |  | 682 |
Schedule of Unrealized and Realized Gains and Losses of Equity Securities Without Readily Determinable Fair Values | Total unrealized and realized gains and losses of equity securities without readily determinable fair values that do not qualify for the NAV practical expedient for the years ended December 31, 2021, 2022 and 2023 were as follows:
|  | For the years ended December 31, |
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Gross unrealized gains |  |  | 1,062 |  |  |  | 218 |  |  |  | 571 |  |  |  | 80 |
Gross unrealized losses (including impairment) (i) |  |  | (4,424 | ) |  |  | (2,418 | ) |  |  | (744 | ) |  |  | (105 | )
Net unrealized losses on equity securities held |  |  | (3,362 | ) |  |  | (2,200 | ) |  |  | (173 | ) |  |  | (25 | )
Net realized gains on equity securities sold |  |  | — |  |  |  | 90 |  |  |  | 251 |  |  |  | 35 |
Total net (losses) gains recognized |  |  | (3,362 | ) |  |  | (2,110 | ) |  |  | 78 |  |  |  | 10 |
(i) | Gross unrealized losses (downward adjustments excluding impairment) were RMB165 million, nil and RMB8 million (US$1 million) for the years ended December 31, 2021, 2022 and 2023, respectively.
Summary of Breakdown of Long-term Investments | The following table sets forth a breakdown of the categories of long-term investments held by the Group as of the dates indicated:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |  |  | 2023 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Equity investments at fair value with readily determinable fair value |  |  | 12,100 |  |  |  | 9,610 |  |  |  | 1,354 |
Equity investments without readily determinable fair value using the NAV practical expedient |  |  | 945 |  |  |  | 942 |  |  |  | 133 |
Equity investments without readily determinable fair value using the measurement alternative |  |  | 9,249 |  |  |  | 8,093 |  |  |  | 1,140 |
Available-for-sale debt investments |  |  | 2,447 |  |  |  | 3,682 |  |  |  | 519 |
Equity method investments |  |  | 25,940 |  |  |  | 20,789 |  |  |  | 2,927 |
Investments accounted for at fair value |  |  | 4,616 |  |  |  | 4,841 |  |  |  | 682 |
Total long-term investments |  |  | 55,297 |  |  |  | 47,957 |  |  |  | 6,755 |
Schedule of the Carrying Amount of Equity Securities Without Readily Determinable Fair Values | The total carrying value of equity investments without readily determinable fair value that do not qualify for the NAV practical expedient held as of December 31, 2022 and 2023 were as follows:
|  | As of December 31, 2022 |  |  | As of December 31, 2023 |  |  | As of December 31, 2023 |
|  | RMB |  |  | RMB |  |  | US$ |
|  | (In millions) |
Initial cost basis |  |  | 13,741 |  |  |  | 13,586 |  |  |  | 1,914 |
Cumulative unrealized gains |  |  | 4,026 |  |  |  | 3,099 |  |  |  | 436 |
Cumulative unrealized losses (including impairment) |  |  | (8,518 | ) |  |  | (8,592 | ) |  |  | (1,210 | )
Total carrying value |  |  | 9,249 |  |  |  | 8,093 |  |  |  | 1,140 |

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