7Baggers

Alibaba Group
(NYSE:BABA) 

BABA stock logo

Alibaba Group Holding Limited, through its subsidiaries, provides online and mobile commerce businesses in the People's Republic of China and internationally. It operates through four segments: Core Commerce, Cloud Computing, Digital Media and Entertainment, and Innovation Initiatives and Others. Th...

Founded: 1999
Full Time Employees: 254,941 (Mar 2022)
CEO: Eddie Wu  
Sector: Consumer Cyclical
Industry: Internet Retail
E-CommerceInformation TechnologyChinese
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At a glance:
  • Core Commerce Remains the Primary Earnings Engine: Alibaba’s China e-commerce franchises (e.g., Taobao/Tmall) continue to represent the company’s central revenue and profit base, with results shaped by domestic consumption trends, take rates, and merchant advertising demand.
  • Cloud Growth and Profitability Are Key Medium-Term Drivers: Alibaba Cloud is a major strategic asset, with investor focus on re-accelerating growth, improving margins, and increasing adoption of AI-related products and services amid intense competition.
  • International Expansion Adds Growth but Brings Execution Risk: Cross-border and overseas platforms (e.g., AliExpress and other international commerce initiatives) can provide faster growth than domestic commerce, but profitability, logistics costs, and competitive intensity remain key watch items.
  • Capital Allocation Emphasizes Shareholder Returns and Efficiency: Management’s approach to buybacks, cost discipline, and investment prioritization materially influences per-share value creation, especially during periods of slower top-line growth.
  • Regulatory and Macro Sensitivity Continues to Shape Valuation: Alibaba’s outlook and market multiple remain sensitive to China policy, compliance expectations, consumer sentiment, and broader geopolitical factors that can affect operations and investor risk premiums.
Bull Thesis:
  • Domestic E-commerce Rebound and Consumption Recovery: As China's economy shows signs of stabilization and government policies aim to stimulate domestic consumption, Alibaba's core e-commerce platforms (Taobao, Tmall) are well-positioned to benefit from increased consumer spending and improved sentiment. Recent data points suggest a gradual recovery in retail sales.
  • Alibaba Cloud Profitability and Strategic Shift: Alibaba Cloud has shifted its focus from aggressive market share expansion to quality revenue and profitability. This strategic pivot has led to improved margins and operating income, indicating a more sustainable business model. Continued execution on this strategy could unlock significant value and contribute positively to overall group profitability.
  • Strong Growth in International E-commerce: Alibaba's international commerce segments, including Lazada, AliExpress, and Trendyol, continue to demonstrate robust growth, expanding their user base and market penetration in various regions. This diversification reduces reliance on the domestic market and taps into high-growth emerging e-commerce markets globally.
  • Enhanced Shareholder Returns and Value Unlocking: Alibaba has been actively returning capital to shareholders through significant share buyback programs. Additionally, the company is streamlining its portfolio by divesting non-core assets and exploring IPOs for subsidiaries (e.g., Cainiao), which could unlock hidden value and improve capital allocation efficiency.
Bear Thesis:
  • Intense Domestic E-commerce Competition: Alibaba faces fierce competition in its core e-commerce market from rivals like PDD Holdings (Pinduoduo, Temu), JD.com, and ByteDance (Douyin e-commerce). This intense rivalry leads to price wars, increased marketing spend, and potential market share erosion, putting pressure on Alibaba's revenue growth and profit margins.
  • Slowing Chinese Economic Growth and Consumer Weakness: Despite some signs of recovery, the broader Chinese economy continues to face structural challenges, including a property market downturn, high youth unemployment, and subdued consumer confidence. A prolonged period of slower economic growth could significantly impact discretionary spending, directly affecting Alibaba's e-commerce and advertising revenues.
  • Alibaba Cloud Growth Deceleration and Market Share Loss: While profitability has improved, Alibaba Cloud's revenue growth has significantly decelerated in recent quarters. It also faces increasing competition from domestic players like Huawei Cloud and Tencent Cloud, leading to potential market share losses and limiting its long-term growth potential in a maturing cloud market.
  • Persistent Geopolitical and Regulatory Overhang: Alibaba remains susceptible to ongoing geopolitical tensions between the U.S. and China, including potential delisting threats for its ADRs. Domestically, while regulatory scrutiny has eased, the potential for renewed government intervention in areas like data security, AI, or anti-monopoly practices remains a significant uncertainty and could impact business operations or expansion.
Main Competitors:
  • JD.com ($JD) (JD.com E-commerce Platform), A direct and formidable competitor to Alibaba's Tmall and Taobao in China's B2C e-commerce market. JD.com differentiates itself with a proprietary, integrated logistics network, a direct sales model (owning inventory), and a strong reputation for authentic goods and faster delivery, contrasting with Alibaba's marketplace-centric approach.
  • Pinduoduo ($PDD) (Pinduoduo E-commerce Platform), A rapidly growing e-commerce platform in China that competes with Alibaba's Taobao, particularly in lower-tier cities and for value-conscious consumers. Pinduoduo's innovative social commerce model, group buying features, and focus on direct-from-manufacturer sourcing offer a distinct alternative to Alibaba's established platforms.
  • Amazon.com, Inc. ($AMZN) (Amazon E-commerce, Amazon Web Services (AWS)), A global competitor to Alibaba across multiple fronts. Amazon's international e-commerce operations (Amazon.com) compete with Alibaba's AliExpress and Lazada, while its dominant cloud computing arm, AWS, is a direct rival to Alibaba Cloud in the global enterprise cloud market.
  • Tencent Holdings Ltd. ($TCEHY) (WeChat, Tencent Cloud), A major rival in China's digital ecosystem. Tencent Cloud directly competes with Alibaba Cloud for enterprise clients. Indirectly, Tencent's WeChat ecosystem, with its mini-programs and social commerce capabilities, provides a platform for e-commerce that can divert user engagement and merchant activity away from Alibaba's platforms. Tencent's WeChat Pay is also the primary competitor to Ant Group's Alipay.
  • ByteDance Ltd. (Douyin (TikTok), Douyin E-commerce), An emerging and significant threat, particularly in China's e-commerce and digital media landscape. ByteDance's Douyin (TikTok in China) has rapidly expanded into live-stream e-commerce and short-video shopping, directly challenging Alibaba's traditional e-commerce and content-driven sales strategies by leveraging its massive user base and engagement in short-form video.
Moat:
Alibaba Group's competitive landscape is characterized by intense rivalry across its core e-commerce, cloud computing, and digital media segments. Its primary moat lies in its vast, integrated ecosystem, strong network effects from its dominant e-commerce platforms (Taobao, Tmall), extensive data insights, and the robust logistics infrastructure provided by Cainiao Network. However, this moat is increasingly challenged by specialized competitors like JD.com (logistics, quality), Pinduoduo (social commerce, value), and emerging players like ByteDance (live commerce, content-driven sales). Globally, Amazon poses a significant threat in both e-commerce and cloud. Regulatory scrutiny in China has also impacted Alibaba's strategic flexibility and growth potential, forcing it to innovate and adapt in a highly dynamic market.
Income Statements:
Quarterly
Annual
    Unit: USD2025-11-25 2025-08-29 2025-05-15 2025-03-31 2025-02-20 2024-11-18 2024-11-15 2024-08-15 2024-05-14 2024-03-31 2024-02-07 2023-11-16 2023-08-10 2023-05-18 2023-03-31 2023-02-23 2022-11-17 2022-08-04 2022-05-26 2022-03-31 2022-02-24 2021-11-18 2021-08-03 2021-05-13 2021-03-31 2021-02-02 2020-11-05 2020-09-30 2020-08-20 2020-05-22 2020-03-31 2020-02-13 2019-11-01 2019-08-15 2019-05-15 2019-01-30 2018-11-02 2018-08-23 2018-05-04 2018-02-01 2017-11-02 2017-08-17 2017-05-18 2017-01-24 2016-11-02 2016-08-31 2016-05-31 2016-01-28 2015-10-31 2015-08-12 2015-05-31 2015-01-31 2014-11-04 
                                                         
      revenue
    		247,795,000,000 247,652,000,000 236,454,000,000 236,454,000,000 280,154,000,000 479,739,000,000 236,503,000,000 243,236,000,000 221,874,000,000 221,874,000,000 260,348,000,000 224,790,000,000 234,156,000,000 208,200,000,000 208,200,000,000 247,756,000,000 207,176,000,000 205,555,000,000 204,052,000,000 204,052,000,000 242,580,000,000 200,690,000,000 205,740,000,000 187,395,000,000 187,395,000,000 221,084,000,000 155,059,000,000 308,810,000,000 153,751,000,000 114,314,000,000 114,314,000,000 161,456,000,000 119,017,000,000 114,924,000,000 93,498,000,000 117,278,000,000 85,148,000,000 80,920,000,000 61,932,000,000 83,028,000,000 55,122,000,000 50,184,000,000 38,579,000,000 53,248,000,000 34,292,000,000 32,154,000,000 24,184,000,000 34,543,000,000 22,171,000,000 20,245,000,000 17,425,000,000 26,179,000,000 16,829,000,000 
      yoy
    		-11.55% -48.38% -0.02% -2.79% 26.27% 116.22% -9.16% 8.21% -5.25% 6.57% 25.05% -9.27% 13.02% 1.29% 2.03% 21.42% -14.59% 2.42% -0.82% 8.89% 29.45% -9.22% 32.68% -39.32% 21.88% 93.40% 35.64% 91.27% 29.18% -0.53% 22.26% 37.67% 39.78% 42.02% 50.97% 41.25% 54.47% 61.25% 60.53% 55.93% 60.74% 56.07% 59.52% 54.15% 54.67% 58.82% 38.79% 31.95% 31.74%     
      qoq
    		0.06% 4.74% 0.00% -15.60% -41.60% 102.85% -2.77% 9.63% 0.00% -14.78% 15.82% -4.00% 12.47% 0.00% -15.97% 19.59% 0.79% 0.74% 0.00% -15.88% 20.87% -2.45% 9.79% 0.00% -15.24% 42.58% -49.79% 100.85% 34.50% 0.00% -29.20% 35.66% 3.56% 22.92% -20.28% 37.73% 5.22% 30.66% -25.41% 50.63% 9.84% 30.08% -27.55% 55.28% 6.65% 32.96% -29.99% 55.80% 9.51% 16.18% -33.44% 55.56%  
      cost of revenue
    		-150,781,000,000 -136,429,000,000 -145,626,000,000 -145,626,000,000 -162,524,000,000 -290,135,000,000 -144,029,000,000 -146,106,000,000 -148,098,000,000 -148,098,000,000 -156,214,000,000 -139,664,000,000 -142,347,000,000 -138,823,000,000 -138,823,000,000 -150,005,000,000 -131,210,000,000 -129,657,000,000 -138,945,000,000 -138,945,000,000 -146,658,000,000 -129,750,000,000 -124,097,000,000 -125,454,000,000 -125,454,000,000 -121,268,000,000 -89,960,000,000 -174,483,000,000 -84,523,000,000 -72,502,000,000 -72,502,000,000 -84,332,000,000 -65,546,000,000 -59,987,000,000 -55,610,000,000 -60,813,000,000 -46,786,000,000 -43,720,000,000 -32,504,000,000 -35,078,000,000 -22,002,000,000 -17,460,000,000 -15,490,000,000 -19,126,000,000 -13,123,000,000 -11,744,000,000 -9,562,000,000 -10,951,000,000 -7,131,000,000 -6,711,000,000 -6,133,000,000 -7,520,000,000 -5,596,000,000 
      product development expenses
    		-17,095,000,000 -15,001,000,000 -14,934,000,000 -14,934,000,000 -14,662,000,000 -27,555,000,000 -14,182,000,000 -13,373,000,000 -14,085,000,000 -14,085,000,000 -13,488,000,000 -14,218,000,000 -10,465,000,000 -13,880,000,000 -13,880,000,000 -13,521,000,000 -15,150,000,000 -14,193,000,000 -10,944,000,000 -10,944,000,000 -15,705,000,000 -15,297,000,000 -13,519,000,000 -13,302,000,000 -13,302,000,000 -13,607,000,000 -19,245,000,000 -30,327,000,000 -11,082,000,000 -10,587,000,000 -10,587,000,000 -11,077,000,000 -10,938,000,000 -10,478,000,000 -8,659,000,000 -8,901,000,000 -8,365,000,000 -11,510,000,000 -6,686,000,000 -6,289,000,000 -5,083,000,000 -4,696,000,000 -4,518,000,000 -4,420,000,000 -4,134,000,000 -3,988,000,000 -3,573,000,000 -3,749,000,000 -3,225,000,000 -3,241,000,000 -3,042,000,000 -3,083,000,000 -2,581,000,000 
      sales and marketing expenses
    		-66,496,000,000 -53,178,000,000 -36,179,000,000 -36,179,000,000 -42,675,000,000 -65,167,000,000 -32,471,000,000 -32,696,000,000 -28,826,000,000 -28,826,000,000 -33,783,000,000 -25,485,000,000 -27,047,000,000 -24,931,000,000 -24,931,000,000 -30,628,000,000 -22,359,000,000 -25,578,000,000 -27,200,000,000 -27,200,000,000 -36,706,000,000 -28,857,000,000 -27,036,000,000 -25,153,000,000 -25,153,000,000 -25,343,000,000 -17,371,000,000 -31,023,000,000 -13,652,000,000 -12,179,000,000 -12,179,000,000 -15,800,000,000 -11,996,000,000 -10,698,000,000 -9,649,000,000 -12,104,000,000 -9,106,000,000 -8,921,000,000 -7,641,000,000 -8,542,000,000 -6,266,000,000 -4,850,000,000 -4,332,000,000 -4,490,000,000 -3,878,000,000 -3,614,000,000 -2,861,000,000 -3,641,000,000 -2,564,000,000 -2,241,000,000 -2,531,000,000 -3,021,000,000 -1,749,000,000 
      general and administrative expenses
    		-7,380,000,000 -7,398,000,000 -10,331,000,000 -10,331,000,000 -10,851,000,000 -23,057,000,000 -9,777,000,000 -13,280,000,000 -14,019,000,000 -14,019,000,000 -11,261,000,000 -9,408,000,000 -7,297,000,000 -12,832,000,000 -12,832,000,000 -10,327,000,000 -10,591,000,000 -8,433,000,000 -7,415,000,000 -7,415,000,000 -8,465,000,000 -8,874,000,000 -7,168,000,000 -27,734,000,000 -27,734,000,000 -8,692,000,000 -11,961,000,000 -18,798,000,000 -6,837,000,000 -7,871,000,000 -7,871,000,000 -7,415,000,000 -6,591,000,000 -6,320,000,000 -7,612,000,000 -5,853,000,000 -4,779,000,000 -6,645,000,000 -4,551,000,000 -4,572,000,000 -3,439,000,000 -3,679,000,000 -3,394,000,000 -3,287,000,000 -2,815,000,000 -2,743,000,000 -2,333,000,000 -2,500,000,000 -2,128,000,000 -2,244,000,000 -2,477,000,000 -2,419,000,000 -1,960,000,000 
      amortization and impairment of intangible assets
    		-826,000,000 -807,000,000 -833,000,000 -833,000,000 -2,062,000,000 -3,441,000,000 -1,649,000,000 -1,792,000,000 -2,081,000,000 -2,081,000,000 -14,601,000,000   -2,494,000,000 -2,494,000,000 -5,530,000,000        -3,415,000,000      -4,044,000,000                        
      other gains
    		148,000,000 149,000,000 -86,000,000 -86,000,000 -4,000,000 851,000,000 851,000,000                                               
      income from operations
    		5,365,000,000 34,988,000,000 28,465,000,000 28,465,000,000 41,205,000,000 71,235,000,000 35,246,000,000 35,989,000,000 14,765,000,000 14,765,000,000 22,511,000,000 33,584,000,000 42,490,000,000 15,240,000,000 15,240,000,000 35,031,000,000 25,137,000,000 24,943,000,000 16,717,000,000 16,717,000,000 7,068,000,000 15,006,000,000 30,847,000,000 -7,663,000,000 -7,663,000,000 49,002,000,000 13,634,000,000 48,339,000,000 34,705,000,000 7,131,000,000 7,131,000,000 39,560,000,000 20,364,000,000 24,375,000,000 8,765,000,000 26,798,000,000 13,501,000,000 8,020,000,000 9,221,000,000 25,996,000,000 16,584,000,000 17,513,000,000 9,532,000,000 20,664,000,000 9,045,000,000 8,814,000,000 5,112,000,000 12,434,000,000 6,395,000,000 5,161,000,000 2,599,000,000 9,347,000,000 4,345,000,000 
      yoy
    		-86.98% -50.88% -19.24% -20.91% 179.07% 382.46% 56.57% 7.16% -65.25% -3.12% 47.71% -4.13% 69.03% -38.90% -8.84% 109.55% 255.65% 66.22% -45.81% -318.15% -192.24% -69.38% 126.25% -115.85% -122.08% 587.17% 91.19% 22.19% 70.42% -70.74% -18.64% 47.62% 50.83% 203.93% -4.95% 3.09% -18.59% -54.21% -3.26% 25.80% 83.35% 98.70% 86.46% 66.19% 41.44% 70.78% 96.69% 33.03% 47.18%     
      qoq
    		-84.67% 22.92% 0.00% -30.92% -42.16% 102.11% -2.06% 143.75% 0.00% -34.41% -32.97% -20.96% 178.81% 0.00% -56.50% 39.36% 0.78% 49.21% 0.00% 136.52% -52.90% -51.35% -502.54% 0.00% -115.64% 259.41% -71.80% 39.29% 386.68% 0.00% -81.97% 94.26% -16.46% 178.09% -67.29% 98.49% 68.34% -13.02% -64.53% 56.75% -5.30% 83.73% -53.87% 128.46% 2.62% 72.42% -58.89% 94.43% 23.91% 98.58% -72.19% 115.12%  
      operating margin %
    		2.17% 14.13% 12.04% 12.04% 14.71% 14.85% 14.90% 14.80% 6.65% 6.65% 8.65% 14.94% 18.15% 7.32% 7.32% 14.14% 12.13% 12.13% 8.19% 8.19% 2.91% 7.48% 14.99% -4.09% -4.09% 22.16% 8.79% 15.65% 22.57% 6.24% 6.24% 24.50% 17.11% 21.21% 9.37% 22.85% 15.86% 9.91% 14.89% 31.31% 30.09% 34.90% 24.71% 38.81% 26.38% 27.41% 21.14% 36.00% 28.84% 25.49% 14.92% 35.70% 25.82% 
      interest and investment income
    		20,092,000,000 17,376,000,000 -7,516,000,000 -7,516,000,000 11,146,000,000 17,129,000,000 18,607,000,000 -1,478,000,000 -5,702,000,000 -5,702,000,000 -3,500,000,000 5,136,000,000 -5,898,000,000 10,496,000,000 10,496,000,000 15,516,000,000 -42,452,000,000 5,369,000,000 -36,708,000,000 -36,708,000,000 18,361,000,000 -11,456,000,000 14,101,000,000 111,000,000 111,000,000 40,036,000,000 10,510,000,000 32,647,000,000 22,137,000,000 -7,715,000,000 -7,715,000,000 17,136,000,000 63,348,000,000 187,000,000 18,665,000,000 11,560,000,000 6,635,000,000 7,246,000,000 1,945,000,000 23,643,000,000 3,435,000,000 1,472,000,000 6,553,000,000 837,000,000 419,000,000 750,000,000 3,778,000,000 2,944,000,000 18,150,000,000 27,382,000,000 1,846,000,000 313,000,000 468,000,000 
      interest expense
    		-2,517,000,000 -2,478,000,000 -2,496,000,000 -2,496,000,000 -2,485,000,000 -4,615,000,000 -2,427,000,000 -2,188,000,000 -2,177,000,000 -2,177,000,000 -2,132,000,000 -1,854,000,000 -1,784,000,000 -1,736,000,000 -1,736,000,000 -1,550,000,000 -1,388,000,000 -1,244,000,000 -1,189,000,000 -1,189,000,000 -1,186,000,000 -1,267,000,000 -1,267,000,000 -1,160,000,000 -1,160,000,000 -1,092,000,000 -1,101,000,000 -2,224,000,000 -1,123,000,000 -1,165,000,000 -1,165,000,000 -1,309,000,000 -1,360,000,000 -1,346,000,000 -1,303,000,000 -1,334,000,000 -1,340,000,000 -1,213,000,000 -1,175,000,000 -844,000,000 -747,000,000 -800,000,000 -676,000,000 -701,000,000 -668,000,000 -626,000,000 -510,000,000 -475,000,000 -484,000,000 -477,000,000 -475,000,000 -1,344,000,000 -521,000,000 
      other income
    		981,000,000 348,000,000 20,000,000 20,000,000 4,588,000,000 -1,221,000,000 -1,478,000,000 257,000,000 2,963,000,000 2,963,000,000 439,000,000 1,391,000,000 1,364,000,000 1,308,000,000 1,308,000,000 1,462,000,000 2,944,000,000 109,000,000 1,620,000,000 1,620,000,000 5,083,000,000 1,663,000,000 2,157,000,000 2,115,000,000 2,115,000,000 2,826,000,000 1,148,000,000 2,641,000,000 1,493,000,000 1,180,000,000     1,449,000,000    884,000,000  1,737,000,000 1,887,000,000  3,015,000,000 868,000,000 1,763,000,000  1,607,000,000 429,000,000 551,000,000 496,000,000 901,000,000 378,000,000 
      income before income tax and share of results of equity method investees
    		23,921,000,000 50,234,000,000 18,473,000,000 18,473,000,000 54,454,000,000 82,528,000,000 49,948,000,000 32,580,000,000 9,849,000,000 9,849,000,000 17,318,000,000 38,257,000,000 36,172,000,000  25,308,000,000 50,459,000,000 -15,759,000,000 29,177,000,000 -19,560,000,000 -19,560,000,000 29,326,000,000 3,946,000,000 45,838,000,000 -6,597,000,000 -6,597,000,000 90,772,000,000 24,191,000,000 81,403,000,000 57,212,000,000                         
      income tax expenses
    		-5,550,000,000 -8,865,000,000 -6,854,000,000 -6,854,000,000 -11,149,000,000 -17,442,000,000 -7,379,000,000 -10,063,000,000 -5,722,000,000 -5,722,000,000 -4,988,000,000 -5,797,000,000 -6,022,000,000 -3,758,000,000 -3,758,000,000 -3,820,000,000 -2,572,000,000 -5,399,000,000 -2,079,000,000 -2,079,000,000 -9,553,000,000 -6,087,000,000 -9,096,000,000 -7,049,000,000 -7,049,000,000 -9,194,000,000 -1,911,000,000 -13,035,000,000 -11,124,000,000 -2,628,000,000 -2,628,000,000 -8,407,000,000 -2,815,000,000 -6,712,000,000 -5,025,000,000 -5,586,000,000 -277,000,000 -5,665,000,000 -4,164,000,000 -6,663,000,000 -2,719,000,000 -4,653,000,000 -4,553,000,000 -5,110,000,000 -2,022,000,000 -2,091,000,000 -1,825,000,000 -3,559,000,000 -1,671,000,000 -1,394,000,000 -1,203,000,000 -2,429,000,000 -1,339,000,000 
      share of results of equity method investees
    		2,241,000,000 1,013,000,000 354,000,000 354,000,000 3,129,000,000 2,483,000,000 978,000,000 1,505,000,000 -3,208,000,000 -3,208,000,000 -1,613,000,000 -5,764,000,000 2,850,000,000 446,000,000 446,000,000 -893,000,000 -4,136,000,000 -3,480,000,000 3,282,000,000 3,282,000,000 -549,000,000 5,518,000,000 6,093,000,000 5,992,000,000 5,992,000,000 -3,601,000,000 4,244,000,000 4,593,000,000 349,000,000                         
      net income
    		20,612,000,000 42,382,000,000 11,973,000,000 11,973,000,000 46,434,000,000 67,569,000,000 43,547,000,000 24,022,000,000 919,000,000 919,000,000 10,717,000,000 26,696,000,000 33,000,000,000  21,996,000,000 45,746,000,000 -22,467,000,000 20,298,000,000 -18,357,000,000 -18,357,000,000 19,224,000,000 3,377,000,000 42,835,000,000 -7,654,000,000 -7,654,000,000 77,977,000,000 26,524,000,000 72,961,000,000 46,437,000,000 348,000,000 348,000,000 50,132,000,000 70,748,000,000 19,122,000,000 23,379,000,000 30,964,000,000 18,241,000,000 7,650,000,000 6,641,000,000 23,332,000,000 17,408,000,000 14,031,000,000 9,852,000,000 17,157,000,000 7,075,000,000 7,142,000,000 5,314,000,000 12,456,000,000 22,703,000,000 30,816,000,000 2,869,000,000 5,983,000,000 3,030,000,000 
      yoy
    		-55.61% -37.28% -72.51% -50.16% 4952.67% 7252.45% 306.34% -10.02% -97.22%  -51.28% -41.64% -246.88%  -219.82% -349.20% -216.87% 501.07% -142.86% 139.84% -351.16% -95.67% 61.50% -110.49% -116.48% 22307.18% 7521.84% 45.54% -34.36% -98.18% -98.51% 61.90% 287.85% 149.96% 252.04% 32.71% 4.79% -45.48% -32.59% 35.99% 146.05% 96.46% 85.40% 37.74% -68.84% -76.82% 85.22% 108.19% 649.27%     
      qoq
    		-51.37% 253.98% 0.00% -74.22% -31.28% 55.16% 81.28% 2513.93% 0.00% -91.42% -59.86% -19.10%   -51.92% -303.61% -210.69% -210.57% 0.00% -195.49% 469.26% -92.12% -659.64% 0.00% -109.82% 193.99% -63.65% 57.12% 13243.97% 0.00% -99.31% -29.14% 269.98% -18.21% -24.50% 69.75% 138.44% 15.19% -71.54% 34.03% 24.07% 42.42% -42.58% 142.50% -0.94% 34.40% -57.34% -45.14% -26.33% 974.10% -52.05% 97.46%  
      net income margin %
    		8.32% 17.11% 5.06% 5.06% 16.57% 14.08% 18.41% 9.88% 0.41% 0.41% 4.12% 11.88% 14.09% 0% 10.56% 18.46% -10.84% 9.87% -9.00% -9.00% 7.92% 1.68% 20.82% -4.08% -4.08% 35.27% 17.11% 23.63% 30.20% 0.30% 0.30% 31.05% 59.44% 16.64% 25.00% 26.40% 21.42% 9.45% 10.72% 28.10% 31.58% 27.96% 25.54% 32.22% 20.63% 22.21% 21.97% 36.06% 102.40% 152.22% 16.46% 22.85% 18.00% 
      net loss attributable to noncontrolling interests
    		407,000,000 -1,733,000,000 586,000,000 586,000,000 2,693,000,000 854,000,000 486,000,000 368,000,000 2,446,000,000 2,446,000,000 3,838,000,000 1,151,000,000 1,242,000,000 1,648,000,000 1,648,000,000 1,167,000,000 2,034,000,000 2,361,000,000 2,241,000,000 9,504,000,000 1,322,000,000 2,111,000,000 2,233,000,000 2,288,000,000 2,288,000,000 1,558,000,000 2,352,000,000 3,448,000,000 1,096,000,000 2,872,000,000 2,872,000,000 2,042,000,000 1,843,000,000 2,326,000,000 2,534,000,000 2,156,000,000 1,892,000,000 1,070,000,000 1,028,000,000 741,000,000 260,000,000 652,000,000 795,000,000 698,000,000 548,000,000 408,000,000        
      net income attributable to alibaba group holding limited
    		21,019,000,000 40,649,000,000 12,559,000,000 12,559,000,000 49,127,000,000 68,423,000,000 44,033,000,000 24,390,000,000 3,365,000,000 3,365,000,000 14,555,000,000 27,847,000,000 34,242,000,000 23,644,000,000 23,644,000,000 46,913,000,000 -20,433,000,000 22,659,000,000 -16,116,000,000 -8,853,000,000 20,546,000,000 5,488,000,000 45,068,000,000 -5,366,000,000 -5,366,000,000 79,535,000,000 28,876,000,000 76,409,000,000 47,533,000,000 3,220,000,000 3,220,000,000 52,174,000,000 72,591,000,000 21,448,000,000 25,913,000,000 33,120,000,000 20,133,000,000 8,720,000,000 7,669,000,000        5,365,000,000 12,498,000,000 22,754,000,000 30,843,000,000 2,893,000,000 5,936,000,000 3,028,000,000 
      (accretion) reversal of accretion of mezzanine equity
    		-29,000,000 2,467,000,000                                                    
      net income attributable to ordinary shareholders
    		20,990,000,000 43,116,000,000 12,382,000,000 12,382,000,000 48,945,000,000 68,143,000,000 43,874,000,000 24,269,000,000 3,270,000,000 3,270,000,000 14,433,000,000 27,706,000,000 34,332,000,000 23,516,000,000 23,516,000,000 46,815,000,000 -20,561,000,000 22,739,000,000 -16,241,000,000 -8,978,000,000 20,429,000,000 5,367,000,000 45,141,000,000 -5,479,000,000 -5,479,000,000 79,427,000,000 28,769,000,000 76,360,000,000 47,591,000,000 3,162,000,000 3,162,000,000 52,309,000,000 72,540,000,000 21,252,000,000 25,830,000,000 33,052,000,000 20,033,000,000 8,685,000,000 7,561,000,000 24,073,000,000 17,668,000,000 14,683,000,000 10,647,000,000 17,855,000,000 7,623,000,000 7,550,000,000 5,365,000,000 12,498,000,000 22,754,000,000 30,843,000,000 2,893,000,000 5,936,000,000 2,976,000,000 
      earnings per share attributable to ordinary shareholders
    		                                                     
      basic
    		1.13 2.32 0.67 0.69 2.63 3.58 2.34 1.26 0.17 0.19 0.72 1.36 1.68  1.14 2.25 -0.97 1.07 -0.76 -0.41 0.95 0.25 2.08 -0.25 -0.26 3.67 1.33 3.54 2.21 0.15 0.1 2.48 3.49 1.02 10.02 12.83 7.75 3.36 2.95 9.41 6.92 5.77 4.24 7.19 3.08 3.05 2.19 5.11 9.25 12.45 1.18 2.42 1.33 
      diluted
    		1.09 2.25 0.65 0.66 2.55 3.5 2.27 1.24 0.16 0.19 0.71 1.35 1.66  1.12 2.24 -0.97 1.06 -0.76 -0.41 0.94 0.25 2.05 -0.25 -0.25 3.61 1.31 3.48 2.17 0.14 0.1 2.44 3.44 1.01 9.84 12.64 7.62 3.3 2.88 9.2 6.78 5.65 4.12 6.94 2.97 2.94 2.11 4.9 8.87 11.92 1.12 2.29 1.24 
      earnings per ads attributable to ordinary shareholders
    		                                                     
      basic
    		9.05 18.57 5.36 5.54 21.07 28.62 18.71 10.04 1.32 1.57 5.73 10.9 13.4  9.06 18 -7.77 8.54 -6.07 -3.27 7.59 1.99 16.6 -2.02 -2.05 29.36 10.66 28.29 17.64 1.18 0.84 19.87 27.9 8.18                    
      diluted
    		8.75 17.98 5.17 5.26 20.39 28 18.17 9.89 1.3 1.51 5.65 10.77 13.3  8.97 17.91 -7.77 8.51 -6.07 -3.22 7.51 1.97 16.38 -1.99 -2.01 28.85 10.48 27.83 17.36 1.16 0.79 19.55 27.51 8.06                    
      weighted-average number of shares used in calculating earnings per ordinary share
    		                                                     
      basic
    		18,555 18,570 18,487 18,791 18,586 19,045 18,761 19,329 19,763 20,182 20,138 20,335 20,493  20,980 20,805 21,164 21,299 21,401 21,558 21,516 21,562 21,754 21,652 21,619   21,591   21,017                    2,461 2,450 2,238 
      diluted
    		19,168 19,142 19,153 19,318 19,200 19,459 19,322 19,595 19,980 20,359 20,321 20,526 20,608  21,114 20,912 21,164 21,384 21,401 21,787 21,716 21,794 22,038 22,024 21,982   21,943   21,346                    2,585 2,588 2,438 
      impairment of goodwill
    		    -6,171,000,000      -8,490,000,000  -2,031,000,000   -2,714,000,000     -25,141,000,000            -576,000,000       -494,000,000        -455,000,000      
      accretion of mezzanine equity
    		  -177,000,000 -177,000,000 -182,000,000 -280,000,000 -159,000,000 -121,000,000 -95,000,000 -95,000,000 -122,000,000 -141,000,000 90,000,000 -128,000,000 -128,000,000 -98,000,000 -128,000,000 80,000,000 -125,000,000 -125,000,000 -117,000,000 -121,000,000 73,000,000 -113,000,000 -113,000,000 -108,000,000 -107,000,000 -49,000,000 58,000,000 -58,000,000 -58,000,000 135,000,000 -51,000,000 -196,000,000 -83,000,000 -68,000,000 -100,000,000 -35,000,000 -108,000,000               
      weighted-average number of shares used in computing earnings per share
    		                                                     
      basic
    		18,555 18,570 18,487 18,791 18,586 19,045 18,761 19,329 19,763 20,182 20,138 20,335 20,493  20,980 20,805 21,164 21,299 21,401 21,558 21,516 21,562 21,754 21,652 21,619   21,591   21,017                    2,461 2,450 2,238 
      diluted
    		19,168 19,142 19,153 19,318 19,200 19,459 19,322 19,595 19,980 20,359 20,321 20,526 20,608  21,114 20,912 21,164 21,384 21,401 21,787 21,716 21,794 22,038 22,024 21,982   21,943   21,346                    2,585 2,588 2,438 
      amortization of intangible assets
    		           -2,431,000,000 -2,479,000,000    -2,729,000,000 -2,751,000,000 -2,831,000,000 -2,204,000,000 -2,837,000,000 -2,906,000,000 -3,073,000,000  -2,253,000,000 -3,172,000,000 -2,888,000,000 -5,840,000,000 -2,952,000,000  -2,336,000,000 -3,272,000,000 -3,006,000,000 -3,066,000,000 -3,203,000,000 -2,809,000,000 -2,611,000,000 -2,104,000,000 -1,329,000,000 -2,057,000,000 -1,748,000,000 -1,986,000,000 -1,313,000,000 -1,261,000,000 -1,297,000,000 -1,251,000,000 -743,000,000 -813,000,000 -728,000,000 -647,000,000 -643,000,000 -614,000,000 -598,000,000 
      (loss) income before income tax and share of results of equity method investees
    		             25,308,000,000                                        
      net (loss) income
    		             21,996,000,000                                        
      (loss) earnings per share attributable to ordinary shareholders
    		                                                     
      basic
    		             1.14                                        
      diluted
    		             1.12                                        
      (loss) earnings per ads attributable to ordinary shareholders
    		                                                     
      weighted average number of shares used in calculating earnings per ordinary share
    		                                                     
      basic
    		             20,651            21,643 21,602  21,581 21,435  21,058 20,800 20,776 2,579 2,576 2,584 2,581 2,560 2,557 2,552 2,543 2,513 2,485 2,478 2,473 2,448 2,446 2,461 2,477    
      diluted
    		             20,882            22,021 21,962  21,926 21,822  21,393 21,093 21,075 2,625 2,614 2,628 2,627 2,619 2,615 2,607 2,599 2,581 2,571 2,566 2,568 2,546 2,550 2,564 2,588    
      ​
    		                                                     
      income (loss) before income tax and share of results of equity investees
    		                             -569,000,000                        
      share of results of equity investees
    		                             3,545,000,000 3,545,000,000 2,165,000,000 -11,960,000,000 517,000,000 828,000,000 -861,000,000 1,254,000,000 -655,000,000 -70,000,000 -18,452,000,000 -882,000,000 -1,388,000,000 -1,444,000,000 -1,548,000,000 -567,000,000 -1,468,000,000 -712,000,000 -495,000,000 -116,000,000 -407,000,000 -394,000,000 -805,000,000 -301,000,000 
      weighted average number of share used in calculating earnings per ordinary share
    		                                                     
      basic
    		             20,651            21,643 21,602  21,581 21,435  21,058 20,800 20,776 2,579 2,576 2,584 2,581 2,560 2,557 2,552 2,543 2,513 2,485 2,478 2,473 2,448 2,446 2,461 2,477    
      diluted
    		             20,882            22,021 21,962  21,926 21,822  21,393 21,093 21,075 2,625 2,614 2,628 2,627 2,619 2,615 2,607 2,599 2,581 2,571 2,566 2,568 2,546 2,550 2,564 2,588    
      other income (loss)
    		                              1,564,750,000 987,000,000     -1,532,000,000 -83,000,000  -348,000,000   440,000,000    -529,000,000       
      income before income tax and share of results of equity investees
    		                              -569,000,000 56,374,000,000 85,523,000,000 25,317,000,000 27,576,000,000 37,411,000,000 17,264,000,000 13,970,000,000 10,875,000,000 48,447,000,000 21,009,000,000 20,072,000,000 15,849,000,000 23,815,000,000 9,664,000,000 10,701,000,000 7,851,000,000 16,510,000,000 24,490,000,000 32,617,000,000 4,466,000,000 9,217,000,000 4,670,000,000 
      other (loss) income
    		                                3,171,000,000 2,101,000,000  387,000,000                  
      weighted average number of share used in calculating net income per ordinary share
    		                                                     
      basic
    		             20,651            21,643 21,602  21,581 21,435  21,058 20,800 20,776 2,579 2,576 2,584 2,581 2,560 2,557 2,552 2,543 2,513 2,485 2,478 2,473 2,448 2,446 2,461 2,477    
      diluted
    		             20,882            22,021 21,962  21,926 21,822  21,393 21,093 21,075 2,625 2,614 2,628 2,627 2,619 2,615 2,607 2,599 2,581 2,571 2,566 2,568 2,546 2,550 2,564 2,588    
      net (income) loss attributable to noncontrolling interests
    		                                              51,000,000 42,000,000 51,000,000 27,000,000 24,000,000   
      accretion of convertible preference shares
    		                                                    -7,000,000 
      dividends accrued on convertible preference shares
    		                                                    -45,000,000 
      share-based compensation expense by function:
    		                                                     
      total
    		                                                 3,995 4,632 4,313 3,010 
      non-gaap costs and expenses excluding share-based compensation expense by function:
    		                                                     
      impairment of goodwill and intangible assets
    		                                                   -175,000,000  
      weighted-average number of share used in calculating net income per ordinary share
    		                                                     
      basic
    		18,555 18,570 18,487 18,791 18,586 19,045 18,761 19,329 19,763 20,182 20,138 20,335 20,493  20,980 20,805 21,164 21,299 21,401 21,558 21,516 21,562 21,754 21,652 21,619   21,591   21,017                    2,461 2,450 2,238 
      diluted
    		19,168 19,142 19,153 19,318 19,200 19,459 19,322 19,595 19,980 20,359 20,321 20,526 20,608  21,114 20,912 21,164 21,384 21,401 21,787 21,716 21,794 22,038 22,024 21,982   21,943   21,346                    2,585 2,588 2,438 
      net income attributable to noncontrolling interests
    		                                                   -47,000,000 -2,000,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-11-25 2025-08-29 2025-05-15 2025-03-31 2025-02-20 2024-11-18 2024-11-15 2024-08-15 2024-05-14 2024-03-31 2024-02-07 2023-11-16 2023-08-10 2023-05-18 2023-03-31 2023-02-23 2022-11-17 2022-08-04 2022-05-26 2022-03-31 2022-02-24 2021-11-18 2021-08-03 2021-05-13 2021-03-31 2021-02-02 2020-11-05 2020-09-30 2020-08-20 2020-05-22 2020-03-31 2020-02-13 2019-11-01 2019-08-15 2019-05-15 2019-03-31 2019-01-30 2018-11-02 2018-08-23 2018-05-04 2018-03-31 2018-02-01 2017-11-02 2017-08-17 2017-05-18 2017-01-24 2016-11-02 2016-08-31 2016-05-31 2016-01-28 2015-10-31 2015-08-12 2015-05-31 2015-03-31 2015-01-31 2014-11-04 2014-03-31 
                                                               
        assets
      		                                                         
        current assets:
      		                                                         
        cash and cash equivalents
      		145,487,000,000 145,487,000,000 145,487,000,000 145,487,000,000 248,125,000,000 248,125,000,000 248,125,000,000 248,125,000,000 248,125,000,000 248,125,000,000 193,086,000,000 193,086,000,000 193,086,000,000 193,086,000,000 193,086,000,000 189,898,000,000 189,898,000,000 189,898,000,000 189,898,000,000 189,898,000,000 321,262,000,000 321,262,000,000 321,262,000,000 321,262,000,000 321,262,000,000 330,503,000,000 330,503,000,000 330,503,000,000 330,503,000,000 330,503,000,000 330,503,000,000 189,976,000,000 189,976,000,000 189,976,000,000 189,976,000,000 189,976,000,000 199,309,000,000 199,309,000,000 199,309,000,000 199,309,000,000 199,309,000,000 143,736,000,000 143,736,000,000 143,736,000,000 143,736,000,000 106,818,000,000 106,818,000,000 106,818,000,000 106,818,000,000 108,193,000,000 108,193,000,000 108,193,000,000 108,193,000,000 108,193,000,000 33,045,000,000 33,045,000,000 33,045,000,000 
        short-term investments
      		228,826,000,000 228,826,000,000 228,826,000,000 228,826,000,000 262,955,000,000 262,955,000,000 262,955,000,000 262,955,000,000 262,955,000,000 262,955,000,000 326,492,000,000 326,492,000,000 326,492,000,000 326,492,000,000 326,492,000,000 256,514,000,000 256,514,000,000 256,514,000,000 256,514,000,000 256,514,000,000 152,376,000,000 152,376,000,000 152,376,000,000 152,376,000,000 152,376,000,000 28,478,000,000 28,478,000,000 28,478,000,000 28,478,000,000 28,478,000,000 28,478,000,000 3,262,000,000 3,262,000,000 3,262,000,000 3,262,000,000 3,262,000,000 6,086,000,000 6,086,000,000 6,086,000,000 6,086,000,000 6,086,000,000 3,011,000,000 3,011,000,000 3,011,000,000 3,011,000,000 4,700,000,000 4,700,000,000 4,700,000,000 4,700,000,000 14,148,000,000 14,148,000,000 14,148,000,000 14,148,000,000 14,148,000,000 10,587,000,000 10,587,000,000 10,587,000,000 
        restricted cash and escrow receivables
      		43,781,000,000 43,781,000,000 43,781,000,000 43,781,000,000 38,299,000,000 38,299,000,000 38,299,000,000 38,299,000,000 38,299,000,000 38,299,000,000 36,424,000,000 36,424,000,000 36,424,000,000 36,424,000,000 36,424,000,000 37,455,000,000 37,455,000,000 37,455,000,000 37,455,000,000 37,455,000,000 35,207,000,000 35,207,000,000 35,207,000,000 35,207,000,000 35,207,000,000 15,479,000,000 15,479,000,000 15,479,000,000 15,479,000,000 15,479,000,000 15,479,000,000 8,518,000,000 8,518,000,000 8,518,000,000 8,518,000,000 8,518,000,000 3,417,000,000 3,417,000,000 3,417,000,000 3,417,000,000 3,417,000,000 2,655,000,000 2,655,000,000 2,655,000,000 2,655,000,000 1,346,000,000 1,346,000,000 1,346,000,000 1,346,000,000 2,297,000,000 2,297,000,000 2,297,000,000 2,297,000,000 2,297,000,000 4,921,000,000 4,921,000,000 4,921,000,000 
        equity securities and other investments
      		53,780,000,000 53,780,000,000 53,780,000,000 53,780,000,000 59,949,000,000 59,949,000,000 59,949,000,000 59,949,000,000 59,949,000,000 59,949,000,000 4,892,000,000 4,892,000,000 4,892,000,000 4,892,000,000 4,892,000,000 8,673,000,000 8,673,000,000 8,673,000,000 8,673,000,000 8,673,000,000 9,807,000,000 9,807,000,000 9,807,000,000 9,807,000,000 9,807,000,000 4,234,000,000 4,234,000,000 4,234,000,000 4,234,000,000                             
        prepayments, receivables and other assets
      		202,175,000,000 202,175,000,000 202,175,000,000 202,175,000,000 143,536,000,000 143,536,000,000 143,536,000,000 143,536,000,000 143,536,000,000 143,536,000,000 137,072,000,000 137,072,000,000 137,072,000,000 137,072,000,000 137,072,000,000 145,995,000,000 145,995,000,000 145,995,000,000 145,995,000,000 145,995,000,000 124,708,000,000 124,708,000,000 124,708,000,000 124,708,000,000 124,708,000,000 84,229,000,000 84,229,000,000 84,229,000,000 84,229,000,000 84,229,000,000 84,229,000,000 58,590,000,000 58,590,000,000 58,590,000,000 58,590,000,000 58,590,000,000 43,228,000,000 43,228,000,000 43,228,000,000 43,228,000,000 43,228,000,000 28,408,000,000 28,408,000,000 28,408,000,000 29,060,000,000 16,993,000,000 16,993,000,000 16,993,000,000 17,028,000,000 13,813,000,000 13,813,000,000 12,978,000,000 12,978,000,000 13,813,000,000 4,679,000,000 4,679,000,000 4,679,000,000 
        total current assets
      		674,049,000,000 674,049,000,000 674,049,000,000 674,049,000,000 752,864,000,000 752,864,000,000 752,864,000,000 752,864,000,000 752,864,000,000 752,864,000,000 697,966,000,000 697,966,000,000 697,966,000,000 697,966,000,000 697,966,000,000 638,535,000,000 638,535,000,000 638,535,000,000 638,535,000,000 638,535,000,000 643,360,000,000 643,360,000,000 643,360,000,000 643,360,000,000 643,360,000,000 462,923,000,000 462,923,000,000 462,923,000,000 462,923,000,000 462,923,000,000 462,923,000,000 270,273,000,000 270,273,000,000 270,273,000,000 270,273,000,000 270,273,000,000 256,855,000,000 256,855,000,000 256,855,000,000 256,855,000,000 256,855,000,000 181,864,000,000 181,864,000,000 181,864,000,000 182,516,000,000 134,035,000,000 134,035,000,000 134,035,000,000 134,070,000,000 142,109,000,000 142,109,000,000 142,109,000,000 142,109,000,000 142,109,000,000 67,833,000,000 67,833,000,000 67,833,000,000 
        investment in equity method investees
      		210,169,000,000 210,169,000,000 210,169,000,000  203,131,000,000  203,131,000,000 203,131,000,000 203,131,000,000  207,380,000,000 207,380,000,000 207,380,000,000 207,380,000,000  219,642,000,000 219,642,000,000 219,642,000,000 219,642,000,000  200,189,000,000 200,189,000,000 200,189,000,000 200,189,000,000  189,632,000,000 189,632,000,000  189,632,000,000                             
        property and equipment
      		203,348,000,000 203,348,000,000 203,348,000,000 203,348,000,000 185,161,000,000 185,161,000,000 185,161,000,000 185,161,000,000 185,161,000,000 185,161,000,000 176,031,000,000 176,031,000,000 176,031,000,000 176,031,000,000 176,031,000,000 171,806,000,000 171,806,000,000 171,806,000,000 171,806,000,000 171,806,000,000 147,412,000,000 147,412,000,000 147,412,000,000 147,412,000,000 147,412,000,000 103,387,000,000 103,387,000,000 103,387,000,000 103,387,000,000 103,387,000,000 103,387,000,000 92,030,000,000 92,030,000,000 92,030,000,000 92,030,000,000 92,030,000,000 66,489,000,000 66,489,000,000 66,489,000,000 66,489,000,000 66,489,000,000 20,206,000,000 20,206,000,000 20,206,000,000 20,206,000,000 13,629,000,000 13,629,000,000 13,629,000,000 13,629,000,000 9,139,000,000 9,139,000,000 9,139,000,000 9,139,000,000 9,139,000,000 5,581,000,000 5,581,000,000 5,581,000,000 
        intangible assets
      		20,911,000,000 20,911,000,000 20,911,000,000 20,911,000,000 26,950,000,000 26,950,000,000 26,950,000,000 26,950,000,000 26,950,000,000 26,950,000,000 46,913,000,000 46,913,000,000 46,913,000,000 46,913,000,000 46,913,000,000 59,231,000,000 59,231,000,000 59,231,000,000 59,231,000,000 59,231,000,000 70,833,000,000 70,833,000,000 70,833,000,000 70,833,000,000 70,833,000,000 60,947,000,000 60,947,000,000 60,947,000,000 60,947,000,000 60,947,000,000 60,947,000,000 68,276,000,000 68,276,000,000 68,276,000,000 68,276,000,000 68,276,000,000 27,465,000,000 27,465,000,000 27,465,000,000 27,465,000,000 27,465,000,000 14,108,000,000 14,108,000,000 14,108,000,000 14,108,000,000 5,370,000,000 5,370,000,000 5,370,000,000 5,370,000,000 6,575,000,000 6,575,000,000 6,575,000,000 6,575,000,000 6,575,000,000 1,906,000,000 1,906,000,000 1,906,000,000 
        goodwill
      		255,501,000,000 255,501,000,000 255,501,000,000 255,501,000,000 259,679,000,000 259,679,000,000 259,679,000,000 259,679,000,000 259,679,000,000 259,679,000,000 268,091,000,000 268,091,000,000 268,091,000,000 268,091,000,000 268,091,000,000 269,581,000,000 269,581,000,000 269,581,000,000 269,581,000,000 269,581,000,000 292,771,000,000 292,771,000,000 292,771,000,000 292,771,000,000 292,771,000,000 276,782,000,000 276,782,000,000 276,782,000,000 276,782,000,000 276,782,000,000 276,782,000,000 264,935,000,000 264,935,000,000 264,935,000,000 264,935,000,000 264,935,000,000 162,149,000,000 162,149,000,000 162,149,000,000 162,149,000,000 162,149,000,000 125,420,000,000 125,420,000,000 125,420,000,000 125,420,000,000 81,645,000,000 81,645,000,000 81,645,000,000 81,645,000,000 41,933,000,000 41,933,000,000 41,933,000,000 41,933,000,000 41,933,000,000 11,793,000,000 11,793,000,000 11,793,000,000 
        total assets
      		1,804,227,000,000 1,804,227,000,000 1,804,227,000,000 1,804,227,000,000 1,764,829,000,000 1,764,829,000,000 1,764,829,000,000 1,764,829,000,000 1,764,829,000,000 1,764,829,000,000 1,753,044,000,000 1,753,044,000,000 1,753,044,000,000 1,753,044,000,000 1,753,044,000,000 1,695,553,000,000 1,695,553,000,000 1,695,553,000,000 1,695,553,000,000 1,695,553,000,000 1,690,218,000,000 1,690,218,000,000 1,690,218,000,000 1,690,218,000,000 1,690,218,000,000 1,312,985,000,000 1,312,985,000,000 1,312,985,000,000 1,312,985,000,000 1,312,985,000,000 1,312,985,000,000 965,076,000,000 965,076,000,000 965,076,000,000 965,076,000,000 965,076,000,000 717,124,000,000 717,124,000,000 717,124,000,000 717,124,000,000 717,124,000,000 506,812,000,000 506,812,000,000 506,812,000,000 506,812,000,000 364,245,000,000 364,245,000,000 364,245,000,000 364,450,000,000 255,434,000,000 255,434,000,000 255,434,000,000 255,434,000,000 255,434,000,000 111,549,000,000 111,549,000,000 111,549,000,000 
        liabilities, mezzanine equity and shareholders’ equity
      		                                                         
        current liabilities:
      		                                                         
        current bank borrowings
      		22,562,000,000 22,562,000,000 22,562,000,000 22,562,000,000 12,749,000,000 12,749,000,000 12,749,000,000 12,749,000,000 12,749,000,000 12,749,000,000 7,466,000,000 7,466,000,000 7,466,000,000 7,466,000,000 7,466,000,000 8,841,000,000 8,841,000,000 8,841,000,000 8,841,000,000 8,841,000,000 3,606,000,000 3,606,000,000 3,606,000,000 3,606,000,000 3,606,000,000 5,154,000,000 5,154,000,000 5,154,000,000 5,154,000,000 5,154,000,000 5,154,000,000 7,356,000,000 7,356,000,000 7,356,000,000 7,356,000,000 7,356,000,000 6,028,000,000 6,028,000,000 6,028,000,000 6,028,000,000 6,028,000,000 5,948,000,000 5,948,000,000 5,948,000,000 5,948,000,000 4,304,000,000 4,304,000,000 4,304,000,000 4,304,000,000 1,990,000,000 1,990,000,000 1,990,000,000 1,990,000,000 1,990,000,000 1,100,000,000 1,100,000,000 1,100,000,000 
        income tax payable
      		11,638,000,000 11,638,000,000 11,638,000,000 11,638,000,000 9,068,000,000 9,068,000,000 9,068,000,000 9,068,000,000 9,068,000,000 9,068,000,000 12,543,000,000 12,543,000,000 12,543,000,000 12,543,000,000 12,543,000,000 21,753,000,000 21,753,000,000 21,753,000,000 21,753,000,000 21,753,000,000 25,275,000,000 25,275,000,000 25,275,000,000 25,275,000,000 25,275,000,000 20,190,000,000 20,190,000,000 20,190,000,000 20,190,000,000 20,190,000,000 20,190,000,000 17,685,000,000 17,685,000,000 17,685,000,000 17,685,000,000 17,685,000,000 13,689,000,000 13,689,000,000 13,689,000,000 13,689,000,000 13,689,000,000 6,125,000,000 6,125,000,000 6,125,000,000 6,125,000,000 2,790,000,000 2,790,000,000 2,790,000,000 2,790,000,000 2,733,000,000 2,733,000,000 2,733,000,000 2,733,000,000 2,733,000,000 1,267,000,000 1,267,000,000 1,267,000,000 
        accrued expenses, accounts payable and other liabilities
      		332,537,000,000 332,537,000,000 332,537,000,000 332,537,000,000 297,883,000,000 297,883,000,000 297,883,000,000 297,883,000,000 297,883,000,000 297,883,000,000 275,950,000,000 275,950,000,000 275,950,000,000 275,950,000,000 275,950,000,000 271,460,000,000 271,460,000,000 271,460,000,000 271,460,000,000 271,460,000,000 261,140,000,000 261,140,000,000 261,140,000,000 260,929,000,000 260,929,000,000 161,536,000,000 161,536,000,000 161,536,000,000 161,536,000,000 161,536,000,000 161,536,000,000 117,711,000,000 117,711,000,000 117,711,000,000 117,711,000,000 117,711,000,000 81,165,000,000 81,165,000,000 81,165,000,000 81,165,000,000 81,165,000,000 46,979,000,000 46,979,000,000 46,979,000,000 47,186,000,000 27,334,000,000 27,334,000,000 27,334,000,000 27,334,000,000 19,834,000,000 19,834,000,000 19,834,000,000 19,834,000,000 19,834,000,000 11,887,000,000 11,887,000,000 11,887,000,000 
        merchant deposits
      		274,000,000 274,000,000 274,000,000 274,000,000 12,737,000,000 12,737,000,000 12,737,000,000 12,737,000,000 12,737,000,000 12,737,000,000 13,297,000,000 13,297,000,000 13,297,000,000 13,297,000,000 13,297,000,000 14,747,000,000 14,747,000,000 14,747,000,000 14,747,000,000 14,747,000,000 15,017,000,000 15,017,000,000 15,017,000,000 15,017,000,000 15,017,000,000 13,640,000,000 13,640,000,000 13,640,000,000 13,640,000,000 13,640,000,000 13,640,000,000 10,762,000,000 10,762,000,000 10,762,000,000 10,762,000,000 10,762,000,000 9,578,000,000 9,578,000,000 9,578,000,000 9,578,000,000 9,578,000,000 8,189,000,000 8,189,000,000 8,189,000,000 8,189,000,000 7,314,000,000 7,314,000,000 7,314,000,000 7,314,000,000 7,201,000,000 7,201,000,000 7,201,000,000 7,201,000,000 7,201,000,000 4,711,000,000 4,711,000,000 4,711,000,000 
        deferred revenue and customer advances
      		68,335,000,000 68,335,000,000 68,335,000,000 68,335,000,000 72,818,000,000 72,818,000,000 72,818,000,000 72,818,000,000 72,818,000,000 72,818,000,000 71,295,000,000 71,295,000,000 71,295,000,000 71,295,000,000 71,295,000,000 66,983,000,000 66,983,000,000 66,983,000,000 66,983,000,000 66,983,000,000 62,489,000,000 62,489,000,000 62,489,000,000 62,489,000,000 62,489,000,000 38,338,000,000 38,338,000,000 38,338,000,000 38,338,000,000 38,338,000,000 38,338,000,000 30,795,000,000 30,795,000,000 30,795,000,000 30,795,000,000 30,795,000,000 22,297,000,000 22,297,000,000 22,297,000,000 22,297,000,000 22,297,000,000 15,052,000,000 15,052,000,000 15,052,000,000 15,052,000,000 10,297,000,000 10,297,000,000 10,297,000,000 10,297,000,000 7,914,000,000 7,914,000,000 7,914,000,000 7,914,000,000 7,914,000,000 6,496,000,000 6,496,000,000 6,496,000,000 
        total current liabilities
      		435,346,000,000 435,346,000,000 435,346,000,000 435,346,000,000 421,507,000,000 421,507,000,000 421,507,000,000 421,507,000,000 421,507,000,000 421,507,000,000 385,351,000,000 385,351,000,000 385,351,000,000 385,351,000,000 385,351,000,000 383,784,000,000 383,784,000,000 383,784,000,000 383,784,000,000 383,784,000,000 377,358,000,000 377,358,000,000 377,358,000,000 377,358,000,000 377,358,000,000 241,872,000,000 241,872,000,000 241,872,000,000 241,872,000,000 241,872,000,000 241,872,000,000 207,669,000,000 207,669,000,000 207,669,000,000 207,669,000,000 207,669,000,000 135,810,000,000 135,810,000,000 135,810,000,000 135,810,000,000 135,810,000,000 93,564,000,000 93,564,000,000 93,564,000,000 93,771,000,000 52,039,000,000 52,039,000,000 52,039,000,000 52,039,000,000 39,672,000,000 39,672,000,000 39,672,000,000 39,672,000,000 39,672,000,000 37,384,000,000 37,384,000,000 37,384,000,000 
        deferred revenue
      		4,536,000,000 4,536,000,000 4,536,000,000 4,536,000,000 4,069,000,000 4,069,000,000 4,069,000,000 4,069,000,000 4,069,000,000 4,069,000,000 3,560,000,000 3,560,000,000 3,560,000,000 3,560,000,000 3,560,000,000 3,490,000,000 3,490,000,000 3,490,000,000 3,490,000,000 3,490,000,000 3,158,000,000 3,158,000,000 3,158,000,000 3,158,000,000 3,158,000,000   2,025,000,000   2,025,000,000              641,000,000 418,000,000 418,000,000 418,000,000 418,000,000 445,000,000 445,000,000 445,000,000 445,000,000 445,000,000 428,000,000 428,000,000 428,000,000 
        deferred tax liabilities
      		48,454,000,000 48,454,000,000 48,454,000,000 48,454,000,000 53,012,000,000 53,012,000,000 53,012,000,000 53,012,000,000 53,012,000,000 53,012,000,000 61,745,000,000 61,745,000,000 61,745,000,000 61,745,000,000 61,745,000,000 61,706,000,000 61,706,000,000 61,706,000,000 61,706,000,000 61,706,000,000 59,598,000,000 59,598,000,000 59,598,000,000 59,598,000,000 59,598,000,000   43,898,000,000   43,898,000,000              10,154,000,000 6,471,000,000 6,471,000,000 6,471,000,000 6,471,000,000 4,493,000,000 4,493,000,000 4,493,000,000 4,493,000,000 4,493,000,000 2,136,000,000 2,136,000,000 2,136,000,000 
        non-current bank borrowings
      		49,909,000,000 49,909,000,000 49,909,000,000 49,909,000,000 55,686,000,000 55,686,000,000 55,686,000,000 55,686,000,000 55,686,000,000 55,686,000,000 52,023,000,000 52,023,000,000 52,023,000,000 52,023,000,000 52,023,000,000 38,244,000,000 38,244,000,000 38,244,000,000 38,244,000,000 38,244,000,000 38,335,000,000 38,335,000,000 38,335,000,000 38,335,000,000 38,335,000,000   39,660,000,000   39,660,000,000              30,959,000,000 1,871,000,000 1,871,000,000 1,871,000,000 1,871,000,000 1,609,000,000 1,609,000,000 1,609,000,000 1,609,000,000 1,609,000,000 30,711,000,000 30,711,000,000 30,711,000,000 
        non-current unsecured senior notes
      		122,398,000,000 122,398,000,000 122,398,000,000 122,398,000,000 86,089,000,000 86,089,000,000 86,089,000,000 86,089,000,000 86,089,000,000 86,089,000,000 97,065,000,000 97,065,000,000 97,065,000,000 97,065,000,000 97,065,000,000 94,259,000,000 94,259,000,000 94,259,000,000 94,259,000,000 94,259,000,000 97,381,000,000 97,381,000,000 97,381,000,000 97,381,000,000 97,381,000,000   80,616,000,000   80,616,000,000                           
        non-current convertible unsecured senior notes
      		35,834,000,000 35,834,000,000 35,834,000,000 35,834,000,000                                                      
        non-current exchangeable bonds
      		                                                         
        other liabilities
      		17,644,000,000 17,644,000,000 17,644,000,000 17,644,000,000 31,867,000,000 31,867,000,000 31,867,000,000 31,867,000,000 31,867,000,000 31,867,000,000 30,379,000,000 30,379,000,000 30,379,000,000 30,379,000,000 30,379,000,000 31,877,000,000 31,877,000,000 31,877,000,000 31,877,000,000 31,877,000,000 30,754,000,000 30,754,000,000 30,754,000,000 30,754,000,000 30,754,000,000   25,263,000,000   25,263,000,000              1,290,000,000 2,166,000,000 2,166,000,000 2,166,000,000 2,166,000,000 2,150,000,000 2,150,000,000 2,150,000,000 2,150,000,000 2,150,000,000 72,000,000 72,000,000 72,000,000 
        total liabilities
      		714,121,000,000 714,121,000,000 714,121,000,000 714,121,000,000 652,230,000,000 652,230,000,000 652,230,000,000 652,230,000,000 652,230,000,000 652,230,000,000 630,123,000,000 630,123,000,000 630,123,000,000 630,123,000,000 630,123,000,000 613,360,000,000 613,360,000,000 613,360,000,000 613,360,000,000 613,360,000,000 606,584,000,000 606,584,000,000 606,584,000,000 606,584,000,000 606,584,000,000   433,334,000,000   433,334,000,000              182,691,000,000 114,356,000,000 114,356,000,000 114,356,000,000 114,561,000,000 97,363,000,000 97,363,000,000 97,363,000,000 97,363,000,000 97,363,000,000 70,731,000,000 70,731,000,000 70,731,000,000 
        commitments and contingencies
      		                                                         
        mezzanine equity
      		11,713,000,000 11,713,000,000 11,713,000,000  10,728,000,000  10,728,000,000 10,728,000,000 10,728,000,000  9,858,000,000 9,858,000,000 9,858,000,000 9,858,000,000  9,655,000,000 9,655,000,000 9,655,000,000 9,655,000,000  8,673,000,000 8,673,000,000 8,673,000,000 8,673,000,000                                  
        shareholders’ equity:
      		                                                         
        ordinary shares
      		1,000,000 1,000,000 1,000,000  1,000,000  1,000,000 1,000,000 1,000,000  1,000,000 1,000,000 1,000,000 1,000,000  1,000,000 1,000,000 1,000,000 1,000,000  1,000,000 1,000,000 1,000,000 1,000,000                                  
        additional paid-in capital
      		381,379,000,000 381,379,000,000 381,379,000,000  397,999,000,000  397,999,000,000 397,999,000,000 397,999,000,000  416,880,000,000 416,880,000,000 416,880,000,000 416,880,000,000  410,506,000,000 410,506,000,000 410,506,000,000 410,506,000,000  394,308,000,000 394,308,000,000 394,308,000,000 394,308,000,000                                  
        treasury shares at cost
      		-36,329,000,000 -36,329,000,000 -36,329,000,000  -27,684,000,000  -27,684,000,000 -27,684,000,000 -27,684,000,000  -28,763,000,000 -28,763,000,000 -28,763,000,000 -28,763,000,000  -2,221,000,000 -2,221,000,000 -2,221,000,000 -2,221,000,000                                       
        statutory reserves
      		15,936,000,000 15,936,000,000 15,936,000,000  14,733,000,000  14,733,000,000 14,733,000,000 14,733,000,000  12,977,000,000 12,977,000,000 12,977,000,000 12,977,000,000  9,839,000,000 9,839,000,000 9,839,000,000 9,839,000,000  7,347,000,000 7,347,000,000 7,347,000,000 7,347,000,000                                  
        accumulated other comprehensive income
      		3,393,000,000 3,393,000,000 3,393,000,000  3,598,000,000  3,598,000,000 3,598,000,000   -10,417,000,000 -10,417,000,000 -10,417,000,000                                             
        retained earnings
      		645,478,000,000 645,478,000,000 645,478,000,000  597,897,000,000  597,897,000,000 597,897,000,000 597,897,000,000  599,028,000,000 599,028,000,000 599,028,000,000 599,028,000,000  563,557,000,000 563,557,000,000 563,557,000,000 563,557,000,000  554,924,000,000 554,924,000,000 554,924,000,000 554,924,000,000                                  
        total shareholders’ equity
      		1,009,858,000,000 1,009,858,000,000 1,009,858,000,000  986,544,000,000  986,544,000,000 986,544,000,000 986,544,000,000  989,657,000,000 989,657,000,000 989,657,000,000 989,657,000,000  948,479,000,000 948,479,000,000 948,479,000,000 948,479,000,000  937,470,000,000 937,470,000,000 937,470,000,000 937,470,000,000                                  
        noncontrolling interests
      		68,535,000,000 68,535,000,000 68,535,000,000  115,327,000,000  115,327,000,000 115,327,000,000 115,327,000,000  123,406,000,000 123,406,000,000 123,406,000,000 123,406,000,000  124,059,000,000 124,059,000,000 124,059,000,000 124,059,000,000  137,491,000,000 137,491,000,000 137,491,000,000 137,491,000,000                                  
        total equity
      		1,078,393,000,000 1,078,393,000,000 1,078,393,000,000  1,101,871,000,000  1,101,871,000,000 1,101,871,000,000 1,101,871,000,000  1,113,063,000,000 1,113,063,000,000 1,113,063,000,000 1,113,063,000,000  1,072,538,000,000 1,072,538,000,000 1,072,538,000,000 1,072,538,000,000  1,074,961,000,000 1,074,961,000,000 1,074,961,000,000 1,074,961,000,000                                  
        total liabilities, mezzanine equity and equity
      		1,804,227,000,000 1,804,227,000,000 1,804,227,000,000  1,764,829,000,000  1,764,829,000,000 1,764,829,000,000 1,764,829,000,000  1,753,044,000,000 1,753,044,000,000 1,753,044,000,000 1,753,044,000,000  1,695,553,000,000 1,695,553,000,000 1,695,553,000,000 1,695,553,000,000  1,690,218,000,000 1,690,218,000,000 1,690,218,000,000 1,690,218,000,000                                  
        current unsecured senior notes
      		    16,252,000,000 16,252,000,000 16,252,000,000 16,252,000,000 16,252,000,000 16,252,000,000 4,800,000,000 4,800,000,000 4,800,000,000 4,800,000,000 4,800,000,000      9,831,000,000 9,831,000,000 9,831,000,000 9,831,000,000 9,831,000,000       15,110,000,000 15,110,000,000 15,110,000,000 15,110,000,000 15,110,000,000                      
        investments in equity method investees
      		   210,169,000,000  203,131,000,000    203,131,000,000     207,380,000,000     219,642,000,000     200,189,000,000   189,632,000,000                              
        ordinary shares, us0.000003125 par value; 32,000,000,000 shares authorized as of march 31 and september 30, 2024; 19,469,126,956 and 18,619,870,132 shares issued and outstanding as of march 31 and september 30, 2024 respectively
      		                                                         
        treasury shares, at cost
      		                                                         
        cumulative translation adjustments
      		                                                         
        unrealized gains on interest rate swaps and others
      		                                                         
        subscription receivables
      		          -49,000,000 -49,000,000 -49,000,000 -49,000,000  -46,000,000 -46,000,000 -46,000,000 -46,000,000  -47,000,000 -47,000,000 -47,000,000 -47,000,000                                  
        accumulated other comprehensive (loss) income
      		        3,598,000,000                                                 
        accumulated other comprehensive loss
      		             -10,417,000,000  -33,157,000,000 -33,157,000,000 -33,157,000,000 -33,157,000,000  -19,063,000,000 -19,063,000,000 -19,063,000,000 -19,063,000,000                                  
        ​
      		                                                         
        escrow money payable
      		                       211,000,000 211,000,000 3,014,000,000 3,014,000,000 3,014,000,000 3,014,000,000 3,014,000,000 3,014,000,000 8,250,000,000 8,250,000,000 8,250,000,000 8,250,000,000 8,250,000,000 3,053,000,000 3,053,000,000 3,053,000,000 3,053,000,000 3,053,000,000 2,322,000,000 2,322,000,000 2,322,000,000 2,322,000,000          2,659,000,000 2,659,000,000 2,659,000,000 
        investment securities
      		                             4,234,000,000 4,234,000,000 9,927,000,000 9,927,000,000 9,927,000,000 9,927,000,000 9,927,000,000 4,815,000,000 4,815,000,000 4,815,000,000 4,815,000,000 4,815,000,000 4,054,000,000 4,054,000,000 4,054,000,000 4,054,000,000 4,178,000,000 4,178,000,000 4,178,000,000 4,178,000,000 3,658,000,000 3,658,000,000 3,658,000,000 3,658,000,000 3,658,000,000 1,442,000,000 1,442,000,000 1,442,000,000 
        investment in equity investees
      		                             189,632,000,000  84,454,000,000 84,454,000,000 84,454,000,000 84,454,000,000 84,454,000,000 139,700,000,000 139,700,000,000 139,700,000,000 139,700,000,000 139,700,000,000 120,368,000,000 120,368,000,000 120,368,000,000 120,368,000,000 91,461,000,000 91,461,000,000 91,461,000,000 91,461,000,000 33,877,000,000 33,877,000,000 33,877,000,000 33,877,000,000 33,877,000,000 17,666,000,000 17,666,000,000 17,666,000,000 
        investments in equity investees
      		                              189,632,000,000                           
        land use rights
      		                                       9,377,000,000 9,377,000,000 4,691,000,000 4,691,000,000 4,691,000,000 4,691,000,000 2,876,000,000 2,876,000,000 2,876,000,000 2,876,000,000 3,105,000,000 3,105,000,000 3,105,000,000 3,105,000,000 3,105,000,000 1,660,000,000 1,660,000,000 1,660,000,000 
        current portion of unsecured notes
      		                                         8,949,000,000 8,949,000,000 8,949,000,000 8,949,000,000             
        unsecured senior notes
      		                                            45,876,000,000 51,391,000,000 51,391,000,000 51,391,000,000 51,596,000,000 48,994,000,000 48,994,000,000 48,994,000,000 48,994,000,000 48,994,000,000    
        loan receivables
      		                                                   835,000,000 835,000,000  13,159,000,000 13,159,000,000 13,159,000,000 
        secured borrowings
      		                                                      9,264,000,000 9,264,000,000 9,264,000,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-08-29 2025-03-31 2025-02-20 2024-11-15 2024-08-15 2024-02-20 2024-02-07 2023-11-16 2023-08-10 2023-03-31 2023-02-23 2022-08-04 2022-03-31 2021-08-03 2021-03-31 2020-09-30 2020-08-20 2020-06-30 2019-12-31 2019-09-30 2019-08-15 2019-06-30 2019-05-15 2019-01-30 2018-11-02 2018-08-23 2018-03-31 2018-02-01 2017-11-02 2017-08-17 2017-05-18 2017-01-24 2016-11-02 2016-08-31 2016-05-31 2016-01-28 2015-09-30 2015-08-12 2015-06-30 2015-05-31 2014-12-31 
                                                  
          net cash from operating activities
        		 20,672,000,000 153,794,000,000  -2,198,000,000 33,636,000,000  15,485,000,000 3,925,000,000 45,306,000,000 112,382,000,000 80,747,000,000 33,869,000,000 62,393,000,000 33,603,000,000    50,099,000,000    34,612,000,000                 10,400,000,000 -13,641,000,000 13,543,000,000 
          capital expenditures
        		 0 0  0 0  0 0 0 0 0 0 0 0    0    0                 0 0 0 
          free cash flows
        		 20,672,000,000 153,794,000,000  -2,198,000,000 33,636,000,000  15,485,000,000 3,925,000,000 45,306,000,000 112,382,000,000 80,747,000,000 33,869,000,000 62,393,000,000 33,603,000,000    50,099,000,000    34,612,000,000                 10,400,000,000 -13,641,000,000 13,543,000,000 
          net cash from investing activities
        		 18,328,000,000 -170,208,000,000 19,658,000,000 36,793,000,000 -35,829,000,000  -7,164,000,000 -36,356,000,000 12,595,000,000 -62,563,000,000 -71,798,000,000 -27,607,000,000 -164,802,000,000 -47,775,000,000 -164,482,000,000 -69,053,000,000 -67,728,000,000 -67,728,000,000 -11,235,000,000 -217,000,000 -21,136,000,000 -21,136,000,000 14,304,000,000 529,000,000 40,086,000,000 -71,670,000,000 4,663,000,000 1,204,000,000 -11,771,000,000 -13,912,000,000 5,111,000,000 -2,431,000,000 55,753,000,000 -61,468,000,000 6,878,000,000 -8,696,000,000 10,017,000,000 -15,592,000,000 -15,592,000,000 -855,000,000 27,738,000,000 
          net cash from financing activities
        		 -2,731,000,000 -78,167,000,000 88,316,000,000 -47,200,000,000 -19,582,000,000  -4,832,000,000 12,254,000,000 -24,636,000,000 -41,811,000,000 -22,195,000,000 -21,022,000,000 -45,752,000,000 -11,468,000,000 35,767,000,000 10,106,000,000 -4,609,000,000 -4,609,000,000    4,493,000,000       8,478,000,000 -8,894,000,000     -2,258,000,000 18,503,000,000   1,111,000,000 -3,473,000,000 -58,356,000,000 
          effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables
        		 -958,000,000 509,000,000 2,253,000,000 -3,115,000,000 659,000,000  -3,456,000,000 -3,506,000,000 4,319,000,000 5,562,000,000 -2,515,000,000 3,326,000,000 -2,910,000,000 -2,192,000,000 -3,055,000,000 -3,853,000,000 -351,000,000 -351,000,000 -4,305,000,000 976,000,000 1,377,000,000 1,377,000,000 -1,076,000,000 -1,736,000,000 -1,113,000,000 2,783,000,000                
          decrease in cash and cash equivalents, restricted cash and escrow receivables
        		            -11,434,000,000  -27,832,000,000                            
          cash and cash equivalents, restricted cash and escrow receivables at beginning of period
        		 189,268,000,000   -21,116,000,000 286,424,000,000  13,901,000,000 37,584,000,000 229,510,000,000  216,496,000,000 227,353,000,000  356,469,000,000  0 345,982,000,000 345,982,000,000 30,432,000,000 19,346,000,000 198,494,000,000 198,494,000,000 24,862,000,000 -1,984,000,000 -28,489,000,000 202,726,000,000                
          cash and cash equivalents, restricted cash and escrow receivables at end of period
        		 224,579,000,000   -36,836,000,000 265,308,000,000  13,934,000,000 13,901,000,000 267,094,000,000  200,735,000,000 215,919,000,000  328,637,000,000  -8,504,000,000 323,393,000,000 323,393,000,000 123,252,000,000 30,432,000,000 217,840,000,000 217,840,000,000 1,379,000,000 24,862,000,000 -1,984,000,000 174,237,000,000                
          ·
        		                                          
          increase in cash and cash equivalents, restricted cash and escrow receivables
        		 35,311,000,000 -94,072,000,000 54,868,000,000 -15,720,000,000 -21,116,000,000  33,000,000 -23,683,000,000 37,584,000,000 13,570,000,000 -15,761,000,000  -151,071,000,000     -22,589,000,000    19,346,000,000                    
          cash flows from operating activities:
        		                                          
          net income
        		      46,434                      5,924,000,000 3,377,000,000 14,031,000,000 -7,305,000,000 10,082,000,000 -67,000,000 7,142,000,000        
          adjustments to reconcile net income to net cash from operating activities:
        		                                          
          revaluation gain on previously held equity interest
        		                                          
          loss on disposals of equity method investees
        		                                          
          gain related to equity securities and other investments
        		                                          
          change in fair value of other assets and liabilities
        		                                          
          (gain) loss on disposals of subsidiaries
        		                                          
          depreciation and impairment of property and equipment, and operating lease cost relating to land use rights
        		                                          
          amortization of intangible assets and licensed copyrights
        		                                          
          equity-settled share-based compensation expense
        		                                          
          equity-settled donation expense
        		                                          
          impairment of equity securities and other investments
        		                                          
          impairment of goodwill, intangible assets and licensed copyrights
        		                                          
          gain on disposals of property and equipment
        		                                          
          share of results of equity method investees
        		                                          
          deferred income taxes
        		                                          
          allowance for doubtful accounts
        		                                          
          changes in assets and liabilities, net of effects of acquisitions and disposals:
        		                                          
          prepayments, receivables and other assets, and long-term licensed copyrights
        		                                          
          income tax payable
        		                                          
          accrued expenses, accounts payable and other liabilities
        		                                          
          merchant deposits
        		                                          
          deferred revenue and customer advances
        		                                          
          cash flows from investing activities:
        		                                          
          increase in short-term investments
        		                                          
          increase in other treasury investments
        		                                          
          settlement of forward exchange contracts
        		                                          
          acquisitions of equity securities and other investments, and other assets
        		                                          
          disposals of equity securities and other investments, and other assets
        		                                          
          acquisitions of equity method investees
        		                                          
          disposals of and distributions from equity method investees
        		                                          
          acquisitions of:
        		                                          
          land use rights, property and equipment
        		                                          
          intangible assets
        		                                          
          disposals of property and equipment
        		                                          
          cash (paid) received for business combinations, net of cash acquired
        		                                          
          deconsolidation and disposal of subsidiaries, net of cash proceeds
        		                                          
          loans to employees, net of repayments
        		                                          
          cash flows from financing activities:
        		                                          
          issuance of ordinary shares
        		                                          
          repurchase of ordinary shares
        		                                          
          dividend distribution
        		                                          
          proceeds from convertible unsecured senior notes, net of debt issuance cost
        		                                          
          payments for capped call transactions
        		                                          
          acquisition of additional equity interests in non-wholly owned subsidiaries
        		                                          
          dividends paid by non-wholly owned subsidiaries to noncontrolling interests
        		                                          
          contingent consideration payments made after a business combination
        		                                          
          capital injection from noncontrolling interests
        		                                          
          proceeds from bank borrowings and other borrowings
        		                                          
          repayment of bank borrowings
        		                                          
          proceeds from unsecured senior notes, net of debt issuance cost
        		                                          
          repayment of unsecured senior notes
        		                                          
          cash and cash equivalents, restricted cash and escrow receivables at beginning of year
        		                                          
          cash and cash equivalents, restricted cash and escrow receivables at end of year
        		                                          
          decrease in short-term investments
        		                                          
          cash paid for business combinations, net of cash acquired
        		                                          
          proceeds from bank borrowings and other borrowings, net of upfront fee payment for a syndicated loan
        		                                          
          cash and other liquid investments represent cash and cash equivalents, short-term investments and other treasury investments included in equity securities and other investments on the consolidated balance sheets, of which that are unrestricted for withdrawal and use.
        		                                          
          revaluation loss on previously held equity interest
        		                                          
          loss related to equity securities and other investments
        		                                          
          gain on disposals of subsidiaries
        		                                          
          share-based compensation expense
        		                                          
          loss on disposals of property and equipment
        		                                          
          revenue
        		      280,154                                    
          income from operations
        		      41,205                      9,412,000,000 -929,000,000 17,513,000,000 -11,132,000,000 11,619,000,000 231,000,000 8,814,000,000 -7,322,000,000 6,039,000,000  5,161,000,000  -6,748,000,000  
          operating margin
        		      15                                    
          adjusted ebitda
        		      62,054                      11,152,000,000 -93,000,000 25,124,000,000 -10,424,000,000 11,146,000,000 912,000,000 14,963,000,000        
          adjusted ebitda margin
        		      22                                    
          adjusted ebita
        		      54,853                      10,644,000,000 -500,000,000 23,518,000,000 -10,518,000,000 11,076,000,000 834,000,000 13,759,000,000        
          adjusted ebita margin
        		      20                                    
          net income attributable to ordinary shareholders
        		      48,945                                    
          non-gaap net income
        		      51,066                                    
          diluted earnings per share
        		      2.55                                    
          diluted earnings per ads
        		      20.39                                    
          non-gaap diluted earnings per share
        		      2.67                                    
          non-gaap diluted earnings per ads
        		      21.39                                    
          revaluation (gain) loss on previously held equity interest
        		                                          
          (gain) loss on disposals of equity method investees
        		                                          
          (gain) loss related to equity securities and other investments
        		                                          
          disposals and distributions of equity method investees
        		                                          
          disposals of intellectual property rights and assets
        		                                          
          2
        		                                          
          ​
        		                                          
          gain in relation to the receipt of the 33% equity interest in ant group co., ltd.
        		                                          
          impairment of equity securities and other investments, and other assets
        		                                          
          (gain) loss on disposals of property and equipment
        		                                          
          amortization of restructuring reserve
        		                                          
          payments for settlement of forward exchange contracts
        		                                          
          disposals of equity securities and other investments
        		                                          
          licensed copyrights (note 2(x)) and other intangible assets
        		                                          
          proceeds from bank borrowings, net of upfront fee payment for a syndicated loan
        		                                          
          •
        		                                          
          gain on disposals of equity method investees
        		                                          
          gain in relation to the receipt of the 33% equity interest in ant group
        		                                          
          depreciation of property and equipment, and operating lease cost relating to land use rights
        		                                          
          escrow money payable
        		                                          
          decrease (increase) in short-term investments
        		                                          
          acquisitions of equity securities and other investments and other assets
        		                                          
          disposals of equity method investees
        		                                          
          net cash provided by operating activities
        		                 50,099,000,000    34,612,000,000  -46,345,000,000 33,491,000,000 -4,710,000,000 36,117,000,000  24,666,000,000 5,196,000,000 25,311,000,000 -26,670,000,000 20,210,000,000 2,248,000,000 14,958,000,000 -21,148,000,000 11,106,000,000  10,400,000,000    
          increase (decrease) in cash and cash equivalents, restricted cash and escrow receivables
        		                 -22,589,000,000       26,846,000,000 26,505,000,000 -28,489,000,000                
          net cash provided by financing activities
        		                     4,493,000,000             21,312,000,000    1,111,000,000    
          realized and unrealized loss related to equity securities and other investments
        		                                          
          impairment of goodwill and licensed copyrights
        		                                          
          receipts from (payments for) settlement of forward exchange contracts
        		                                          
          land use rights and construction in progress relating to office campuses
        		                                          
          other property and equipment
        		                                          
          licensed copyrights and other intangible assets
        		                                          
          cash flows from financing activities:
        		                                          
          proceeds from bank borrowings
        		                                          
          upfront fee payment for a syndicated loan
        		                                          
          net cash provided by (used in) financing activities
        		                                          
          gain on disposals of equity investees
        		                                          
          realized and unrealized loss related to investment securities
        		                                          
          loss on disposals of subsidiaries
        		                                          
          impairment of cost method investees, investment securities and other assets
        		                                          
          share of results of equity investees
        		                                          
          prepayments, receivables and other assets
        		                                          
          acquisitions of investment securities
        		                                          
          disposals of investment securities
        		                                          
          acquisitions of equity investees
        		                                          
          disposals of equity investees
        		                                          
          payment for settlement of contingent consideration
        		                                          
          proceeds from bank and other borrowings
        		                                          
          proceeds from unsecured senior notes
        		                                          
          upfront fee payment for a revolving credit facility and syndicated loan
        		                                          
          net cash (used in) provided by financing activities
        		                         -7,758,000,000 4,281,000,000                
          (decrease) increase in cash and cash equivalents, restricted cash and escrow receivables
        		                     19,346,000,000                     
          effect of exchange rate changes on cash and cash equivalents
        		                           -1,128,000,000 -712,000,000 291,000,000 -1,097,000,000 -2,191,000,000 1,628,000,000 -509,000,000 626,000,000 -509,000,000 -42,000,000 417,000,000 -48,000,000 -48,000,000 151,000,000 -141,000,000 
          increase (decrease) in cash and cash equivalents
        		                                      -4,129,000,000    
          cash and cash equivalents at beginning of period
        		                           63,450,000,000 3,602,000,000 1,408,000,000 143,736,000,000 30,305,000,000 21,438,000,000 -24,572,000,000 106,818,000,000 13,554,000,000 -7,317,000,000 -4,129,000,000 108,193,000,000 108,193,000,000 18,961,000,000 36,177,000,000 
          cash and cash equivalents at end of period
        		                           -12,887,000,000 63,450,000,000 3,602,000,000 145,144,000,000 9,747,000,000 30,305,000,000 21,438,000,000 82,246,000,000 -3,483,000,000 13,554,000,000 -7,317,000,000 104,064,000,000 104,064,000,000 1,143,000,000 18,961,000,000 
          less: interest and investment income
        		                            -20,208,000,000 -1,963,000,000 -1,472,000,000 -5,716,000,000 -418,000,000 331,000,000 -750,000,000        
          add: interest expense
        		                            97,000,000 -53,000,000 800,000,000 -25,000,000 33,000,000 42,000,000 626,000,000        
          less: other income
        		                            2,085,000,000 150,000,000 -1,887,000,000 2,575,000,000 -2,147,000,000 895,000,000 -1,763,000,000        
          add: income tax expenses
        		                            3,944,000,000 -1,934,000,000 4,653,000,000 -557,000,000 3,088,000,000 -69,000,000 2,091,000,000        
          add: share of results of equity investees
        		                            17,570,000,000 -506,000,000 1,388,000,000 -104,000,000 981,000,000 -901,000,000 1,468,000,000        
          add: share-based compensation expense
        		                            429,000,000 667,000,000 4,019,000,000 562,000,000 -507,000,000 557,000,000 3,694,000,000 183,000,000 1,206,000,000  3,995,000,000    
          add: amortization of intangible assets
        		                            309,000,000 -238,000,000 1,986,000,000 52,000,000 -36,000,000 46,000,000 1,251,000,000 -70,000,000 85,000,000  647,000,000    
          add: impairment of goodwill
        		                                          
          add: depreciation and amortization of property and equipment and land use rights
        		                            508,000,000 407,000,000 1,606,000,000 94,000,000 70,000,000 78,000,000 1,204,000,000 51,000,000 180,000,000  782,000,000    
          increase in cash and cash equivalents
        		                           -76,337,000,000 59,848,000,000           -4,129,000,000 -17,818,000,000 -17,216,000,000 
          (decrease) increase in cash and cash equivalents
        		                              1,408,000,000            
          decrease in cash and cash equivalents
        		                                  -24,572,000,000        
          non-gaap ebitda
        		                                   -7,613,000,000 7,965,000,000  10,585,000,000  -6,520,000,000  
          add:
        		                                        319,000,000  
          add: impairment of goodwill and intangible assets