Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2024 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2024 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36614 |
Entity Registrant Name | Alibaba Group Holding Limited |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 26/F Tower One |
Entity Address, Address Line Two | Times Square |
Entity Address, Address Line Three | 1 Matheson Street |
Entity Address, Postal Zip Code | 00000 |
Entity Address, City or Town | Causeway Bay |
Entity Address, Country | HK |
Entity Common Stock, Shares Outstanding | 19,469,126,956 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Central Index Key | 0001577552 |
Current Fiscal Year End Date | --03-31 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shanghai, the People’s Republic of China |
Document Financial Statement Error Correction [Flag] | false |
Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Ordinary Shares, par value US$0.000003125 per share |
No Trading Symbol Flag | true |
American Depositary Shares ("ADSs") | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing eight Ordinary Shares |
Trading Symbol | BABA |
Security Exchange Name | NYSE |
Business contact | |
Document Information [Line Items] | |
Contact Personnel Name | Toby Hong Xu |
City Area Code | 852 |
Local Phone Number | 2215‑5100 |
Entity Address, Address Line One | 26/F Tower One |
Entity Address, Address Line Two | Times Square |
Entity Address, Address Line Three | 1 Matheson Street |
Entity Address, Postal Zip Code | 00000 |
Entity Address, City or Town | Causeway Bay |
Entity Address, Country | HK |
Contact Personnel Fax Number | +852‑2215‑5200 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS ¥ in Millions, shares in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) ¥ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | |
Income Statement [Abstract] | ||||
Revenue | ¥ 941,168 | $ 130,350 | ¥ 868,687 | ¥ 853,062 |
Cost of revenue | (586,323) | (81,205) | (549,695) | (539,450) |
Product development expenses | (52,256) | (7,237) | (56,744) | (55,465) |
Sales and marketing expenses | (115,141) | (15,947) | (103,496) | (119,799) |
General and administrative expenses | (41,985) | (5,815) | (42,183) | (31,922) |
Amortization and impairment of intangible assets | (21,592) | (2,990) | (13,504) | (11,647) |
Impairment of goodwill | (10,521) | (1,457) | (2,714) | (25,141) |
Income from operations | 113,350 | 15,699 | 100,351 | 69,638 |
Interest and investment income, net | (9,964) | (1,380) | (11,071) | (15,702) |
Interest expense | (7,947) | (1,101) | (5,918) | (4,909) |
Other income, net | 6,157 | 853 | 5,823 | 10,523 |
Income before income tax and share of results of equity method investees | 101,596 | 14,071 | 89,185 | 59,550 |
Income tax expenses | (22,529) | (3,120) | (15,549) | (26,815) |
Share of results of equity method investees | (7,735) | (1,072) | (8,063) | 14,344 |
Net income | 71,332 | 9,879 | 65,573 | 47,079 |
Net loss attributable to noncontrolling interests | 8,677 | 1,202 | 7,210 | 15,170 |
Net income attributable to Alibaba Group Holding Limited | 80,009 | 11,081 | 72,783 | 62,249 |
Accretion of mezzanine equity | (268) | (37) | (274) | (290) |
Net income attributable to ordinary shareholders | ¥ 79,741 | $ 11,044 | ¥ 72,509 | ¥ 61,959 |
Earnings per share attributable to ordinary shareholders | ||||
Basic | (per share) | ¥ 3.95 | $ 0.55 | ¥ 3.46 | ¥ 2.87 |
Diluted | (per share) | 3.91 | 0.54 | 3.43 | 2.84 |
Earnings per ADS attributable to ordinary shareholders (one ADS equals eight ordinary shares) | ||||
Basic | (per share) | 31.61 | 4.38 | 27.65 | 22.99 |
Diluted | (per share) | ¥ 31.24 | $ 4.33 | ¥ 27.46 | ¥ 22.74 |
Weighted average number of shares used in computing earnings per share (million shares) | ||||
Basic | 20,182 | 20,182 | 20,980 | 21,558 |
Diluted | 20,359 | 20,359 | 21,114 | 21,787 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS (Parenthetical) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Jul. 30, 2019 |
Income Statement [Abstract] | ||||
ADS ratio | 8 | 8 | 8 | 8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | ¥ 71,332 | $ 9,879 | ¥ 65,573 | ¥ 47,079 |
Foreign currency translation: | ||||
Change in unrealized (losses) gains, net of tax | 13,502 | 1,870 | 22,332 | (15,470) |
Share of other comprehensive income of equity method investees: | ||||
Change in unrealized (losses) gains | 980 | 136 | 1,493 | (784) |
Interest rate swaps under hedge accounting and others: | ||||
Change in unrealized gains (losses) | (97) | (13) | 10 | 157 |
Other comprehensive (loss) income | 14,385 | 1,993 | 23,835 | (16,097) |
Total comprehensive income | 85,717 | 11,872 | 89,408 | 30,982 |
Total comprehensive loss attributable to noncontrolling interests | 8,364 | 1,158 | 6,480 | 17,361 |
Total comprehensive income attributable to ordinary shareholders | ¥ 94,081 | $ 13,030 | ¥ 95,888 | ¥ 48,343 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Current assets: | |||
Cash and cash equivalents | ¥ 248,125 | $ 34,365 | ¥ 193,086 |
Short-term investments | 262,955 | 36,419 | 326,492 |
Restricted cash and escrow receivables | 38,299 | 5,304 | 36,424 |
Equity securities and other investments | 59,949 | 8,303 | 4,892 |
Prepayments, receivables and other assets | 143,536 | 19,879 | 137,072 |
Total current assets | 752,864 | 104,270 | 697,966 |
Equity securities and other investments | 220,942 | 30,600 | 245,737 |
Prepayments, receivables and other assets | 116,102 | 16,080 | 110,926 |
Investments in equity method investees | 203,131 | 28,133 | 207,380 |
Property and equipment, net | 185,161 | 25,645 | 176,031 |
Intangible assets, net | 26,950 | 3,733 | 46,913 |
Goodwill | 259,679 | 35,965 | 268,091 |
Total assets | 1,764,829 | 244,426 | 1,753,044 |
Current liabilities: | |||
Current bank borrowings | 12,749 | 1,766 | 7,466 |
Current unsecured senior notes | 16,252 | 2,251 | 4,800 |
Income tax payable | 9,068 | 1,256 | 12,543 |
Accrued expenses, accounts payable and other liabilities | 297,883 | 41,256 | 275,950 |
Merchant deposits | 12,737 | 1,764 | 13,297 |
Deferred revenue and customer advances | 72,818 | 10,085 | 71,295 |
Total current liabilities | 421,507 | 58,378 | 385,351 |
Deferred revenue | 4,069 | 564 | 3,560 |
Deferred tax liabilities | 53,012 | 7,342 | 61,745 |
Non-current bank borrowings | 55,686 | 7,712 | 52,023 |
Non-current unsecured senior notes | 86,089 | 11,923 | 97,065 |
Other liabilities | 31,867 | 4,414 | 30,379 |
Total liabilities | 652,230 | 90,333 | 630,123 |
Commitments and contingencies | |||
Mezzanine equity | 10,728 | 1,486 | 9,858 |
Shareholders' equity: | |||
Ordinary shares, US$0.000003125 par value; 32,000,000,000 shares authorized as of March 31, 2023 and 2024; 20,526,017,712 and 19,469,126,956 shares issued and outstanding as of March 31, 2023 and 2024 respectively | 1 | 0 | 1 |
Additional paid-in capital | 397,999 | 55,122 | 416,880 |
Treasury shares, at cost | (27,684) | (3,834) | (28,763) |
Subscription receivables | 0 | 0 | (49) |
Statutory reserves | 14,733 | 2,040 | 12,977 |
Accumulated other comprehensive (loss) income | |||
Cumulative translation adjustments | 3,635 | 503 | (10,476) |
Unrealized gains (losses) on interest rate swaps and others | (37) | (5) | 59 |
Retained earnings | 597,897 | 82,809 | 599,028 |
Total shareholders' equity | 986,544 | 136,635 | 989,657 |
Noncontrolling interests | 115,327 | 15,972 | 123,406 |
Total equity | 1,101,871 | 152,607 | 1,113,063 |
Total liabilities, mezzanine equity and equity | ¥ 1,764,829 | $ 244,426 | ¥ 1,753,044 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Ordinary shares- par value | $ 0.000003125 | $ 0.000003125 |
Ordinary shares- shares authorized | 32,000,000,000 | 32,000,000,000 |
Ordinary shares, shares issued | 19,469,126,956 | 20,526,017,712 |
Ordinary shares, shares outstanding | 19,469,126,956 | 20,526,017,712 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY ¥ in Millions, $ in Millions | CNY (¥) shares | USD ($) shares | Total shareholders' equity CNY (¥) | Ordinary Shares CNY (¥) shares | Additional paid-in capital CNY (¥) | Treasury shares CNY (¥) | Subscription receivables CNY (¥) | Statutory reserves CNY (¥) | Cumulative translation adjustments CNY (¥) | Unrealized gains (losses) on interest rate swaps and others CNY (¥) | Retained earnings CNY (¥) | Noncontrolling interest CNY (¥) |
Balance at Mar. 31, 2021 | ¥ 1,074,961 | ¥ 937,470 | ¥ 1 | ¥ 394,308 | ¥ (47) | ¥ 7,347 | ¥ (18,930) | ¥ (133) | ¥ 554,924 | ¥ 137,491 | ||
Balance (in shares) at Mar. 31, 2021 | shares | 21,699,031,448 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Foreign currency translation adjustment, net of tax | (15,469) | (13,466) | 1 | (13,470) | 3 | (2,003) | ||||||
Share of additional paid-in capital and other comprehensive income of equity method investees | (1,227) | (1,229) | (445) | (784) | 2 | |||||||
Change in fair value of interest rate swaps under hedge accounting and others | 157 | 157 | 157 | |||||||||
Net income for the year | 46,891 | 62,249 | 62,249 | (15,358) | ||||||||
Acquisition of subsidiaries | 59 | 59 | ||||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options | 109 | 109 | 109 | |||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options (in shares) | shares | 177,096,968 | |||||||||||
Repurchase and retirement of ordinary shares | (61,912) | (61,912) | (8,567) | ¥ (2,221) | (51,124) | |||||||
Repurchase and retirement of ordinary shares (in shares) | shares | (518,805,304) | |||||||||||
Transactions with noncontrolling interests | 6,019 | 6,057 | 6,057 | (38) | ||||||||
Amortization of compensation cost | 24,004 | 19,334 | 19,334 | 4,670 | ||||||||
Appropriation to statutory reserves | 2,492 | (2,492) | ||||||||||
Others | (1,054) | (290) | (290) | (764) | ||||||||
Balance at Mar. 31, 2022 | 1,072,538 | 948,479 | ¥ 1 | 410,506 | (2,221) | (46) | 9,839 | (33,184) | 27 | 563,557 | 124,059 | |
Balance (in shares) at Mar. 31, 2022 | shares | 21,357,323,112 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Foreign currency translation adjustment, net of tax | 22,329 | 21,234 | (3) | 21,236 | 1 | 1,095 | ||||||
Share of additional paid-in capital and other comprehensive income of equity method investees | 458 | 462 | (1,031) | 1,472 | 21 | (4) | ||||||
Change in fair value of interest rate swaps under hedge accounting and others | 10 | 10 | 10 | |||||||||
Net income for the year | 65,208 | 72,783 | 72,783 | (7,575) | ||||||||
Acquisition of subsidiaries | 38 | 38 | ||||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options | 11 | 11 | 11 | |||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options (in shares) | shares | 201,547,520 | |||||||||||
Repurchase and retirement of ordinary shares | (74,706) | (74,706) | (13,990) | (26,542) | (34,174) | |||||||
Repurchase and retirement of ordinary shares (in shares) | shares | (1,039,252,920) | |||||||||||
Transactions with noncontrolling interests | (2,314) | (3,987) | (3,987) | 1,673 | ||||||||
Amortization of compensation cost | 30,596 | 25,134 | 25,134 | 5,462 | ||||||||
Equity-settled donation | 511 | 511 | 511 | |||||||||
Equity-settled donation, shares | shares | 6,400,000 | |||||||||||
Appropriation to statutory reserves | 3,138 | (3,138) | ||||||||||
Others | (1,616) | (274) | (274) | (1,342) | ||||||||
Balance at Mar. 31, 2023 | ¥ 1,113,063 | 989,657 | ¥ 1 | 416,880 | (28,763) | (49) | 12,977 | (10,476) | 59 | 599,028 | 123,406 | |
Balance (in shares) at Mar. 31, 2023 | shares | 20,526,017,712 | 20,526,017,712 | 20,526,017,712 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||
Foreign currency translation adjustment, net of tax | ¥ 13,499 | 13,005 | (3) | 13,006 | 2 | 494 | ||||||
Share of additional paid-in capital and other comprehensive income of equity method investees | 682 | 682 | (298) | 981 | (1) | |||||||
Change in fair value of interest rate swaps under hedge accounting and others | (97) | $ (13) | (97) | (97) | ||||||||
Net income for the year | 71,151 | 80,009 | 80,009 | (8,858) | ||||||||
Acquisition of subsidiaries | 98 | 98 | ||||||||||
Deconsolidation of subsidiaries | 148 | 124 | 124 | 24 | ||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options | 842 | 842 | 842 | |||||||||
Issuance of shares, including vesting of RSUs and early exercised options and exercise of share options (in shares) | shares | 192,305,904 | |||||||||||
Repurchase and retirement of ordinary shares | (89,076) | (89,076) | (29,313) | 1,079 | (60,842) | |||||||
Repurchase and retirement of ordinary shares (in shares) | shares | (1,249,196,660) | |||||||||||
Transactions with noncontrolling interests | (6,724) | (1,375) | (1,375) | (5,349) | ||||||||
Amortization of compensation cost | 17,393 | 11,531 | 11,531 | 5,862 | ||||||||
Declaration of dividends | (18,542) | (18,542) | (18,542) | |||||||||
Appropriation to statutory reserves | 1,756 | (1,756) | ||||||||||
Others | (566) | (216) | (268) | ¥ 52 | (350) | |||||||
Balance at Mar. 31, 2024 | ¥ 1,101,871 | $ 152,607 | ¥ 986,544 | ¥ 1 | ¥ 397,999 | ¥ (27,684) | ¥ 14,733 | ¥ 3,635 | ¥ (37) | ¥ 597,897 | ¥ 115,327 | |
Balance (in shares) at Mar. 31, 2024 | shares | 19,469,126,956 | 19,469,126,956 | 19,469,126,956 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Cash flows from operating activities: | ||||
Net income | ¥ 71,332 | $ 9,879,000,000 | ¥ 65,573 | ¥ 47,079 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Revaluation loss on previously held equity interest | 0 | 0 | 0 | 2 |
Loss on disposals of equity method investees | 10 | 1,000,000 | 72 | 32 |
Loss related to equity securities and other investments | 23,480 | 3,252,000,000 | 14,911 | 20,479 |
Change in fair value of other assets and liabilities | (708) | (98,000,000) | (1,522) | 1,478 |
Gain on disposals of subsidiaries | (1,550) | (215,000,000) | (14) | (1,163) |
Depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 26,640 | 3,690,000,000 | 27,799 | 27,808 |
Amortization of intangible assets and licensed copyrights | 17,864 | 2,474,000,000 | 19,139 | 20,257 |
Share-based compensation expense | 18,546 | 2,569,000,000 | 30,831 | 23,971 |
Equity-settled donation expense | 0 | 0 | 511 | 0 |
Impairment of equity securities and other investments | 12,244 | 1,696,000,000 | 13,327 | 8,922 |
Impairment of goodwill, intangible assets and licensed copyrights | 22,610 | 3,131,000,000 | 6,658 | 25,886 |
Loss (Gain) on disposals of property and equipment | (107) | (15,000,000) | (163) | 132 |
Share of results of equity method investees | 7,735 | 1,072,000,000 | 8,063 | (14,344) |
Deferred income taxes | (5,263) | (729,000,000) | (1,717) | (1,369) |
Allowance for doubtful accounts | 3,509 | 485,000,000 | 2,802 | 1,739 |
Changes in assets and liabilities, net of effects of acquisitions and disposals: | ||||
Prepayments, receivables and other assets, and long-term licensed copyrights | (37,621) | (5,209,000,000) | 8,605 | (32,496) |
Income tax payable | (4,764) | (660,000,000) | (9,214) | (3,526) |
Accrued expenses, accounts payable and other liabilities | 27,126 | 3,757,000,000 | 11,159 | 13,327 |
Merchant deposits | (560) | (78,000,000) | (1,450) | (270) |
Deferred revenue and customer advances | 2,070 | 287,000,000 | 4,382 | 4,815 |
Net cash provided by operating activities | 182,593 | 25,289,000,000 | 199,752 | 142,759 |
Cash flows from investing activities: | ||||
(Increase) Decrease in short-term investments, net | 71,426 | 9,892,000,000 | (61,086) | (106,984) |
Increase in other treasury investment, net | (64,392) | (8,918,000,000) | (40,794) | |
Settlement of forward exchange contracts, net | 658 | 91,000,000 | 1,282 | (448) |
Acquisitions of equity securities and other investments and other assets | (15,240) | (2,111,000,000) | (17,818) | (39,378) |
Disposals of equity securities and other investments, and other assets | 21,966 | 3,042,000,000 | 21,738 | 14,543 |
Acquisitions of equity method investees | (3,525) | (488,000,000) | (4,552) | (9,383) |
Disposals of and distributions from equity method investees | 1,265 | 175,000,000 | 1,001 | 936 |
Acquisitions of: | ||||
Land use rights, property and equipment | (32,087) | (4,444,000,000) | (34,330) | (53,309) |
Intangible assets | (842) | (116,000,000) | (22) | (15) |
Disposals of property and equipment | 373 | 52,000,000 | 644 | |
Cash paid for business combinations, net of cash acquired | (2,204) | (305,000,000) | (1,204) | (4,087) |
Deconsolidation and disposal of subsidiaries, net of cash proceeds | 699 | 97,000,000 | (5) | (11) |
Loans to employees, net of repayments | 79 | 10,000,000 | (360) | (456) |
Net cash used in investing activities | (21,824) | (3,023,000,000) | (135,506) | (198,592) |
Cash flows from financing activities: | ||||
Issuance of ordinary shares | 843 | 117,000,000 | 11 | 109 |
Repurchase of ordinary shares | (88,745) | (12,291,000,000) | (74,746) | (61,225) |
Dividend distribution | (17,946) | (2,485,000,000) | 0 | 0 |
Acquisition of additional equity interests in non-wholly owned subsidiaries | (5,821) | (806,000,000) | (2,511) | (7,406) |
Dividends paid by non-wholly owned subsidiaries to noncontrolling interests | (546) | (76,000,000) | (489) | (881) |
Contingent consideration payments made after a business combination | (71) | (10,000,000) | (144) | |
Capital injection from noncontrolling interests | 1,577 | 218,000,000 | 918 | 12,240 |
Proceeds from bank borrowings and other borrowings, net of upfront fee payment for a syndicated loan | 20,570 | 2,848,000,000 | 22,790 | 9,427 |
Repayment of bank borrowings | (13,092) | (1,813,000,000) | (11,448) | (7,128) |
Repayment of unsecured senior notes | (5,013) | (694,000,000) | (9,585) | |
Net cash used in financing activities | (108,244) | (14,992,000,000) | (65,619) | (64,449) |
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables | 4,389 | 608,000,000 | 3,530 | (8,834) |
(Decrease) Increase in cash and cash equivalents, restricted cash and escrow receivables | 56,914 | 7,882,000,000 | 2,157 | (129,116) |
Cash and cash equivalents, restricted cash and escrow receivables at beginning of year | 229,510 | 31,787,000,000 | 227,353 | 356,469 |
Cash and cash equivalents, restricted cash and escrow receivables at end of year | 286,424 | 39,669,000,000 | 229,510 | 227,353 |
Supplemental disclosures of cash flow information: | ||||
Payment of income tax | 32,486 | 26,476 | 31,733 | |
Payment of interest | 7,832 | 5,637 | 4,886 | |
Business combinations: | ||||
Cash paid for business combinations | (2,325) | (1,254) | (5,282) | |
Cash acquired in business combinations | 121 | 50 | 1,195 | |
Cash paid for business combinations, net of cash acquired | ¥ (2,204) | $ (305,000,000) | ¥ (1,204) | ¥ (4,087) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | ¥ 80,009 | $ 11,081 | ¥ 72,783 | ¥ 62,249 |
Insider Trading Policies and Pr
Insider Trading Policies and Procedures | 12 Months Ended |
Mar. 31, 2024 | |
Insider Trading Policies and Procedures [Line Items] | |
Insider Trading Policies and Procedures Adopted | true |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal activities | 1. Organization and principal activities Alibaba Group Holding Limited (the “Company”) is a limited liability company, which was incorporated in the Cayman Islands on June 28, 1999. The Company is a holding company and conducts its businesses primarily through its subsidiaries. In these consolidated financial statements, where appropriate, the term “Company” also refers to its subsidiaries as a whole. The Company provides the technology infrastructure and marketing reach to help merchants, brands, retailers and other businesses to leverage the power of new technology to engage with their users and customers and operate in a more efficient way. The Company has six major business groups and various other businesses. The six major business groups are Taobao and Tmall Group, Cloud Intelligence Group, Alibaba International Digital Commerce Group, Cainiao Smart Logistics Network Limited, Local Services Group, and Digital Media and Entertainment Group. An ecosystem has developed around the Company’s platforms and businesses that consists of consumers, merchants, brands, retailers, third-party service providers, strategic alliance partners and other businesses. Taobao and Tmall Group is comprised of (i) China commerce retail business and (ii) China commerce wholesale business. China commerce retail business mainly consists of Taobao and Tmall, the Company’s digital retail business in China, Xianyu, a consumer-to-consumer community and marketplace in China for second-hand goods, as well as direct sales businesses, including Tmall Supermarket and Tmall Global. China commerce wholesale business mainly includes 1688.com, an integrated domestic wholesale marketplace in China. Cloud Intelligence Group offers a comprehensive suite of cloud services, based on a three-tier architecture of infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and model-as-a-service (MaaS) to customers worldwide. Alibaba International Digital Commerce Group is comprised of (i) International commerce retail business and (ii) International commerce wholesale business. International commerce retail business mainly includes AliExpress, a global e-commerce platform, Trendyol, an e-commerce platform in Türkiye, Lazada, an e-commerce platform in Southeast Asia, Daraz, an e-commerce platform across South Asia with key markets in Pakistan and Bangladesh, and Miravia, an e-commerce platform in Spain. International commerce wholesale business mainly includes Alibaba.com, an integrated international online wholesale marketplace. Cainiao Smart Logistics Network Limited (“Cainiao”) has established a smart logistics network, with end-to-end logistics capabilities, on a global scale. Cainiao controls the key nodes of the logistics network to ensure service quality, efficiency and reliability, while leveraging trusted partners' capabilities to drive scalability and capital efficiency. Cainiao provides a wide array of innovative logistics solutions in China and around the world. Local Services Group is comprised of (i) “To-Home” business which include Ele.me, a local services and on-demand delivery platform in China and (ii) “To-Destination” businesses which mainly include Amap, the provider of mobile digital map, navigation and real-time traffic information in China. Digital Media and Entertainment Group is comprised of (i) Youku, an online long-form video platform in China which produces and distributes high-quality video content and (ii) Alibaba Pictures, which provides content production, promotion and distribution, performance and event ticketing management, IP-related licensing and operations, cinema ticketing management, and data services for the entertainment industry. All other businesses include Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform, Fliggy, DingTalk and other businesses. The Company’s American depositary shares (“ADSs”) have been listed on the New York Stock Exchange (“NYSE”) under the symbol of “BABA” and the Company’s ordinary shares have been listed on the Hong Kong Stock Exchange (“HKSE”) under the codes “9988 (HKD Counter)” and “89988 (RMB Counter).” |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies (a) Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Translations of balances in the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income and consolidated statement of cash flows from RMB into the US$ as of and for the year ended March 31, 2024 are solely for the convenience of the readers and are calculated at the rate of US$1.00=RMB 7.2203 , representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 29, 2024 . No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at this rate, or at any other rate. (b) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. (c) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the PRC-registered entities directly or indirectly owned by the Company (“WFOEs”) and variable interest entities (“VIEs”) over which the Company is the primary beneficiary for accounting purposes only. All transactions and balances among the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the consolidated income statements from the effective date of acquisition or up to the effective date of disposal, as appropriate. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders. A VIE is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Due to legal restrictions on foreign ownership and investment in, among other areas, value-added telecommunications services, which include the operations of Internet content providers, the Company operates its Internet businesses and other businesses in which foreign investment is restricted or prohibited in the PRC through various contractual arrangements with VIEs that are incorporated and owned by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. Specifically, these representative PRC domestic companies are Zhejiang Taobao Network Co., Ltd., Zhejiang Tmall Network Co., Ltd., Hangzhou Ali Venture Capital Co., Ltd., Shanghai Rajax Information Technology Co., Ltd., Alibaba Cloud Computing Ltd. and Alibaba Culture Entertainment Co., Ltd. The registered capital of these PRC domestic companies was funded by the Company through loans extended to the equity holders of these PRC domestic companies. The Company has entered into certain exclusive services agreements with these PRC domestic companies, which entitle it to receive substantially all of the profits of the VIEs. In addition, the Company has entered into certain agreements with the equity holders of these PRC domestic companies, including loan agreements that require them to contribute registered capital to those PRC domestic companies, exclusive call option agreements to acquire the equity interests in these companies when permitted by the PRC laws, rules and regulations, equity pledge agreements of the equity interests held by those equity holders, and proxy agreements that irrevocably authorize individuals designated by the Company to exercise the equity owner’s rights over these PRC domestic companies. 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Details of the typical structure of the Company’s representative VIEs are set forth below: Loan agreements Pursuant to the relevant loan agreements, the respective WFOEs have granted loans to the equity holders of the VIEs, which may only be used for the purpose of its business operation activities agreed by the WFOEs or the acquisition of the relevant VIEs. The WFOEs may require acceleration of repayment at their absolute discretion. When the equity holders of the VIEs make early repayment of the outstanding amount, the WFOEs or a third-party designated by the WFOEs may purchase the equity interests in the VIEs at a price equal to the outstanding amount of the loan, subject to any applicable PRC laws, rules and regulations. The equity holders of the VIEs undertake not to enter into any prohibited transactions in relation to the VIEs, including the transfer of any business, material assets or equity interests in the VIEs to any third party. Exclusive call option agreements The equity holders of the VIEs have granted the WFOEs exclusive call options to purchase their equity interest in the VIEs at an exercise price equal to the higher of (i) the paid-in registered capital in the VIEs; and (ii) the minimum price as permitted by applicable PRC laws. Each relevant VIE has further granted the relevant WFOE an exclusive call option to purchase its assets at an exercise price equal to the book value of the assets or the minimum price as permitted by applicable PRC laws, whichever is higher. Certain VIEs and their equity holders will also jointly grant the WFOEs (A) exclusive call options to request the VIEs to decrease their registered capital at an exercise price equal to the higher of (i) the paid-in registered capital in the VIEs and (ii) the minimum price as permitted by applicable PRC laws (the “Capital Decrease Price”), and (B) exclusive call options to subscribe for any increased capital of the VIEs at a price equal to the Capital Decrease Price, or the sum of the Capital Decrease Price and the unpaid registered capital, if applicable, as of the capital decrease. The WFOEs may nominate another entity or individual to purchase the equity interest or assets, or to subscribe for the increased capital, if applicable, under the call options. Execution of each call option shall not violate the applicable PRC laws, rules and regulations. Each equity holder of the VIE has agreed that the following amounts, to the extent in excess of the original registered capital that they contributed to the VIE (after deduction of relevant tax expenses), belong to and shall be paid to the WFOEs: (i) proceeds from the transfer of its equity interests in the VIE, (ii) proceeds received in connection with a capital decrease in the VIE, and (iii) distributions or liquidation residuals from the disposal of its equity interests in the VIE upon termination or liquidation. Moreover, any profits, distributions or dividends (after deduction of relevant tax expenses) received by the VIEs also belong to and shall be paid to the WFOEs. The exclusive call option agreements remain in effect until the equity interest or assets that are the subject of these agreements are transferred to the WFOEs. Proxy agreements Pursuant to the relevant proxy agreements, the equity holders of the VIEs irrevocably authorize any person designated by the WFOEs to exercise their rights of the equity holders of the VIEs, including without limitation the right to vote and appoint directors. Equity pledge agreements Pursuant to the relevant equity pledge agreements, the equity holders of the VIEs have pledged all of their interests in the equity of the VIEs as a continuing first priority security interest in favor of the corresponding WFOEs to secure the outstanding amounts advanced under the relevant loan agreements described above and to secure the performance of obligations by the VIEs and/or the equity holders under the other structure contracts. Each WFOE is entitled to exercise its right to dispose of the pledged interests in the equity of the VIE held by the equity holders and has priority in receiving payment by the application of proceeds from the auction or sale of the pledged interests, in the event of any breach or default under the loan agreement or other structure contracts, if applicable. These equity pledge agreements remain in force until the later of (i) the full performance of the contractual arrangements by the relevant parties, and (ii) the full repayment of the loans made to the equity holders of the VIEs. 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Exclusive services agreements Each relevant VIE has entered into an exclusive services agreement with the respective WFOE, pursuant to which the relevant WFOE provides exclusive services to the VIE. In exchange, the VIE pays a service fee to the WFOE, the amount of which shall be determined, to the extent permitted by applicable PRC laws as proposed by the WFOE, resulting in a transfer of substantially all of the profits from the VIE to the WFOE. Other arrangements The exclusive call option agreements described above also entitle the WFOEs to all profits, distributions or dividends (after deduction of relevant tax expenses) to be received by the equity holder of the VIEs, and the following amounts, to the extent in excess of the original registered capital that they contributed to the VIEs (after deduction of relevant tax expenses) to be received by each equity holder of the VIEs: (i) proceeds from the transfer of its equity interests in the VIEs, (ii) proceeds received in connection with a capital decrease in the VIEs, and (iii) distributions or liquidation residuals from the disposal of its equity interests in the VIEs upon termination or liquidation. Based on these contractual agreements, the Company believes that the PRC domestic companies as described above should be considered as VIEs because the equity holders do not have significant equity at risk nor do they have the characteristics of a controlling financial interest. Given that the Company is the primary beneficiary of these PRC domestic companies, the Company believes that these VIEs should be consolidated based on the structure as described above. The following financial information of the consolidated VIEs and their subsidiaries was recorded in the accompanying consolidated financial statements: As of March 31, 2023 2024 RMB RMB (in millions) Cash and cash equivalents and short-term investments 24,057 25,825 Investments in equity method investees and equity securities and other 40,597 35,228 Accounts receivable and contract assets, net of allowance 19,023 16,884 Amounts due from non-VIE subsidiaries of the Company 26,863 36,405 Property and equipment, net and intangible assets, net 9,779 11,927 Others 25,207 33,276 Total assets 145,526 159,545 Amounts due to non-VIE subsidiaries of the Company 90,314 99,404 Accrued expenses, accounts payable and other liabilities 39,612 45,634 Deferred revenue and customer advances 14,051 15,586 Total liabilities 143,977 160,624 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Revenue (i) 111,498 112,270 117,686 Net income (loss) 5,944 2,442 ( 3,193 ) Net cash provided by operating activities 19,932 4,378 12,053 Net cash used in investing activities ( 16,710 ) ( 2,044 ) ( 11,772 ) Net cash (used in) provided by financing activities ( 9,904 ) 1,386 5,626 (i) Revenue generated by the VIEs are primarily from cloud services, digital media and entertainment services and others. The VIEs did not have any material related party transactions except for the related party transactions which are disclosed in Note 22 or elsewhere in these consolidated financial statements, and those transactions with other subsidiaries that are not VIEs, which were eliminated upon consolidation. Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs and can have assets transferred out of the VIEs under its control. Therefore, the Company considers that there is no asset in any of the VIEs that can be used only to settle obligations of the VIEs, except for registered capital and PRC statutory reserves. As all VIEs are incorporated as limited liability companies under the Company Law of the corresponding jurisdictions, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Currently, there is no contractual arrangement which requires the Company to provide additional financial support to the VIEs. However, as the Company conducts its businesses primarily based on the licenses and approvals held by its VIEs, the Company has provided and will continue to provide financial support to the VIEs considering the business requirements of the VIEs as well as the Company’s own business objectives in the future. Unrecognized revenue-producing assets held by the VIEs include certain Internet content provision and other licenses, domain names and trademarks. The Internet content provision and other licenses are required under relevant PRC laws, rules and regulations for the operation of Internet businesses in the PRC, and therefore are integral to the Company’s operations. The Internet content provision licenses require that core PRC trademark registrations and domain names are held by the VIEs that provide the relevant services. (d) Business combinations and noncontrolling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated income statements. In a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated income statements. 2. Summary of significant accounting policies (Continued) (d) Business combinations and noncontrolling interests (Continued) When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained noncontrolling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. Consolidated net income in the consolidated income statements includes net income or loss attributable to noncontrolling interests and mezzanine equity holders when applicable. Net income attributable to mezzanine equity holders is included in net loss attributable to noncontrolling interests in the consolidated income statements, while it is excluded from the consolidated statements of changes in shareholders’ equity. During the years ended March 31, 2022, 2023 and 2024, net income attributable to mezzanine equity holders amounted to RMB 188 million, RMB 365 million and RMB 181 million, respectively. The cumulative results of operations attributable to noncontrolling interests, along with adjustments for share-based compensation expense arising from outstanding share-based awards relating to subsidiaries’ shares, are also recorded as noncontrolling interests on the Company’s consolidated balance sheets. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows. (e) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Prior to the year ended March 31, 2024, the Company had seven reportable segments, namely China commerce, International commerce, Local consumer services, Cainiao, Cloud, Digital media and entertainment, and Innovation initiatives and others segments. Starting from the year ended March 31, 2024, the Company has implemented a new organizational and governance structure, which includes six major business groups and various other businesses. Accordingly, the CODM started to review information under a new reporting structure, and segment reporting has been updated to conform to this change. Consequently, the Company presents six reportable segments as set out in Note 26 to reflect the change. (f) Foreign currency translation The functional currency of the Company is US$. The Company’s subsidiaries with operations in Chinese mainland, the Hong Kong Special Administrative Region of the PRC (“Hong Kong” or “Hong Kong S.A.R.”), the United States and other jurisdictions generally use their respective local currencies as their functional currencies. When the Company determines that a subsidiary is operating in a highly inflationary economy, the financial statements of this subsidiary shall be remeasured prospectively as if the functional currency were the functional currency of its immediate parent company. The reporting currency of the Company is RMB as the major operations of the Company are within the PRC. The financial statements of the Company’s subsidiaries, other than the subsidiaries with the functional currency of RMB, are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and the average daily exchange rate for each month for income and expense items. Translation gains and losses, including those arising from intra-entity foreign currency transactions that are of a long-term-investment nature, are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity. 2. Summary of significant accounting policies (Continued) (f) Foreign currency translation (Continued) In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated income statements during the year in which they occur. (g) Revenue recognition Revenue is principally generated from customer management services, membership fees and value-added services, logistics services, cloud services, sales of goods and other revenue. Revenue represents the amount of consideration the Company is entitled to upon the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606 “Revenue from Contracts with Customers”, the Company recognizes revenue when performance obligations are satisfied by transferring control of a promised good or service to a customer. For performance obligations that are satisfied at a point in time, the Company also considers the following indicators to assess whether control of a promised good or service is transferred to the customer: (i) right to payment, (ii) legal title, (iii) physical possession, (iv) significant risks and rewards of ownership and (v) acceptance of the good or service. For performance obligations satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of a performance obligation. For revenue arrangements with multiple distinct performance obligations, each distinct performance obligation is separately accounted for and the total consideration is allocated to each performance obligation based on the relative standalone selling price at contract inception. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or net basis. The Company is acting as the principal if it obtains control over the goods and services before they are transferred to customers. Generally, when the Company is primarily obligated in a transaction, is subject to inventory risk, has latitude in establishing prices, or has several but not all of these indicators, the Company acts as the principal and revenue is recorded on a gross basis. Generally, when the Company is not primarily obligated in a transaction, does not bear the inventory risk and does not have the ability to establish the price, the Company acts as the agent and revenue is recorded on a net basis. The Company may from time to time provide incentives in various forms to attract or retain consumers. Under the circumstances where consumers are not considered as customers under ASC 606, the Company evaluates the features of different incentives provided to consumers to determine whether they represent implicit or explicit obligations to consumers on behalf of merchants, which are considered as payments to customers and are recorded as reduction of revenues. Incentives that are not considered as payments to customers are recorded as sales and marketing expenses. When services are exchanged or swapped for other services, revenue is recognized based on the estimated standalone selling price of services promised to customer if the fair value of the services received cannot be reasonably estimated. The amount of revenue recognized for barter transactions was not material for each of the periods presented. Practical expedients and exemptions The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less and contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The Company applies the practical expedient to not adjust any of the transaction price for the time value of money for contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer is within one year. 2. Summary of significant accounting policies (Continued) (g) Revenue recognition (Continued) Practical expedients and exemptions (Continued) Revenue recognition policies by type are as follows: (i) Customer management services The Company generates customer management revenue from merchants by offering an integrated package and a comprehensive solution comprised of a diverse array of services to enable them to attract, engage and retain consumers, complete transactions, improve their branding and enhance operating efficiency. The customer management revenue are charged primarily on cost-per-click basis, cost-per-thousand impressions basis, time basis and cost-per-sale basis (e.g., fees charged based on the value of merchandise transacted, including commission on transactions). Cost-per-click ("CPC") marketing services CPC marketing services allow merchants to bid for keywords or bid to market to groups of consumers with similar profiles that match product or service listings appearing in search results or browser results on the Company’s marketplaces. In general, merchants prepay for CPC marketing services and the related revenue is recognized when a user clicks their product or service listings as this is the point of time when the merchants benefit from the marketing services rendered. Cost-per-thousand impressions ("CPM") and time-based marketing services CPM and time-based marketing services allow merchants to place marketing content on the Company’s marketplaces, at fixed prices or prices established by a market-based bidding system and in particular formats. In general, merchants need to prepay for CPM and time-based marketing services which are accounted for as customer advances and revenue is recognized either ratably over the period in which the marketing content is displayed as the merchants simultaneously consume the benefits as the marketing content is displayed or when an marketing content is viewed by users, depending on the type of marketing services selected by the merchants. Cost-per-sale ("CPS") marketing services The Company charges fees from merchants for transactions completed on Taobao, Tmall and certain other major marketplaces of the Company. The fees are generally determined as a percentage based on the value of merchandise sold by the merchants. Merchant deposits that are expected to be non-refundable is accounted for as variable consideration (Note 2(ac)), which is estimated at contract inception and updated at the end of each reporting period if additional information becomes available. Revenue related to CPS marketing services is recognized in the consolidated income statements based on the expected value when the performance obligation is satisfied. Adjustments to the estimated variable consideration related to prior reporting periods were not material for each of the periods presented. The Company also places marketing content through the third-party marketing affiliate program. Revenue generated on the Company’s marketplaces or through the third-party marketing affiliate program are recorded on a gross basis when the Company is the principal to the merchants in the arrangements. For third-party marketing affiliates with whom the Company has an arrangement to share the revenue, traffic acquisition cost is also recognized at the same time if the marketing content on the landing page clicked by the users is from merchants participating in the third-party marketing affiliate program. 2. Summary of significant accounting policies (Continued) (g) Revenue recognition (Continued) (ii) Membership fees and value-added services The Company earns membership fees revenue from wholesale sellers in respect of the sale of membership packages and subscriptions that allow them to host premium storefronts on the Company’s wholesale marketplaces, as well as the provision of other value-added services, and from customers in respect of the sale of membership packages which allow them to access premium content on Youku’s paid content platforms. These service fees are paid in advance for a specific contracted service period. All these fees are initially deferred as deferred revenue and customer advances when received and revenue is recognized ratably over the term of the respective service contracts as the services are provided. (iii) Logistics services The Company earns logistics services revenue from express delivery and supply chain services provided by Cainiao, on-demand delivery services provided by Ele.me and logistics services provided by Lazada. Revenue is recognized over time when the logistics services are provided. (iv) Cloud services The Company earns cloud services revenue from the provision of public cloud services and non-public cloud services to domestic and international enterprise customers: • Public cloud services , where the company generates revenue from a wide range of cloud services, including, among others, elastic computing, storage, network, database, big data and AI computing, security and proprietary servers. Enterprise customers can pay for these services on a consumption or subscription basis, such as on-demand delivery of computing services and storage capacities. Certain cloud services allow customers to use hosted software over the contract period without taking possession of the software. Revenue related to cloud services charged on a subscription basis is recognized ratably over the contract period. Revenue related to cloud services charged on a consumption basis, such as the quantity of storage or elastic computing services used in a period, is recognized based on the customer utilization of the resources. • Non-public cloud services , where the company generates revenue through packaged cloud services, including hardware, software license, software installation service, application development and maintenance service. Each distinct performance obligation identified is separately accounted for and the total consideration is allocated to each performance obligation based on the relative standalone selling prices at contract inception. Revenue for each performance obligation is recognized when the control of the promised goods or services is transferred to the customer. (v) Sales of goods Revenue from the sales of goods is mainly generated from Sun Art, Tmall Supermarket, Freshippo and Alibaba Health's direct sales businesses. Revenue from the sales of goods is recognized when the control over the promised goods is transferred to customers. Receipts of fees in respect of all other incidental goods or services provided by the Company that are distinct performance obligations are recognized when the control of the underlying goods or services is transferred to the customers. The amounts relating to these incidental services are not material to the Company’s total revenue for each of the periods presented. (h) Cost of revenue Cost of revenue consists primarily of cost of inventories, logistics costs, expenses associated with the operation of the Company’s mobile platforms and websites (such as depreciation and maintenance expenses for servers and computers, call centers and other equipment, and bandwidth and co-location fees), staff costs and share-based compensation expense, traffic acquisition costs, content costs, payment processing fees and other related incidental expenses that are directly attributable to the Company’s principal operations. 2. Summary of significant accounting policies (Continued) (i) Product development expenses Product development expenses consist primarily of staff costs and share-based compensation expense for research and development personnel and o |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent accounting pronouncements | 3. Recent accounting pronouncements In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and issued subsequent amendments within ASU 2021-01 and ASU 2022-06 (collectively, including ASU 2020-04, “ASC 848”) in January 2021 and December 2022 respectively. ASC 848 provides optional expedients and exceptions for applying U.S. GAAP on contract modifications and hedge accounting to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. These optional expedients and exceptions provided in ASC 848 are effective for the Company from January 1, 2020 through December 31, 2024. The Company has elected the optional expedients for certain existing interest rate swaps that are designated as cash flow hedges, which did not have a material impact on the financial position, results of operations and cash flows. The Company is evaluating the effects, if any, of the potential election of the other optional expedients and exceptions provided in this guidance on the financial position, results of operations and cash flows. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. This guidance also requires certain disclosures for equity securities subject to contractual sale restrictions. The new guidance is required to be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. This guidance is effective for the Company for the year ending March 31, 2025 and interim reporting periods during the year ending March 31, 2025. Early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on the financial position, results of operations and cash flows. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements. The amendments require the disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss; (2) an amount for other segment items by reportable segment and a description of its composition; and (3) the title and position of the CODM and an explanation of how the CODM uses the reported measure(s). The amendments also provide disclosure requirements for interim periods and entities that have a single reportable segment. The new guidance is required to be applied retrospectively to all prior periods presented in the financial statements. This guidance is effective for the Company for the year ending March 31, 2025 and interim reporting periods during the year ending March 31, 2026. Early adoption is permitted. The Company is evaluating the impact of the adoption of this guidance. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which improves income tax disclosures. The amendments require the disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendments also require disaggregated information about the amount of income taxes paid (net of refunds received), Income (or loss) from continuing operations before income tax expense (or benefit) and Income tax expense (or benefit) from continuing operations. The new guidance is required to be applied either prospectively or retrospectively. This guidance is effective for the Company for the year ending March 31, 2026. Early adoption is permitted. The Company is evaluating the impact of the adoption of this guidance. |
Significant mergers and acquisi
Significant mergers and acquisitions and investments | 12 Months Ended |
Mar. 31, 2024 | |
Significant mergers and acquisitions and investments | |
Significant mergers and acquisitions and investments | 4. Significant mergers and acquisitions and investments Mergers and acquisitions (a) Acquisitions Acquisitions that constitute business combinations are summarized in the following table: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Net assets 852 1 28 Identifiable intangible assets 1,000 285 602 Deferred tax liabilities ( 170 ) ( 68 ) ( 199 ) 1,682 218 431 Noncontrolling interests and mezzanine equity ( 1,884 ) ( 38 ) ( 98 ) Net identifiable (liabilities) assets ( 202 ) 180 333 Goodwill 3,283 583 1,782 Total purchase consideration 3,081 763 2,115 Fair value of previously held equity interests ( 31 ) — — Purchase consideration settled ( 2,671 ) ( 481 ) ( 2,038 ) Deferred consideration as of year end 379 282 77 Total purchase consideration is comprised of: - cash consideration 3,050 763 2,115 - fair value of previously held equity interests 31 — — 3,081 763 2,115 In relation to the revaluation of previously held equity interests, the Company recognized a loss of RMB 2 million, nil and nil in the consolidated income statements for the years ended March 31, 2022, 2023 and 2024, respectively, for the other acquisitions that constitute business combinations. Pro forma results of operations for these acquisitions have not been presented because the effects of these acquisitions are not material to the consolidated income statements for the year ended March 31, 2022, 2023 and 2024, either individually or in aggregate. Equity investments and others (b) Investment in Moonshot AI Ltd (“Moonshot”) Moonshot is an artificial intelligence company in the PRC. During the year ended March 31, 2024, the Company invested a total of approximately US$ 0.8 billion (approximately RMB 5.9 billion) for an approximately 36 % equity interest. The investment in preferred stocks of Moonshot is accounted for using the measurement alternative. (c) Investment in Ant Group Co., Ltd. (“Ant Group”) Ant Group provides comprehensive digital payment services and facilitates digital financial and value-added services for consumers and merchants, in China and across the world. In September 2019, following the satisfaction of the closing conditions, the Company received the 33 % equity interest in Ant Group pursuant to the share and asset purchase agreement as amended from time to time (the “SAPA”). 4. Significant mergers and acquisitions and investments (Continued) (c) Investment in Ant Group Co., Ltd. (“Ant Group”) (Continued) The Company accounts for its equity interest in Ant Group under the equity method. Upon the completion, the Company recorded the 33 % equity interest in Ant Group with a carrying value amounting to RMB 90.7 billion in investments in equity method investees. The difference between the carrying value of the 33 % equity interest in Ant Group and the Company’s share of the carrying value of Ant Group’s net assets upon completion is a basis difference, which mainly represents the fair value adjustments of amortizable intangible assets and equity investments. These adjustments amounted to RMB 24.5 billion and RMB 5.3 billion, respectively, both of which were net of their corresponding tax effects. Subsequent to the receipt of the equity interest in Ant Group, the proportionate share of results of Ant Group, adjusted for the effects of the basis difference as described above, is recorded in share of results of equity method investees in the consolidated income statements on a one quarter in arrears basis. Following the receipt of equity interest in Ant Group, the Company has pre-emptive rights to participate in other issuances of equity securities by Ant Group and certain of its affiliates prior to the time of Ant Group meeting certain minimum criteria for a qualified IPO set forth in the SAPA. These pre-emptive rights entitle the Company to maintain the equity ownership percentage the Company holds in Ant Group immediately prior to any such issuances. In connection with the exercise of the pre-emptive rights, the Company is also entitled to receive certain payments from Ant Group, effectively funding the subscription for these additional equity interest, up to a value of US$ 1.5 billion, subject to certain adjustments. In addition, under the SAPA, in certain circumstances the Company is permitted to exercise pre-emptive rights through an alternative arrangement which will further protect the Company from dilution. During the quarter ended September 30, 2023, Ant Group repurchased approximately 7 % equity interest from its existing shareholders and the shares repurchased were allocated to the employee incentive plans of Ant Group. The number of shares held by the Company in Ant Group remains unchanged from legal perspective, the Company’s equity interest in Ant Group on a fully diluted basis remains unchanged at 33 %. For accounting purposes, the Company will take into consideration a proportionate share of equity interest held by the employee incentive plans of Ant Group to account for its share of results from its investment in Ant Group, subject to dilution as the equity interest under the employee incentive plans of Ant Group is transferred out. During the year ended March 31, 2024, there was no material change in the equity interest held by the employee incentive plans of Ant Group. While the Company’s carrying value of the investment in Ant Group remain unchanged upon completion, the transac tions result in additional basis difference of RMB 5.6 billion upon completion, which was mainly allocated to amortizable intangible assets of RMB 1.7 billion with a weighted average amortization period of 7 years, goodwill of RMB 3.9 billion, equity investments of RMB 0.5 billion and deferred tax liabilities of RMB 0.5 billion. |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2024 | |
Revenues [Abstract] | |
Revenue | 5. Revenue Revenue by segment is as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group: China commerce retail (i) - Customer management 316,029 291,541 304,009 - Direct sales and others (ii) 96,795 103,811 110,405 412,824 395,352 414,414 China commerce wholesale (iii) 17,106 17,854 20,479 Total Taobao and Tmall Group 429,930 413,206 434,893 Cloud Intelligence Group (iv) 102,016 103,497 106,374 Alibaba International Digital Commerce Group: International commerce retail (v) 43,679 50,933 81,654 International commerce wholesale (vi) 18,506 19,573 20,944 Total Alibaba International Digital Commerce Group 62,185 70,506 102,598 Cainiao Smart Logistics Network Limited (vii) 66,808 77,512 99,020 Local Services Group (viii) 44,890 50,249 59,802 Digital Media and Entertainment Group (ix) 18,105 18,444 21,145 All others (x) 189,543 197,115 192,331 Total segment revenue 913,477 930,529 1,016,163 Unallocated 1,556 866 1,297 Inter-segment elimination (xi) ( 61,971 ) ( 62,708 ) ( 76,292 ) Consolidated revenue 853,062 868,687 941,168 (i) Revenue from China commerce retail is primarily generated from China commerce retail business and includes primarily revenue from customer management services and sales of goods. (ii) Revenue from direct sales and others under China commerce retail is primarily generated from direct sales businesses, comprising mainly Tmall Supermarket and Tmall Global and primarily consists of revenue from sales of goods. (iii) Revenue from China commerce wholesale is primarily generated from 1688.com and includes revenue from membership fees and related value-added services and customer management services. (iv) Revenue from Cloud Intelligence Group is primarily generated from the provision of cloud services, which include public cloud services and non-public cloud services. (v) Revenue from International commerce retail is primarily generated from AliExpress, Trendyol and Lazada and includes revenue from customer management services, sales of goods and logistics services. (vi) Revenue from International commerce wholesale is primarily generated from Alibaba.com and includes revenue from membership fees and related value-added services and customer management services. (vii) Revenue from Cainiao represents logistics services revenue from the domestic and cross-border fulfillment services. (viii) Revenue from Local Services Group primarily represents platform commissions, logistics services revenue from the provision of on-demand delivery services and revenue from other services provided by Ele.me, and revenue from software and technology services provided by Amap. 5. Revenue (Continued) (ix) Revenue from Digital Media and Entertainment Group is primarily generated from Youku and Alibaba Pictures, and includes revenue from membership fees, content investment income, customer management services and ticketing services. (x) Revenue from All others represented revenue from businesses including Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform, Fliggy, DingTalk and other businesses. The majority of revenue within All others consist of direct sales revenue, which is recorded on a gross basis. (xi) Inter-segment elimination consisted of revenue primarily fro m Cloud Intelligence Group and Cainiao. (xii) For the year ended March 31, 2024, as a result of the change in segment reporting (Note 26), the Company reclassified revenue by segment. Figures for the years ended March 31, 2022 and 2023 were reclassified to conform to this presentation. Revenue by type is as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Customer management services (i) 379,999 355,144 386,571 Membership fees and value-added services 35,739 40,078 41,956 Logistics services 71,279 89,214 114,073 Cloud services 74,123 76,648 76,459 Sales of goods 255,171 271,016 283,273 Other revenue (ii) 36,751 36,587 38,836 853,062 868,687 941,168 (i) Customer management services mainly include CPC , CPM, time-based and CPS marketing services . (ii) Other revenue includes revenue from self-developed online games, other value-added services provided through various platforms and businesses. The amount of revenue recognized for performance obligations satisfied (or partially satisfied) in prior periods for contracts with expected duration of more than one year during the years ended March 31, 2022, 2023 and 2024 were not material. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Lessee Disclosure [Abstract] | |
Leases | 6. Leases The Company entered into operating lease agreements primarily for shops and malls, offices, warehouses and land. Certain lease agreements contain an option for the Company to renew a lease for a term of up to five years or an option to terminate a lease early. The Company considers these options in determining the classification and measurement of the leases. The leases may include variable payments based on measures such as the level of sales at a physical store, which are expensed as incurred. Components of operating lease cost are as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Operating lease cost 10,982 10,802 10,752 Variable lease cost 837 672 655 Total operating lease cost 11,819 11,474 11,407 For the years ended March 31, 2022, 2023 and 2024, cash payments for operating leases amounted to RMB 6,556 million, RMB 8,050 million and RMB 10,452 million, respectively. For the years ended March 31, 2023 and 2024, the operating lease assets obtained in exchange for operating lease liabilities amounted to RMB 5,030 million and RMB 7,969 million, respectively. As of March 31, 2023 and 2024, the Company’s operating leases had a weighted average remaining lease term of 9.3 years and 9.2 years, respectively. As of the same dates, the Company’s operating leases had a weighted average discount rate of 4.8 % and 4.7 %, respectively. Future lease payments under operating leases as of March 31, 2024 are as follows: Amounts RMB (in millions) For the year ending March 31, 2025 7,297 2026 5,875 2027 5,034 2028 4,320 2029 3,687 Thereafter 18,429 44,642 Less: imputed interest ( 9,804 ) Total operating lease liabilities (Note 19) 34,838 |
Income tax expenses
Income tax expenses | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income tax expenses | 7. Income tax expenses Composition of income tax expenses Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Current income tax expense 28,184 17,266 27,792 Deferred taxation ( 1,369 ) ( 1,717 ) ( 5,263 ) 26,815 15,549 22,529 Under the current laws of the Cayman Islands, the Company is not subject to tax on its income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax is imposed. The Company’s subsidiaries incorporated in Hong Kong were subject to the Hong Kong profits tax rate at 16.5 % for the years ended March 31, 2022, 2023 and 2024. The Company’s subsidiaries incorporated in other jurisdictions were subject to income tax charges calculated according to the tax laws enacted or substantially enacted in the countries where they operate and generate income. Current income tax expense primarily includes the provision for PRC Enterprise Income Tax (“EIT”) for subsidiaries operating in the PRC and withholding tax on earnings that have been declared for distribution by PRC subsidiaries to offshore holding companies. Substantially all of the Company’s income before income tax and share of results of equity method investees are generated by these PRC subsidiaries. These subsidiaries are subject to EIT on their taxable income as reported in their respective statutory financial statements adjusted in accordance with the relevant tax laws, rules and regulations in the PRC. Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25 %. In addition, the EIT Law provides for, among others, a preferential tax rate of 15 % for enterprises qualified as High and New Technology Enterprises. Further, certain subsidiaries were recognized as Software Enterprises and thereby entitled to full exemption from EIT for two years beginning from their first profitable calendar year and a 50 % reduction for the subsequent three calendar years. In addition, a duly recognized Key Software Enterprise (“KSE”) within China’s national plan can enjoy a preferential EIT rate of 10 %. The KSE status is subject to review by the relevant authorities every year and the timing of the annual review and notification by the relevant authorities may vary from year to year. The related reduction in tax expense as a result of official notification confirming the KSE status is accounted for upon the receipt of such notification. The tax status of the subsidiaries of the Company with major taxable profits is described below: • Alibaba (China) Technology Co., Ltd. (“Alibaba China”), Taobao (China) Software Co., Ltd. (“Taobao China”), Zhejiang Tmall Technology Co., Ltd. (“Tmall China”) and Alibaba (China) Co., Ltd (“China Co.”), entities primarily engaged in the operations of the Company’s wholesale marketplaces, Taobao, Tmall, and technology, software research and development and relevant services, respectively, were qualified as High and New Technology Enterprises. For the taxation years of 2021, 2022 and 2023, Alibaba China, Taobao China, Tmall China, and China Co. applied an EIT rate of 15 % as High and New Technology Enterprises . • Alibaba (Beijing) Software Services Co., Ltd (“Alibaba Beijing”), an entity primarily engaged in the operations of technology, software research and development and relevant services, was recognized as a High and New Technology Enterprise. Alibaba Beijing was also granted the Software Enterprise status and was thereby entitled to an income tax exemption for two years beginning from its first profitable taxation year of 2017, and a 50 % reduction for the subsequent three consecutive years starting from the taxation year of 2019. Accordingly, Alibaba Beijing was entitled to an EIT rate of 12.5 % ( 50 % reduction in the standard statutory rate) during the taxation years of 2019, 2020 and 2021. F or the taxation years of 2022 and 2023, Alibaba Beijing applied an EIT rate of 15 % as High and New Technology Enterprise . Most of the remaining PRC entities of the Company are subject to EIT at 25 % for the years ended March 31, 2022, 2023 and 2024. 7. Income tax expenses (Continued) Composition of income tax expenses (Continued) Pursuant to the EIT Law, a 10 % withholding tax is levied on dividends declared by PRC companies to their foreign investors. A lower withholding tax rate of 5 % is applicable if direct foreign investors with at least 25 % equity interest in the PRC company are incorporated in Hong Kong and meet the relevant requirements pursuant to the tax arrangement between Chinese mainland and Hong Kong S.A.R. Since the equity holders of the major PRC subsidiaries of the Company are Hong Kong incorporated companies and meet the relevant requirements pursuant to the tax arrangement between Chinese mainland and Hong Kong S.A.R., the Company has used 5 % to provide for deferred tax liabilities on retained earnings which are anticipated to be distributed. As of March 31, 2024, the Company has accrued the withholding tax on substantially all of the distributable earnings of the PRC subsidiaries, except for those undistributed earnings that the Company intends to invest indefinitely in the PRC which amounted to RMB 304.7 billion. Composition of deferred tax assets and liabilities As of March 31, 2023 2024 RMB RMB (in millions) Deferred tax assets Licensed copyrights 4,438 5,527 Tax losses carried forward and others (i) 47,586 52,410 52,024 57,937 Valuation allowance (ii) ( 36,530 ) ( 46,576 ) Total deferred tax assets 15,494 11,361 Deferred tax liabilities Identifiable intangible assets ( 18,751 ) ( 14,176 ) Withholding tax on undistributed earnings (iii) ( 8,170 ) ( 8,170 ) Equity method investees and others (iv) ( 34,824 ) ( 30,666 ) Total deferred tax liabilities ( 61,745 ) ( 53,012 ) Net deferred tax liabilities ( 46,251 ) ( 41,651 ) (i) Others primarily represents deferred tax assets for share-based awards, investments in equity method investees, equity securities and other investments, as well as accrued expenses which are not deductible until paid under PRC tax laws. (ii) Change in valuation allowances is mainly from the valuation allowances provided on the deferred tax assets related to the tax losses carried forward due to the uncertainty surrounding their realization. Valuation allowances are also provided on the deferred tax assets related to the investment in certain equity securities and other investments. If events occur in the future that improve the certainty of realization, an adjustment to the valuation allowances will be made and consequently income tax expenses will be reduced. (iii) The related deferred tax liabilities as of March 31, 2023 and 2024 were provided on the assumption that substantially all of the distributable earnings of PRC subsidiaries will be distributed as dividends, except for those undistributed earnings that the Company intends to invest indefinitely in the PRC which amounted to RMB 233.6 billion and RMB 304.7 billion, respectively. (iv) Deferred tax liabilities for investments in equity method investees mainly includes the deferred tax effect on the gain in relation to the receipt of the 33 % equity interest in Ant Group of RMB 19.7 billion. Others primarily represents deferred tax liabilities for investments in equity securities and other investments. 7. Income tax expenses (Continued) Composition of deferred tax assets and liabilities (Continued) As of March 31, 2024, the accumulated tax losses of subsidiaries incorporated in Singapore, Hong Kong S.A.R. and Malaysia, subject to the agreement of the relevant tax authorities, of RMB 36,711 million, RMB 9,787 million and RMB 2,122 million, respectively, are allowed to be carried forward to offset against future taxable profits. The carry forward of tax losses in Singapore and Hong Kong S.A.R. generally has no time limit, while the tax losses in Malaysia will expire, if unused, in the years ending March 31, 2025 through 2034. The accumulated tax losses of subsidiaries incorporated in the PRC, subject to the agreement of the PRC tax authorities, of RMB 149,388 million as of March 31, 2024 will expire, if unused, in the years ending March 31, 2025 through 2034. Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions, except per share data) Income before income tax and share of result of equity method 59,550 89,185 101,596 Income tax computed at statutory EIT rate ( 25 %) 14,888 22,296 25,399 Effect of different tax rates available to different jurisdictions ( 2,006 ) ( 153 ) ( 1,095 ) Effect of tax holiday and preferential tax benefit on assessable ( 7,367 ) ( 13,679 ) ( 14,135 ) Non-deductible expenses and non-taxable income, net (i) 13,518 16,870 11,006 Additional deductions of certain research and development expenses ( 10,052 ) ( 8,282 ) ( 9,415 ) Withholding tax on the earnings distributed and anticipated to be 5,026 5,312 6,127 Change in valuation allowance and others (iii) 12,808 ( 6,815 ) 4,642 Income tax expenses 26,815 15,549 22,529 Effect of tax holidays inside the PRC on basic earnings per share 0.34 0.65 0.70 Effect of tax holidays inside the PRC on basic earnings per ADS 2.73 5.22 5.60 (i) Expenses not deductible for tax purposes and non-taxable income primarily represent impairment of goodwill, investment income or loss and share-based compensation expense. (ii) This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC. (iii) Change in valuation allowance primarily represents valuation allowance for temporary differences associated with tax losses and investments in certain equity securities and other investments. Besides, others primarily represents other tax benefits which were not previously recognized as well as deferred tax effect for temporary differences in relation to certain investments in equity method investees. |
Share-based awards
Share-based awards | 12 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based awards | 8. Share-based awards (a) Share-based awards relating to ordinary shares of the Company Share-based awards such as RSUs, incentive and non-statutory stock options, restricted shares, dividend equivalents, share appreciation rights and share payments may be granted to any directors, employees and consultants of the Company or affiliated companies under equity incentive plans adopted since the inception of the Company. Currently, the 2014 Post-IPO Equity Incentive Plan (the “2014 Plan”), which was adopted in September 2014 and has a ten-year term, is in effect and governs the terms of the awards. If an award terminates, expires or lapses, or is canceled for any reason, ordinary shares subject to the award become available for the grant of a new award under the 2014 Plan. Starting from April 1, 2015 and on each anniversary thereof, an additional amount equal to the lesser of (A) 200,000,000 ordinary shares, and (B) such lesser number of ordinary shares as determined by the board of directors becomes available for the grant of a new award under the 2014 Plan. As of March 31, 2024, the number of shares authorized but unissued was 286,838,192 ordinary shares. Eight ordinary shares are issuable upon the vesting or the exercise of one share-based award. RSUs A summary of the changes in the RSUs relating to ordinary shares granted by the Company during the year ended March 31, 2024 is as follows: Weighted- average Number grant date of RSUs fair value US$ Awarded and unvested as of April 1, 2023 61,288,204 155.49 Granted 33,687,624 83.93 Vested ( 22,242,169 ) 168.18 Canceled/forfeited ( 8,287,198 ) 131.05 Awarded and unvested as of March 31, 2024 (i) 64,446,461 116.85 Expected to vest as of March 31, 2024 (ii) 55,339,287 120.44 (i) No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant. (ii) RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs. As of March 31, 2024 , there were RMB 15,604 million of unamortized compensation costs related to all outstanding RSUs, net of expected forfeitures. These amounts are expected to be recognized over a weighted average period of 1.9 years. During the years ended March 31, 2022, 2023 and 2024, the Company recognized share-based compensation expense of RMB 30,313 million, RMB 24,410 million and RMB 17,734 million, respectively, in connection with the above RSUs. 8. Share-based awards (Continued) (a) Share-based awards relating to ordinary shares of the Company (Continued) Share options A summary of the changes in the share options relating to ordinary shares granted by the Company during the year ended March 31, 2024 is as follows: Weighted Weighted average Number average remaining of share exercise contractual options price life US$ (in years) Outstanding as of April 1, 2023 7,129,334 77.08 3.9 Granted 2,000,000 78.37 9.7 Exercised ( 2,210,667 ) 53.33 — Canceled/forfeited ( 84,000 ) 26.00 — Outstanding as of March 31, 2024 6,834,667 85.77 5.5 Vested and exercisable as of March 31, 2024 (i) 3,693,333 94.37 3.5 Vested and expected to vest as of March 31, 2024 (ii) 6,777,267 86.28 5.5 (i) No outstanding share options will be vested or exercisable after the expiry of a period of up to twelve years from the date of grant. (ii) Share options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding share options. As of March 31, 2024 , the aggregate intrinsic value of all outstanding options was RMB 401 million. As of the same date, the aggregate intrinsic value of options that were vested and exercisable and options that were vested and expected to vest was RMB 124 million and RMB 382 million, respectively. During the years ended March 31, 2022, 2023 and 2024, the weighted average grant date fair value of share options granted was US$ 103.72 , nil and US$ 40.30 , respectively, and the total grant date fair value of options vested during the same years was RMB 306 million, RMB 327 million and RMB 238 million, respectively. During the same years, the aggregate intrinsic value of share options exercised was RMB 137 million, RMB 67 million and RMB 382 million, respectively. Cash received from option exercises under the share option plans for the years ended March 31, 2022, 2023 and 2024 was RMB 109 million, RMB 8 million and RMB 843 million, respectively. 8. Share-based awards (Continued) (a) Share-based awards relating to ordinary shares of the Company (Continued) Share options (Continued) No share options were granted during the year ended March 31, 2023. The fair value of each option granted during the years ended March 31, 2022 and 2024 is estimated on the measurement date using the Black-Scholes model by applying the assumptions below: Year ended March 31, 2022 2024 Risk-free interest rate (i) 1.93 % - 2.00 % 4.50 % Expected dividend yield (ii) 0 % 0 % Expected life (years) (iii) 3.71 - 7.14 6.50 Expected volatility (iv) 35.7 % 44.8 % (i) Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect on the measurement date. (ii) For the share options granted during the year ended March 31, 2022, expected dividend yield is assumed to be nil as the Company had no history or expectation of paying a dividend on its ordinary shares. For the share options granted during the year ended March 31, 2024, expected dividend yield is nil as the Company decided to pay upon the exercise of such share options in an amount equivalent to the dividends as detailed in Note 28 to the participants. (iii) Expected life of share options is based on management’s estimate on timing of exercise of share options. (iv) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. As of March 31, 2024 , there were RMB 624 million of unamortized compensation costs related to these outstanding share options, net of expected forfeitures. These amounts are expected to be recognized over a weighted average period of 2.7 years. During the years ended March 31, 2022, 2023 and 2024, the Company recognized share-based compensation expense of RMB 86 million, RMB 490 million and RMB 240 million, respectively, in connection with the above share options. Following the dividends as detailed in Note 28, the Company decided to pay upon vesting of certain RSUs or exercise of certain share options in an amount equivalent to the dividends to the participants. This arrangement has no impact to the classification and vesting condition of the awards. (b) Share-based awards relating to Ant Group Prior to 2023, certain employees of the Company were granted share-based awards by Ant Group and Hangzhou Junhan Equity Investment Partnership (“Junhan”), a major equity holder of Ant Group. These awards tied to the valuation of Ant Group and are settled by respective grantors upon disposal of these awards by the holders, vesting or exercise of these awards, depending on the forms of these awards. In addition, Junhan and Ant Group have the right to repurchase the vested awards (or any underlying equity for the settlement of the vested awards) granted by them, as applicable, from the holders upon an initial public offering of Ant Group or the termination of the holders’ employment with the Company at a price to be determined based on the then fair market value of Ant Group. 8. Share-based awards (Continued) (b) Share-based awards relating to Ant Group (Continued) For accounting purposes, these awards meet the definition of a financial derivative. The cost relating to these awards is recognized by the Company and the related expense is recognized over the requisite service period in the consolidated income statements with a corresponding credit to additional paid-in capital. Subsequent changes in the fair value of these awards are recorded in the consolidated income statements. The expenses relating to these awards are remeasured at the fair value on each reporting date until their settlement dates. The fair value of the underlying equity is primarily determined based on the contemporaneous valuation report, external information and information obtained from Ant Group. During the years ended March 31, 2022, 2023 and 2024 , the Company recognized a net reversal of RMB 11,585 million, expenses of RMB 668 million and a net reversal of RMB 6,691 million, respectively, in respect of the share-based awards relating to Ant Group. Starting from April 2020, the parties agreed to settle with each other the cost associated with certain share-based awards granted to each other’s employees upon vesting. The settlement amounts under this arrangement depend on the values of Ant Group share-based awards granted to the Company’s employees and the Company’s share-based awards granted to employees of Ant Group, in which the net settlement amount is insignificant to the Company. Share-based awards relating to ordinary shares of the Company and Ant Group are generally subject to a four-year vesting schedule as determined by the administrator of the plans, or a vesting period of up to ten years for certain management members of the Company. (c) Share-based compensation expense by function Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Cost of revenue 5,725 5,710 3,012 Product development expenses 11,035 13,514 7,623 Sales and marketing expenses 3,050 3,710 2,265 General and administrative expenses 4,161 7,897 5,646 23,971 30,831 18,546 |
Earnings per share_ADS
Earnings per share/ADS | 12 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings per share/ADS | 9. Earnings per share/ADS Each ADS represents eight ordinary shares. Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, adjusted for treasury shares. Basic earnings per ADS is derived from the basic earnings per share. For the calculation of diluted earnings per share, net income attributable to ordinary shareholders for basic earnings per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Diluted earnings per ADS is derived from the diluted earnings per share. 9. Earnings per share/ADS (Continued) The following table sets forth the computation of basic and diluted net income per share/ADS for the following periods: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions, except per share data) Earnings per share Numerator: Net income attributable to ordinary shareholders for computing 61,959 72,509 79,741 Dilution effect on earnings arising from share-based awards ( 37 ) ( 38 ) ( 228 ) Net income attributable to ordinary shareholders for 61,922 72,471 79,513 Shares (denominator): Weighted average number of shares used in calculating net 21,558 20,980 20,182 Adjustments for dilutive RSUs and share options (million shares) 229 134 177 Weighted average number of shares used in calculating net 21,787 21,114 20,359 Net income per ordinary share — basic (RMB) 2.87 3.46 3.95 Net income per ordinary share — diluted (RMB) 2.84 3.43 3.91 Earnings per ADS Net income per ADS — basic (RMB) 22.99 27.65 31.61 Net income per ADS — diluted (RMB) 22.74 27.46 31.24 |
Restricted cash and escrow rece
Restricted cash and escrow receivables | 12 Months Ended |
Mar. 31, 2024 | |
Restricted Cash and Investments [Abstract] | |
Restricted cash and escrow receivables | 10. Restricted cash and escrow receivables As of March 31, 2023 2024 RMB RMB (in millions) Buyer protection fund deposits from merchants on the marketplaces (i) 32,962 30,924 Others 3,462 7,375 36,424 38,299 (i) The amount represents buyer protection fund deposits received from merchants on the Company’s marketplaces, which are restricted for the purpose of compensating buyers for claims against merchants. A corresponding liability is recorded in other deposits and advances received under accrued expenses, accounts payable and other liabilities (Note 19) on the consolidated balance sheets. |
Equity securities and other inv
Equity securities and other investments | 12 Months Ended |
Mar. 31, 2024 | |
Equity securities and other investments | |
Equity securities and other investments | 11. Equity securities and other investments As of March 31, 2023 Original Cumulative Carrying RMB RMB RMB (in millions) Equity securities: Listed equity securities 107,535 216 107,751 Investments in privately held companies 97,701 ( 10,664 ) 87,037 Debt investments: Debt securities and loan investments 22,210 ( 7,105 ) 15,105 Other treasury investments 40,736 — 40,736 268,182 ( 17,553 ) 250,629 As of March 31, 2024 Original Cumulative Carrying RMB RMB RMB (in millions) Equity securities: Listed equity securities 92,456 ( 25,275 ) 67,181 Investments in privately held companies 110,863 ( 14,385 ) 96,478 Debt investments: Debt securities and loan investments 20,723 ( 9,641 ) 11,082 Other treasury investments 106,150 — 106,150 330,192 ( 49,301 ) 280,891 Details of the significant additions during the years ended March 31, 2022, 2023 and 2024 are set out in Note 4. Equity securities For equity securities which were still held as of March 31, 2022, 2023 and 2024, net unrealized losses, including impairment losses, of RMB 25,587 million, RMB 29,481 million and RMB 28,790 million, respectively, were recognized in interest and investment income, net, for the years ended March 31, 2022, 2023 and 2024. Investments in privately held companies include equity investments for which the Company elected to account for using the measurement alternative (Note 2(t)), for which the carrying value as of March 31, 2023 and 2024 were RMB 79,545 million and RMB 89,660 million, respectively. For equity investments accounted for using the measurement alternative as of March 31, 2023, the Company recorded cumulative upward adjustments of RMB 17,782 million and cumulative impairments and downward adjustments of RMB 26,922 million. For these investments, the Company recorded upward adjustments of RMB 4,205 million and impairments and downward adjustments of RMB 13,266 million during the year ended March 31, 2023. For equity investments accounted for using the measurement alternative as of March 31, 2024, the Company recorded cumulative upward adjustments of RMB 20,965 million and cumulative impairments and downward adjustments of RMB 32,760 million. For these investments, the Company recorded upward adjustments of RMB 8,121 million and impairments and downward adjustments of RMB 11,585 million during the year ended March 31, 2024. 11. Equity securities and other investments (Continued) Debt investments Debt investments include convertible and exchangeable bonds accounted for under the fair value option, for which the fair value as of March 31, 2023 and 2024 were RMB 7,167 million and RMB 3,344 million, respectively. The aggregate fair value of these convertible and exchangeable bonds was lower than their aggregate unpaid principal balance as of March 31, 2023 and 2024 by RMB 2,993 million and RMB 4,607 million, respectively. Unrealized losses recorded on these convertible and exchangeable bonds in the consolidated income statements were RMB 3,112 million, RMB 262 million and RMB 1,225 million during the years ended March 31, 2022, 2023 and 2024, respectively. Debt investments also include debt investments accounted for at amortized cost, for which the allowance for credit losses as of March 31, 2023 and 2024 were RMB 4,085 million and RMB 5,034 million, respectively. During the years ended March 31, 2022, 2023 and 2024 , impairment losses (reversal of impairment losses) on these debt investments of RMB 3,225 million, RMB ( 356 ) million and RMB 872 million, respectively, were recorded in interest and investment income, net in the consolidated income statements. During the year ended March 31, 2023, there were modifications, including alignment of the maturity date and adjustments of numbers of collateral, to loans provided to a shareholder of an equity method investee with principal amount of RMB 4,931 million. As of March 31, 2023, repayment of the modified loan is expected to be provided substantially through the sale of collateral, while as of March 31, 2024, repayment of another loan with principal amount of RMB 596 million and the modified loan are expected to be provided substantially through the sale of collateral. Expected credit losses for these loans were assessed on an individual basis, based on the fair value of the corresponding shares pledged as collateral as of the reporting date, adjusted for selling costs as appropriate. The fair value of the collateral as of March 31, 2023 and 2024 were RMB 3,574 million and RMB 3,304 million, respectively. There is no commitment to lend additional funds. The carrying amount of debt investments accounted for at amortized cost approximates their fair value due to the fact that the related effective interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. Other treasury investments mainly comprise of investments in fixed deposits, certificates of deposits and marketable debt securities with original maturities over one year for treasury purposes . |
Fair value measurement
Fair value measurement | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | 12. Fair value measurement Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value: Level 1 — Valuations based on unadjusted quoted prices for identical assets and liabilities in active markets. Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Valuations based on unobservable inputs reflecting assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. Fair value of listed equity investments are based on quoted prices in active markets for identical assets or liabilities. The valuation of unlisted equity investments that do not have a quoted price may include the use of market and income valuation approaches and the use of estimates, which may include discount rates, investees’ liquidity and financial performance, and market data of comparable companies in similar industries. Certain other financial instruments, such as interest rate swap contracts and certain option agreements, are valued based on inputs derived from or corroborated by observable market data. Valuations of convertible and exchangeable bonds that do not have a quoted price are generally performed using valuation models such as the binomial model with unobservable inputs including risk-free interest rate and expected volatility. The valuation of contingent consideration is performed using an expected cash flow method with unobservable inputs including the probability to achieve the contingencies, which is assessed by the Company, in connection with the contingent consideration arrangements. Investments in privately held companies for which the Company elected to record using the measurement alternative are remeasured on a non-recurring basis, and are categorized within Level 3 under the fair value hierarchy. The values are estimated based on valuation methods using the observable transaction price at the transaction date and considering the rights and obligations of the securities and other unobservable inputs including volatility. The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy: As of March 31, 2023 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB (in millions) Assets Time deposits and certificate of deposits (i) — 332,971 — 332,971 Wealth management products (i) — 34,257 — 34,257 Restricted cash and escrow receivables 36,424 — — 36,424 Listed equity securities (ii) 107,751 — — 107,751 Convertible and exchangeable bonds (ii) — 775 6,392 7,167 Option agreements (iii) — 646 290 936 Others (v) 162 1,762 6,142 8,066 144,337 370,411 12,824 527,572 Liabilities Contingent consideration in relation to — — 537 537 Others (iv) — 182 132 314 — 182 669 851 12. Fair value measurement (Continued) As of March 31, 2024 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB (in millions) Assets Time deposits and certificate of deposits (i) — 339,730 — 339,730 Wealth management products (i) — 20,784 — 20,784 Marketable debt securities (i) — 8,591 — 8,591 Restricted cash and escrow receivables 38,299 — — 38,299 Listed equity securities (ii) 67,181 — — 67,181 Convertible and exchangeable bonds (ii) — 147 3,197 3,344 Option agreements (iii) — 90 165 255 Others (v) — 2,255 5,593 7,848 105,480 371,597 8,955 486,032 Liabilities Contingent consideration in relation to — — 713 713 Others (iv) — 24 801 825 — 24 1,514 1,538 (i) Included in short-term investments and equity securities and other investments on the consolidated balance sheets. (ii) Included in equity securities and other investments on the consolidated balance sheets. (iii) Included in prepayments, receivables and other assets on the consolidated balance sheets. (iv) Included in accrued expenses, accounts payable and other liabilities on the consolidated balance sheets. (v) Others primarily represent other investments with underlying assets measured at fair value. Convertible and exchangeable bonds categorized within Level 3 under the fair value hierarchy: Amounts RMB (in millions) Balance as of March 31, 2022 7,272 Additions 785 Net decrease in fair value ( 373 ) Disposal ( 35 ) Conversion ( 1,492 ) Foreign currency translation adjustments 235 Balance as of March 31, 2023 6,392 Additions 730 Net decrease in fair value ( 1,243 ) Disposal ( 2,645 ) Conversion ( 107 ) Foreign currency translation adjustments 70 Balance as of March 31, 2024 3,197 12. Fair value measurement (Continued) Contingent consideration in relation to investments and acquisitions categorized within Level 3 under the fair value hierarchy: Amounts RMB (in millions) Balance as of March 31, 2022 829 Additions 178 Net decrease in fair value ( 34 ) Payment ( 445 ) Foreign currency translation adjustments 9 Balance as of March 31, 2023 537 Additions 226 Net increase in fair value 7 Payment ( 71 ) Foreign currency translation adjustments 14 Balance as of March 31, 2024 713 |
Prepayments, receivables and ot
Prepayments, receivables and other assets | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments, receivables and other assets | 13. Prepayments, receivables and other assets As of March 31, 2023 2024 RMB RMB (in millions) Current: Accounts receivable and contract assets, net of allowance 32,134 30,686 Inventories 28,547 25,460 VAT receivables, net of allowance 17,497 19,904 Prepaid cost of revenue, sales and marketing and other expenses 16,794 17,784 Advances to/receivables from customers, merchants and others 14,499 11,508 Amounts due from related companies 9,042 8,257 Interest receivables 5,471 10,055 Deferred direct selling costs and cost of revenue (i) 4,771 6,482 Others 8,317 13,400 137,072 143,536 Non-current: Operating lease right-of-use assets 77,428 76,927 Deferred tax assets (Note 7) 15,494 11,361 Film costs and prepayment for licensed copyrights and others 8,905 12,073 Prepayment for acquisition of property and equipment 3,976 11,345 Others 5,123 4,396 110,926 116,102 (i) The Company is obligated to pay certain costs upon the receipt of membership fees from merchants or other customers, which primarily consist of sales commissions, and certain costs associated with cloud services. The membership fees and cloud services revenue are initially deferred and recognized as revenue in the consolidated income statements in the period in which the services are rendered. As such, the related costs are also initially deferred and recognized in the consolidated income statements in the same period as the related service fees and revenue are recognized. |
Investments in equity method in
Investments in equity method investees | 12 Months Ended |
Mar. 31, 2024 | |
Investments in equity method investees | |
Investments in equity method investees | 14. Investments in equity method investees Amounts RMB (in millions) Balance as of March 31, 2022 219,642 Additions 4,990 Share of results, other comprehensive income and other reserves (i) 677 Disposals ( 1,192 ) Distributions (ii) ( 11,645 ) Transfers 1,046 Impairment loss (iii) ( 8,310 ) Foreign currency translation adjustments 2,172 Balance as of March 31, 2023 207,380 Additions 3,605 Share of results, other comprehensive income and other reserves (i) 2,739 Disposals ( 1,069 ) Distributions ( 1,258 ) Transfers 32 Impairment loss (iii) ( 9,895 ) Foreign currency translation adjustments 1,597 Balance as of March 31, 2024 203,131 (i) Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and basis differences arising from equity method investees. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees. (ii) Includes dividend declared by Ant Group amounting to RMB 10,519 million for the year ended March 31, 2023. (iii) Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation. As of March 31, 2024, equity method investments with an aggregate carrying amount of RMB 26,519 million are publicly traded and the total market value of these investments amounted to RMB 28,364 million. As of March 31, 2024, the Company’s retained earnings included undistributed earnings from equity method investees of RMB 47,770 million. 14. Investments in equity method investees (Continued) For the years ended March 31, 2022, 2023 and 2024, equity method investments held by the Company in aggregate have met the significance criteria as defined under Rule 4-08(g) of Regulation S-X. As such, the Company is required to present summarized financial information for all of its equity method investments as a group as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Operating data: Revenue 541,712 441,495 451,861 Cost of revenue ( 371,076 ) ( 297,895 ) ( 312,422 ) Income from operations 38,006 27,163 56,646 Net income (loss) 113,970 ( 86,761 ) 75,820 As of March 31, 2023 2024 RMB RMB (in millions) Balance sheet data: Current assets 591,660 619,857 Non-current assets 803,288 788,137 Current liabilities 409,055 469,259 Non-current liabilities 115,399 83,997 Noncontrolling interests and mezzanine equity 14,023 13,863 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | 15. Property and equipment, net As of March 31, 2023 2024 RMB RMB (in millions) Building, property improvements and other property 123,276 135,132 Computer equipment and software 100,563 117,458 Construction in progress 45,129 42,677 Furniture, office and transportation equipment and others 21,631 20,367 290,599 315,634 Less: accumulated depreciation and impairment ( 114,568 ) ( 130,473 ) Net book value 176,031 185,161 Depreciation expenses recognized for the years ended March 31, 2022, 2023 and 2024 were RMB 25,470 million, RMB 24,654 million and RMB 23,344 million, respectively. |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Mar. 31, 2024 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangible assets, net | 16. Intangible assets, net As of March 31, 2023 2024 RMB RMB (in millions) User base and customer relationships 48,155 48,863 Trade names, trademarks and domain names 39,301 39,687 Non-compete agreements 12,636 11,815 Developed technology and patents 6,639 7,166 Licensed copyrights (Note 2(x)) and others 8,893 9,586 115,624 117,117 Less: accumulated amortization and impairment ( 68,711 ) ( 90,167 ) Net book value 46,913 26,950 During the years ended March 31, 2022, 2023 and 2024, the Company acquired intangible assets amounting to RMB 1,000 million, RMB 285 million and RMB 602 million, respectively, in connection with business combinations, which were measured at fair value upon acquisition. Details of intangible assets acquired in connection with business combinations are included in Note 4. During the year ended March 31, 2024, considered lower than expected profitability as a result of uncertainties in the market environment, the Company recognized impairment on intangible assets of RMB 12,089 million primarily relating to trade names, trademarks and domain names originated from the acquisition of Sun Art, an asset group under All others segment. The fair value of the asset group is determined based on its market capitalization. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Amounts RMB (in millions) For the year ending March 31, 2025 7,699 2026 3,974 2027 3,281 2028 2,854 2029 2,010 Thereafter 7,132 26,950 |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | 17. Goodwill Changes in the carrying amount of goodwill by segment for the years ended March 31, 2023 and 2024 were as follows: Alibaba Cainiao Digital Taobao International Smart Media and Cloud Digital Logistics Local and Innovation Tmall Intelligence Commerce Network Services Entertainment Initiatives Group Group Group Limited Group Group and others All others Total Balance as of March 31, 2022 174,947 3,063 17,461 16,346 20,292 33,532 3,940 — 269,581 Additions — 394 97 85 — 7 — — 583 Impairment — — — — — ( 2,714 ) — — ( 2,714 ) Foreign currency translation 9 33 593 6 — — — — 641 Balance as of March 31, 2023 174,956 3,490 18,151 16,437 20,292 30,825 3,940 — 268,091 Transfer due to segment changes ( 9,937 ) — — — — ( 10,734 ) ( 3,940 ) 24,611 — Additions 33 124 1,470 — 155 — — — 1,782 Deconsolidations ( 107 ) — — — — — — ( 7 ) ( 114 ) Impairment (i) — — — — — ( 8,490 ) — ( 2,031 ) ( 10,521 ) Foreign currency translation — 24 412 5 — — — — 441 Balance as of March 31, 2024 164,945 3,638 20,033 16,442 20,447 11,601 — 22,573 259,679 (i) As of the annual goodwill impairment assessment date, considered the changes in market conditions, the Company performed a quantitative impairment test on Youku, a reporting unit under Digital Media and Entertainment Group and recognized an impairment charge of RMB 8,490 million. The fair value of the reporting unit was determined based on the discounted cash flow analysis using the assumptions including the future growth rates and the weighted average cost of capital. Gross goodwill balances were RMB 300,425 million and RMB 302,534 million as of March 31, 2023 and 2024, respectively. Accumulated impairment losses were RMB 32,334 million and RMB 42,855 million as of March 31, 2023 and 2024, respectively. In the annual goodwill impairment assessment, the Company concluded that the carrying amounts of certain reporting units exceeded their respective fair values and recorded impairment losses of RMB 25,141 million, RMB 2,714 million and RMB 10,521 million during the years ended March 31, 2022, 2023 and 2024 , respectively. The goodwill impairment is presented as an unallocated item in the segment information (Note 26) because the CODM of the Company does not consider this as part of the segment operating performance measure. |
Deferred revenue and customer a
Deferred revenue and customer advances | 12 Months Ended |
Mar. 31, 2024 | |
Contract with Customer, Liability [Abstract] | |
Deferred revenue and customer advances | 18. Deferred revenue and customer advances Deferred revenue and customer advances primarily represent service fees prepaid by merchants or customers for which the relevant services have not been provided. The respective balances are as follows: As of March 31, 2023 2024 RMB RMB (in millions) Deferred revenue 35,350 37,142 Customer advances 39,505 39,745 74,855 76,887 Less: current portion ( 71,295 ) ( 72,818 ) Non-current portion 3,560 4,069 All service fees received in advance are initially recorded as customer advances. These amounts are transferred to deferred revenue upon commencement of the provision of services by the Company and are recognized in the consolidated income statements in the period in which the services are provided. In general, service fees received in advance are non-refundable after the amounts are transferred to deferred revenue. Substantially all of the balances of deferred revenue and customer advances are generally recognized as revenue within one year. |
Accrued expenses, accounts paya
Accrued expenses, accounts payable and other liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accrued expenses, accounts payable and other liabilities | 19. Accrued expenses, accounts payable and other liabilities As of March 31, 2023 2024 RMB RMB (in millions) Current: Payables and accruals for cost of revenue and sales and marketing expenses 103,369 118,057 Other deposits and advances received (i) 54,964 54,508 Payable to merchants and third party marketing affiliates 31,425 32,989 Accrued bonus and staff costs, including sales commission 29,000 29,631 Payables and accruals for purchases of property and equipment 15,625 19,840 Amounts due to related companies (ii) 10,383 9,503 Other taxes payable (iii) 6,997 7,934 Operating lease liabilities (Note 6) 5,667 5,871 Contingent and deferred consideration in relation to investments and 901 1,094 Escrow money payable 107 79 Others 17,512 18,377 275,950 297,883 Non-current: Operating lease liabilities (Note 6) 28,548 28,967 Contingent and deferred consideration in relation to investments and 1,058 1,473 Others 773 1,427 30,379 31,867 (i) Other deposits and advances received as of March 31, 2023 and 2024 include buyer protection fund deposits received from merchants on the Company’s marketplaces (Note 10). (ii) Amounts due to related companies primarily represent balances arising from the transactions with Ant Group (Note 22). The balances are unsecured, interest free and repayable within the next twelve months. (iii) Other taxes payable primarily represent VAT and PRC individual income tax of employees withheld by the Company. 19. Accrued expenses, accounts payable and other liabilities (Continued) The Company enters into agreements with several financial institutions and offer supplier finance program to the Company’s suppliers. Suppliers can sell one or more of the Company’s payment obligations at their sole discretion to the financial institutions to receive funds prior to the scheduled due dates to meet their cash flow needs. The Company’s rights and obligations are not impacted and the original payment terms, timing or amount, remain unchanged. The Company did not provide assets pledged as security or other forms of guarantees under the supplier finance program. As of March 31, 2023 and 2024, the outstanding payment obligations under the supplier finance program were RMB 1,962 million and RMB 2,302 million, respectively, and are recorded within accrued expenses, accounts payable and other liabilities on the consolidated balance sheets. |
Bank borrowings
Bank borrowings | 12 Months Ended |
Mar. 31, 2024 | |
Bank borrowings | |
Bank borrowings | |
Bank borrowings | 20. Bank borrowings Bank borrowings are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) Current portion: Short-term other borrowings (i) 7,466 12,749 Non-current portion: US$ 4.0 billion syndicated loan denominated in US$ (ii) 27,393 28,828 Long-term other borrowings (iii) 24,630 26,858 52,023 55,686 (i) As of March 31, 2023 and 2024, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.6 % to 12.5 % and 1.4 % to 4.6 % per annum, respectively. As of March 31, 2023 and 2024, the weighted average interest rate of these borrowings was 2.7 % and 2.6 % per annum, respectively. The borrowings are primarily denominated in RMB. (ii) As of March 31, 2023 and 2024, the Company had a US$ 4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024 , the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). (iii) As of March 31, 2023 and 2024, the Company had long-term borrowings from banks with weighted average interest rates of 3.8 % and 3.5 % per annum, respectively. The borrowings are primarily denominated in RMB. Certain other bank borrowings are collateralized by a pledge of certain buildings and property improvements, construction in progress and land use rights in the PRC and receivables with carrying values of RMB 23,767 million and RMB 34,056 million, as of March 31, 2023 and 2024, respectively. As of March 31, 2024, the Company is in compliance with all covenants in relation to bank borrowings. As of March 31, 2023 and 2024 , the Company had a revolving credit facility provided by certain financial institutions for an amount of US$ 6.5 billion, which has not yet been drawn down. The interest rate on any outstanding utilized amount under this credit facility was calculated based on LIBOR plus 80 basis points, and was adjusted to SOFR with a credit adjustment spread plus 80 basis points in May 2023. This facility is reserved for general corporate and working capital purposes (including acquisitions). The expiration date of the credit facility was June 2026. 20. Bank borrowings (Continued) As of March 31, 2024, the borrowings will be due according to the following schedule: Principal amounts RMB (in millions) Within 1 year 12,749 Between 1 to 2 years 4,807 Between 2 to 3 years 3,745 Between 3 to 4 years 5,242 Between 4 to 5 years 30,078 Beyond 5 years 11,894 68,515 |
Unsecured senior notes
Unsecured senior notes | 12 Months Ended |
Mar. 31, 2024 | |
Unsecured senior notes | |
Unsecured senior notes | |
Unsecured senior notes | 21. Unsecured senior notes In November 2014, the Company issued unsecured senior notes including floating rate and fixed rate notes with varying maturities for an aggregate principal amount of US$ 8.0 billion (the “2014 Senior Notes”), of which US$ 1.3 billion was repaid in November 2017, US$ 2.25 billion was repaid in November 2019 and US$ 1.5 billion was repaid in November 2021. The 2014 Senior Notes are senior unsecured obligations that are listed on the HKSE, and interest is payable in arrears, quarterly for the floating rate notes and semiannually for the fixed rate notes. In December 2017, the Company issued unsecured fixed rate senior notes with varying maturities for an aggregate principal amount of US$ 7.0 billion (the “2017 Senior Notes”) , of which US$ 0.7 billion was repaid in June 2023. The 2017 Senior Notes are senior unsecured obligations that are listed on the Singapore Stock Exchange, and interest is payable in arrears semiannually. In February 2021, the Company issued unsecured fixed rate senior notes with varying maturities for an aggregate principal amount of US$ 5.0 billion (the “2021 Senior Notes”). The 2021 Senior Notes are senior unsecured obligations that are listed on the Singapore Stock Exchange, and interest is payable in arrears semiannually. The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2023 and 2024: As of March 31, Effective 2023 2024 interest rate RMB RMB (in millions) US$ 700 million 2.800 % notes due 2023 4,800 — 2.90 % US$ 2,250 million 3.600 % notes due 2024 15,410 16,252 3.68 % US$ 2,550 million 3.400 % notes due 2027 17,397 18,352 3.52 % US$ 1,500 million 2.125 % notes due 2031 10,234 10,791 2.20 % US$ 700 million 4.500 % notes due 2034 4,754 5,013 4.60 % US$ 1,000 million 4.000 % notes due 2037 6,807 7,176 4.06 % US$ 1,000 million 2.700 % notes due 2041 6,761 7,129 2.80 % US$ 1,750 million 4.200 % notes due 2047 11,898 12,540 4.25 % US$ 1,500 million 3.150 % notes due 2051 10,206 10,757 3.19 % US$ 1,000 million 4.400 % notes due 2057 6,795 7,161 4.44 % US$ 1,000 million 3.250 % notes due 2061 6,803 7,170 3.28 % Carrying value 101,865 102,341 Unamortized discount and debt issuance costs 665 644 Total principal amounts of unsecured senior notes 102,530 102,985 Less: current portion of principal amounts of unsecured senior ( 4,801 ) ( 16,261 ) Non-current portion of principal amounts of unsecured senior notes 97,729 86,724 21. Unsecured senior notes (Continued) The effective interest rates for the unsecured senior notes include the interest charged on the notes as well as amortization of the debt discounts and debt issuance costs. The unsecured senior notes contain covenants including, among others, limitation on liens, consolidation, merger and sale of the Company’s assets. As of March 31, 2024, the Company is in compliance with all these covenants. In addition, the unsecured senior notes rank senior in right of payment to all of the Company’s existing and future indebtedness expressly subordinated in right of payment to the notes and rank at least equally in right of payment with all of the Company’s existing and future unsecured unsubordinated indebtedness (subject to any priority rights pursuant to applicable law). As of March 31, 2024, the future principal payments for the Company’s unsecured senior notes will be due according to the following schedule: Principal amounts RMB (in millions) Within 1 year 16,261 Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years 18,429 Between 4 to 5 years — Thereafter 68,295 102,985 As of March 31, 2023 and 2024, the fair values of the Company’s unsecured senior notes, based on Level 2 inputs, were US$ 12,523 million (RMB 85,886 million) and US$ 11,999 million (RMB 86,719 million), respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related party transactions | 22. Related party transactions During the years ended March 31, 2022, 2023 and 2024, other than disclosed elsewhere, the Company had the following material related party transactions: Transactions with Ant Group and its affiliates Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Amounts earned by the Company Cloud services revenue (i) 5,536 8,409 8,814 Administrative and support services (i) 1,165 565 807 Annual fee for SME loan business (ii) 708 — — Marketplace software technology services fee and other 2,358 2,831 3,244 9,767 11,805 12,865 Amounts incurred by the Company Payment processing and escrow services fee (iii) 11,824 12,484 13,164 Other amounts incurred (i) 3,542 2,271 3,050 15,366 14,755 16,214 (i) The Company has other commercial arrangements and cost sharing arrangements with Ant Group and its affiliates on various sales and marketing, cloud, and other administrative and support services. 22. Related party transactions (Continued) Transactions with Ant Group and its affiliates (Continued) (ii) Pursuant to the SAPA, the Company entered into software system use and service agreements with Ant Group in 2014, under which the Company would receive annual fees for SME loan business for a term of seven years . In calendar years 2018 to 2021, the Company received or will receive annual fees equal to the amount received in calendar year 2017, which was equal to 2.5 % of the average daily balance of the SME loans made by Ant Group and its affiliates during that year. The annual fee payment by Ant Group in relation to SME loan business was terminated in December 2021. (iii) The Company has a commercial agreement with Alipay whereby the Company receives payment processing and escrow services in exchange for a payment for the services fee, which was recognized in cost of revenue. As of March 31, 2023 and 2024, the Company had certain amounts of cash held in accounts managed by Alipay in connection with the provision of online and mobile commerce and related services for a total amount of RMB 7,080 million and RMB 9,848 million, respectively, which have been classified as cash and cash equivalents on the consolidated balance sheets. Transactions with other investees The Company has commercial arrangements with certain investees of the Company related to cloud services. In connection with these services provided by the Company, RMB 1,826 million, RMB 1,462 million and RMB 984 million were recorded in revenue in the consolidated income statements for the years ended March 31, 2022, 2023 and 2024, respectively. The Company has commercial arrangements with certain investees of the Company related to marketing services. In connection with these services provided to the Company, RMB 976 million, RMB 382 million and RMB 736 million were recorded in cost of revenue and sales and marketing expenses in the consolidated income statements for the years ended March 31, 2022, 2023 and 2024, respectively. The Company has commercial arrangements with certain investees of the Company related to logistics services. In connection with these services provided by the Company, RMB 1,728 million, RMB 1,140 million and RMB 2,540 million were recorded in revenue in the consolidated income statements for the years ended March 31, 2022, 2023 and 2024, respectively. Costs and expenses incurred in connection with these services provided to the Company of RMB 13,120 million, RMB 14,750 million and RMB 14,864 million were recorded in the consolidated income statements for the same periods, respectively. The Company has extended loans to certain investees for working capital and other uses in conjunction with the Company’s investments. As of March 31, 2023 and 2024, the aggregate outstanding balance of these loans was RMB 2,345 million and RMB 2,628 million, respectively, with remaining terms of up to three years and interest rates of up to 10 % per annum as of March 31, 2023 , and remaining terms of up to two years and interest rates of up to 10 % per annum as of March 31, 2024. The Company provided a guarantee for a term loan facility of HK$ 7.7 billion (RMB 7.0 billion) in favor of Hong Kong Cingleot Investment Management Limited (“Cingleot”), a company that is partially owned by the Company, in connection with a logistics center development project at the Hong Kong International Airport. As of March 31, 2023 and 2024, HK$ 5,233 million (RMB 4,581 million) and HK$ 5,233 million (RMB 4,744 million) was drawn down by Cingleot under this facility, respectively. In May 2024, the loan facility was modified to a revolving loan facility and the facility amount was reduced to HK$ 6.5 billion (RMB 5.9 billion). The Company’s ecosystem offers different platforms on which different enterprises operate and the Company believes that all transactions on the Company’s platforms are conducted on terms determined based on normal commercial negotiation with similar unrelated parties. Other than the transactions disclosed above or elsewhere in the consolidated financial statements, the Company has commercial arrangements with other investees and other related parties to provide and receive certain marketing, cloud and other services and products. The amounts relating to these services provided and received represent less than 1 % of the Company’s revenue and total costs and expenses, respectively, for the years ended March 31, 2022, 2023 and 2024. In addition, the Company has made certain acquisitions and equity investments together with related parties from time to time during the years ended March 31, 2022, 2023 and 2024 . The agreements for acquisitions and equity investments were entered into by the parties involved and conducted on fair value basis. The significant acquisitions and equity investments together with related parties are included in Note 4. |
Restricted net assets
Restricted net assets | 12 Months Ended |
Mar. 31, 2024 | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted net assets | 23. Restricted net assets PRC laws and regulations permit payments of dividends by the Company’s subsidiaries incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries incorporated in the PRC are required to annually appropriate 10 % of their net income to the statutory reserve prior to payment of any dividends, unless the reserve has reached 50 % of their respective registered capital. Furthermore, registered share capital and capital reserve accounts are also restricted from distribution. As a result of the restrictions described above and elsewhere under PRC laws and regulations, the Company’s subsidiaries incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company in the form of dividends. The restriction amounted to RMB 316,968 million as of March 31, 2024 . Except for the above or disclosed elsewhere, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries to satisfy any obligations of the Company. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2024 | |
Commitments | |
Commitments | 24. Commitments (a) Capital commitments The Company’s capital commitments primarily relate to capital expenditures contracted for purchase of property and equipment, including the construction of corporate campuses. Total capital commitments contracted but not provided for amounted to RMB 21,924 million and RMB 18,372 million as of March 31, 2023 and 2024 , respectively. The capital expenditures contracted for are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) No later than 1 year 16,826 11,884 Later than 1 year and no later than 5 years 5,092 6,486 More than 5 years 6 2 21,924 18,372 (b) Investment commitments The Company was obligated to pay up to RMB 11,570 million and RMB 11,166 million for business combinations and equity investments under various arrangements as of March 31, 2023 and 2024, respectively. The commitment balance as of March 31, 2023 and 2024 primarily includes the remaining committed capital of certain investment funds. (c) Other commitments The Company also has other commitments including commitments for co-location and bandwidth fees, licensed copyrights and marketing expenses. These commitments are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) No later than 1 year 37,210 40,243 Later than 1 year and no later than 5 years 21,288 21,471 More than 5 years 3,559 4,366 62,057 66,080 24. Commitments (Continued) (c) Other commitments (Continued) As a marketing initiative, the Company entered into a framework agreement with the International Olympic Committee (the “IOC”) and the United States Olympic Committee in January 2017 for a long-term partnership arrangement through 2028. Joining in The Olympic Partner worldwide sponsorship program, the Company has become the official “E-Commerce Services” Partner and “Cloud Services” Partner of the IOC. In addition, the Company has been granted certain marketing rights, benefits and opportunities relating to future Olympic Games and related initiatives, events and activities. The Company committed to provide at least US$ 815 million worth of cash, cloud infrastructure services and cloud computing services, as well as marketing and media support in connection with various Olympic initiatives, events and activities, including the Olympic Games and the Winter Olympic Games through 2028. |
Risks and contingencies
Risks and contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Risks and contingencies | 25. Risks and contingencies (a) The Company is incorporated in the Cayman Islands and considered as a foreign entity under PRC laws. Due to legal restrictions on foreign ownership and investment in, among other areas, value-added telecommunications services, which include the operations of Internet content providers, the Company operates its Internet businesses and other businesses through various contractual arrangements with VIEs that are incorporated and owned by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. The VIEs hold the licenses and approvals that are essential for their business operations in the PRC and the Company has entered into various agreements with the VIEs and their equity holders such that the Company has the right to benefit from their licenses and approvals and generally has control of the VIEs. In the Company’s opinion, the current ownership structure and the contractual arrangements with the VIEs and their equity holders as well as the operations of the VIEs are in substantial compliance with all existing PRC laws, rules and regulations. However, there may be changes and other developments in PRC laws, rules and regulations. Accordingly, the Company gives no assurance that PRC government authorities will not take a view in the future that is contrary to the opinion of the Company. If the current ownership structure of the Company and its contractual arrangements with the VIEs and their equity holders were found to be in violation of any existing or future PRC laws or regulations, the Company’s ability to conduct its business could be impacted and the Company may be required to restructure its ownership structure and operations in the PRC to comply with the changes in the PRC laws which may result in deconsolidation of the VIEs. (b) The PRC market in which the Company operates poses certain macro-economic and regulatory risks and uncertainties. These uncertainties extend to the ability of the Company to operate or invest in online and mobile commerce or other Internet related businesses, representing the principal services provided by the Company, in the PRC. The information and technology industries are highly regulated. Restrictions are currently in place or are unclear regarding what specific segments of these industries foreign owned enterprises, like the Company, may operate. If new or more extensive restrictions were imposed on the segments in which the Company is permitted to operate, the Company could be required to sell or cease to operate or invest in some or all of its current businesses in the PRC. These uncertainties also extend to the PRC’s regulations relating to anti-monopoly and anti-unfair competition. In December 2020, the State Administration for Market Regulation of the PRC (the “SAMR”) commenced an investigation on the Company pursuant to the PRC Anti-monopoly Law. Following the investigation, in April 2021, the SAMR issued an administrative penalty decision of the anti-monopoly investigation into the Company and imposed a fine of RMB 18.2 billion, which was accrued for as of March 31, 2021. The amount had been paid as of March 31, 2022. The SAMR also issued a n administrative guidance, instructing the Company to implement a comprehensive rectification program, and to file a self-assessment and compliance report to the SAMR for three consecutive years. (c) Because of the Company’s equity interest in and close association with Ant Group and overlapping user bases, regulatory developments, litigation or proceedings, media and other reports, whether or not true, and other events that affect Ant Group could also negatively affect customers’, regulators’, investors’ and other third parties’ perception of the Company. In April 2021, Ant Group announced that it would apply to set up a financial holding company to ensure its financial-related businesses are fully regulated. To implement the rectification plan and comply with applicable new measures and rules, Ant Group may be required to spend significant time and resources and make changes to its businesses, which could materially and adversely affect its business operations and growth prospects. In July 2023, PRC regulators announced a RMB 7.07 billion fine for Ant Group, which was also reflected in the Company’s share of results of equity method investees during the year ended March 31, 2024 and Ant Group has completed the related work on the rectification. Changes in Ant Group’s business and future prospects, or speculation of such changes, as well as additional regulatory requirements placed on Ant Group, could in turn have a material adverse effect on the Company. 25. Risks and contingencies (Continued) (d) The Company’s sales, purchase and expense transactions are generally denominated in RMB and a significant portion of the Company’s assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Company in the PRC must be processed through the PBOC or other PRC foreign exchange regulatory bodies and require certain supporting documentation in order to effect the remittance. If the foreign exchange control system prevents the Company from obtaining sufficient foreign currencies to satisfy its currency demands, the Company may not be able to pay dividends in foreign currencies and the Company’s ability to fund its business activities that are conducted in foreign currencies could be adversely affected. (e) In the ordinary course of business, the Company makes strategic investments to increase the service offerings and expand capabilities. The Company continually reviews its investments to determine whether there is a decline in fair value below the carrying value. Fair value of the listed securities is subject to volatility and may be materially affected by market fluctuations. (f) Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, short-term investments, restricted cash and equity securities and other investments. As of March 31, 2023 and 2024, substantially all of the Company’s cash and cash equivalents, restricted cash, short-term investments and other treasury investments were held by major financial institutions located worldwide, including Chinese mainland and Hong Kong S.A.R. If the financial institutions and other issuers of financial instruments held by the Company could become insolvent or if the markets for these instruments could become illiquid as a result of a severe economic downturn, the Company could lose some or all of the value of its investments. (g) During the years ended March 31, 2022, 2023 and 2024, the Company offered a trade assurance program on the international wholesale marketplaces at no charge to the wholesale buyers and sellers. If the wholesale sellers who participate in this program do not deliver the products in their stated specifications to the wholesale buyers on schedule, the Company may compensate the wholesale buyers for their losses on behalf of the wholesale sellers up to a pre-determined amount following a review of each particular case. In turn, the Company will seek a full reimbursement from the wholesale sellers for the prepaid reimbursement amount, yet the Company is exposed to a risk over the collectability of the reimbursement from the wholesale sellers. During the years ended March 31, 2022, 2023 and 2024 , the Company did not incur any material losses with respect to the compensation provided under this program. Given that the maximum compensation for each wholesale seller is pre-determined based on their individual risk assessments by the Company considering their credit profile or other relevant information, the Company determined that the likelihood of material default on the payments are not probable and therefore no provisions have been made in relation to this program. (h) In the ordinary course of business, the Company is from time to time involved in legal proceedings and litigations in relation to disputes relating to trademarks and other intellectual property, among others. In 2017, Beijing Jingdong Shiji Trading Co., Ltd. and Beijing Jingdong 360 E-commerce Co., Ltd. sued Tmall China, Zhejiang Tmall Network Co., Ltd. and Alibaba Group Holding Limited for abuse of dominant market position. The plaintiffs requested the three defendants to cease relevant acts and claimed a substantial amount of damages in the original complaint. In March 2021, the plaintiffs amended their claim to seek higher damages. In December 2023, the Beijing High People’s Court issued a judgment in favor of the plaintiffs, and the Company has appealed the court judgment. As of March 31, 2024, the case is in second-instance stage. The Company has accrued for the potential damages in connection with this lawsuit. Except for the above, there are no legal proceedings and litigations that have in the recent past had, or to the Company’s knowledge, are probable to have, a material impact on the Company’s financial positions, results of operations or cash flows. Except for the above, the Company did not accrue any material loss contingencies in this respect as of March 31, 2023 and 2024. 25. Risks and contingencies (Continued) (i) The Russia-Ukraine conflict has resulted in significant disruptions to supply chains, logistics and business activities in the region that has negatively affected our international commerce business and Cainiao’s international logistics business. The conflict has also caused, and continues to intensify, significant geopolitical tensions in Europe and across the globe. The resulting sanctions imposed are expected to have significant impacts on the economic conditions of the countries and markets targeted by such sanctions, and may have unforeseen, unpredictable secondary effects on global energy prices, supply chains and other aspects of the global economy. The conflict may adversely affect the Company’s business, financial condition and results of operations. (j) The United Nations and a number of countries and jurisdictions, including China, the United States and the EU, have adopted various export control and economic or trade sanction regimes. In particular, the United States government and other governments have increasingly threatened and/or imposed export control, as well as economic trade and other sanctions on a number of China-based companies. In October 2023, the United States Department of Commerce’s Bureau of Industry and Security released additional rules that became effective in November 2023, expanding and strengthening export control measures to further restrict China’s access to advanced computing chips and semiconductor manufacturing equipment. The United States and other countries may impose other and more expansive restrictions on the sales of chips or other technologies to China and China-based companies, including the Company, in future. |
Segment information
Segment information | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment information | 26. Segment information Starting from the year ended March 31, 2024, the CODM started to review information under a new reporting structure. Accordingly, segment reporting has been updated to conform to these changes and segment information has been updated to be presented before elimination of inter-segment transactions. Comparative figures for the years ended March 31, 2022 and 2023 were updated to conform to the segment presentation for the year ended March 31, 2024. In general, revenue, cost of revenue and operating expenses are directly attributable, or are allocated, to each segment. The Company allocates costs and expenses that are not directly attributable to a specific segment, such as those that support infrastructure across different segments, to different segments mainly on the basis of usage, revenue or headcount, depending on the nature of the relevant costs and expenses. The Company does not allocate assets to its segments as the CODM does not evaluate the performance of segments using asset information. The following table presents the summary of adjusted earnings before interest, taxes and amortization (“Adjusted EBITA”) for each segment which is considered as a segment operating performance measure, for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group 192,218 189,140 194,827 Cloud Intelligence Group 3,744 4,101 6,121 Alibaba International Digital Commerce Group ( 8,614 ) ( 4,944 ) ( 8,035 ) Cainiao Smart Logistics Network Limited ( 1,465 ) ( 391 ) 1,402 Local Services Group ( 20,059 ) ( 13,148 ) ( 9,812 ) Digital Media and Entertainment Group ( 5,509 ) ( 2,789 ) ( 1,539 ) All others ( 16,295 ) ( 9,388 ) ( 9,160 ) Total segments Adjusted EBITA (i) 144,020 162,581 173,804 26. Segment information (Continued) The following table presents the reconciliation from the total segments Adjusted EBITA to the consolidated net income for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Total segments Adjusted EBITA 144,020 162,581 173,804 Unallocated (ii) ( 12,672 ) ( 12,143 ) ( 6,190 ) Inter-segment elimination ( 951 ) ( 2,527 ) ( 2,586 ) Share-based compensation expense ( 23,971 ) ( 30,831 ) ( 18,546 ) Amortization and impairment of intangible assets ( 11,647 ) ( 13,504 ) ( 21,592 ) Impairment of goodwill, and others ( 25,141 ) ( 3,225 ) ( 11,540 ) Consolidated income from operations 69,638 100,351 113,350 Interest and investment income, net ( 15,702 ) ( 11,071 ) ( 9,964 ) Interest expense ( 4,909 ) ( 5,918 ) ( 7,947 ) Other income, net 10,523 5,823 6,157 Income tax expenses ( 26,815 ) ( 15,549 ) ( 22,529 ) Share of results of equity method investees 14,344 ( 8,063 ) ( 7,735 ) Consolidated net income 47,079 65,573 71,332 The following table presents the consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights by segment for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group 450 345 464 Cloud Intelligence Group 16,572 16,589 14,335 Alibaba International Digital Commerce Group 593 712 961 Cainiao Smart Logistics Network Limited 733 909 1,254 Local Services Group 137 106 113 Digital Media and Entertainment Group 58 55 45 All others 7,702 7,104 7,278 Total segments depreciation and impairment of property and equipment, 26,245 25,820 24,450 (i) Adjusted EBITA represents net income before interest and investment income, net, interest expense, other income, net, income tax expenses, share of results of equity method investees, share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, and others, which the Company does not believe are reflective of the Company's core operating performance during the periods presented. (ii) Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments. Details of the Company's revenue by segment are set out in Note 5. As substantially all of the Company’s long-lived assets are located in the PRC and substantially all of the Company’s revenue is derived from within the PRC, no geographical information is presented. |
Parent company only condensed f
Parent company only condensed financial information | 12 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent company only condensed financial information | 27. Parent company only condensed financial information The Company performed a test on the restricted net assets of its consolidated subsidiaries and VIEs in accordance with Rule 4-08(e)(3) of Regulation S-X and concluded that it was applicable for the Company to disclose the financial information for the parent company ("Alibaba Group Holding Limited") only. Condensed Balance Sheets As of March 31, 2023 2024 RMB RMB (in millions) Cash and cash equivalents 576 1,114 Amounts due from subsidiaries 99,536 49,096 Prepayments and other assets 868 527 Interest in subsidiaries and VIEs 1,123,451 1,180,705 Total assets 1,224,431 1,231,442 Current unsecured senior notes 4,800 16,252 Amounts due to subsidiaries 103,507 110,867 Accrued and other liabilities 2,009 2,862 Non-current bank borrowings 27,393 28,828 Non-current unsecured senior notes 97,065 86,089 Total liabilities 234,774 244,898 Ordinary shares 1 1 Additional paid-in capital 416,880 397,999 Treasury shares, at cost ( 28,763 ) ( 27,684 ) Subscription receivables ( 49 ) — Statutory reserves 12,977 14,733 Accumulated other comprehensive (loss) income ( 10,417 ) 3,598 Retained earnings 599,028 597,897 Total shareholders’ equity 989,657 986,544 Total liabilities and equity 1,224,431 1,231,442 Condensed Statements of Comprehensive Income For the year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Total cost and expenses ( 444 ) ( 846 ) ( 327 ) Income from subsidiaries and VIEs 63,745 84,000 86,057 Income from operations 63,301 83,154 85,730 Interest expense ( 3,976 ) ( 4,696 ) ( 5,415 ) Other income and expenses 2,634 ( 5,949 ) ( 574 ) Net income 61,959 72,509 79,741 Other comprehensive (loss) income ( 13,616 ) 23,379 14,340 Total comprehensive income 48,343 95,888 94,081 27. Parent company only condensed financial information (Continued) Condensed Statements of Cash Flows Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Net cash (used in) provided by operating activities ( 4,739 ) 71,885 93,308 Cash flows from investing activities: (Advances to and investments in) Repayments from subsidiaries and VIEs, and others ( 20,188 ) ( 12,290 ) 11,838 Net cash (used in) provided by investing activities ( 20,188 ) ( 12,290 ) 11,838 Cash flows from financing activities: Issuance of ordinary shares 109 11 843 Advances from subsidiaries 95,621 15,296 6,195 Repurchase of ordinary shares ( 61,225 ) ( 74,746 ) ( 88,745 ) Dividend distribution — — ( 17,946 ) Repayment of unsecured senior notes ( 9,585 ) — ( 5,013 ) Net cash provided by (used in) financing activities 24,920 ( 59,439 ) ( 104,666 ) Effect of exchange rate changes on cash and cash equivalents ( 36 ) 33 58 (Decrease) Increase in cash and cash equivalents ( 43 ) 189 538 Cash and cash equivalents at the beginning of the year 430 387 576 Cash and cash equivalents at the end of the year 387 576 1,114 For the parent company only condensed financial information, the Company accounted for the investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented on the Condensed Balance Sheets as “Investments in subsidiaries and VIEs” and the shares of profits or losses of the subsidiaries and VIEs are presented as “Income from subsidiaries and VIEs” on the Condensed Statements of Comprehensive Income. During the years ended March 31, 2022, 2023 and 2024, dividends paid to the parent company by the subsidiaries amounted to nil , RMB 75,355 million and RMB 98,174 million, respectively. The parent company did not have significant capital and other commitments, or guarantees as of March 31, 2023 and 2024, except for those disclosed in these consolidated financial statements. Certain information and footnote disclosures generally included in financial statements prepared in accordance with US GAAP have been condensed and omitted in the parent company only condensed financial information. The parent company only condensed financial information is not the general-purpose financial statements of the reporting entity and should be read in conjunction with the consolidated financial statements of the Company. |
Dividends
Dividends | 12 Months Ended |
Mar. 31, 2024 | |
Dividends [Abstract] | |
Dividends | 28. Dividends An annual dividend for the year ended March 31, 2023 of US$ 0.125 per ordinary share or US$ 1.00 per ADS was declared on November 16, 2023 . The annual dividend of RMB 17,946 million was paid during the year ended March 31, 2024. A two-part dividend comprised of (i) an annual dividend for the year ended March 31, 2024 of US$ 0.125 per ordinary share or US$ 1.00 per ADS, and (ii) a one-time extraordinary dividend of US$ 0.0825 per ordinary share or US$ 0.66 per ADS, was declared on May 14, 2024 . No dividend was declared for the year ended March 31, 2022. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Translations of balances in the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income and consolidated statement of cash flows from RMB into the US$ as of and for the year ended March 31, 2024 are solely for the convenience of the readers and are calculated at the rate of US$1.00=RMB 7.2203 , representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 29, 2024 . No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at this rate, or at any other rate. |
Use of estimates | (b) Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Consolidation | (c) Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the PRC-registered entities directly or indirectly owned by the Company (“WFOEs”) and variable interest entities (“VIEs”) over which the Company is the primary beneficiary for accounting purposes only. All transactions and balances among the Company, its subsidiaries and the VIEs have been eliminated upon consolidation. The results of subsidiaries acquired or disposed of are recorded in the consolidated income statements from the effective date of acquisition or up to the effective date of disposal, as appropriate. A subsidiary is an entity in which (i) the Company directly or indirectly controls more than 50% of the voting power; or (ii) the Company has the power to appoint or remove the majority of the members of the board of directors or to cast a majority of votes at the meetings of the board of directors or to govern the financial and operating policies of the investee pursuant to a statute or under an agreement among the shareholders or equity holders. A VIE is required to be consolidated by the primary beneficiary of the entity if the equity holders in the entity do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. Due to legal restrictions on foreign ownership and investment in, among other areas, value-added telecommunications services, which include the operations of Internet content providers, the Company operates its Internet businesses and other businesses in which foreign investment is restricted or prohibited in the PRC through various contractual arrangements with VIEs that are incorporated and owned by PRC citizens or by PRC entities owned and/or controlled by PRC citizens. Specifically, these representative PRC domestic companies are Zhejiang Taobao Network Co., Ltd., Zhejiang Tmall Network Co., Ltd., Hangzhou Ali Venture Capital Co., Ltd., Shanghai Rajax Information Technology Co., Ltd., Alibaba Cloud Computing Ltd. and Alibaba Culture Entertainment Co., Ltd. The registered capital of these PRC domestic companies was funded by the Company through loans extended to the equity holders of these PRC domestic companies. The Company has entered into certain exclusive services agreements with these PRC domestic companies, which entitle it to receive substantially all of the profits of the VIEs. In addition, the Company has entered into certain agreements with the equity holders of these PRC domestic companies, including loan agreements that require them to contribute registered capital to those PRC domestic companies, exclusive call option agreements to acquire the equity interests in these companies when permitted by the PRC laws, rules and regulations, equity pledge agreements of the equity interests held by those equity holders, and proxy agreements that irrevocably authorize individuals designated by the Company to exercise the equity owner’s rights over these PRC domestic companies. 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Details of the typical structure of the Company’s representative VIEs are set forth below: Loan agreements Pursuant to the relevant loan agreements, the respective WFOEs have granted loans to the equity holders of the VIEs, which may only be used for the purpose of its business operation activities agreed by the WFOEs or the acquisition of the relevant VIEs. The WFOEs may require acceleration of repayment at their absolute discretion. When the equity holders of the VIEs make early repayment of the outstanding amount, the WFOEs or a third-party designated by the WFOEs may purchase the equity interests in the VIEs at a price equal to the outstanding amount of the loan, subject to any applicable PRC laws, rules and regulations. The equity holders of the VIEs undertake not to enter into any prohibited transactions in relation to the VIEs, including the transfer of any business, material assets or equity interests in the VIEs to any third party. Exclusive call option agreements The equity holders of the VIEs have granted the WFOEs exclusive call options to purchase their equity interest in the VIEs at an exercise price equal to the higher of (i) the paid-in registered capital in the VIEs; and (ii) the minimum price as permitted by applicable PRC laws. Each relevant VIE has further granted the relevant WFOE an exclusive call option to purchase its assets at an exercise price equal to the book value of the assets or the minimum price as permitted by applicable PRC laws, whichever is higher. Certain VIEs and their equity holders will also jointly grant the WFOEs (A) exclusive call options to request the VIEs to decrease their registered capital at an exercise price equal to the higher of (i) the paid-in registered capital in the VIEs and (ii) the minimum price as permitted by applicable PRC laws (the “Capital Decrease Price”), and (B) exclusive call options to subscribe for any increased capital of the VIEs at a price equal to the Capital Decrease Price, or the sum of the Capital Decrease Price and the unpaid registered capital, if applicable, as of the capital decrease. The WFOEs may nominate another entity or individual to purchase the equity interest or assets, or to subscribe for the increased capital, if applicable, under the call options. Execution of each call option shall not violate the applicable PRC laws, rules and regulations. Each equity holder of the VIE has agreed that the following amounts, to the extent in excess of the original registered capital that they contributed to the VIE (after deduction of relevant tax expenses), belong to and shall be paid to the WFOEs: (i) proceeds from the transfer of its equity interests in the VIE, (ii) proceeds received in connection with a capital decrease in the VIE, and (iii) distributions or liquidation residuals from the disposal of its equity interests in the VIE upon termination or liquidation. Moreover, any profits, distributions or dividends (after deduction of relevant tax expenses) received by the VIEs also belong to and shall be paid to the WFOEs. The exclusive call option agreements remain in effect until the equity interest or assets that are the subject of these agreements are transferred to the WFOEs. Proxy agreements Pursuant to the relevant proxy agreements, the equity holders of the VIEs irrevocably authorize any person designated by the WFOEs to exercise their rights of the equity holders of the VIEs, including without limitation the right to vote and appoint directors. Equity pledge agreements Pursuant to the relevant equity pledge agreements, the equity holders of the VIEs have pledged all of their interests in the equity of the VIEs as a continuing first priority security interest in favor of the corresponding WFOEs to secure the outstanding amounts advanced under the relevant loan agreements described above and to secure the performance of obligations by the VIEs and/or the equity holders under the other structure contracts. Each WFOE is entitled to exercise its right to dispose of the pledged interests in the equity of the VIE held by the equity holders and has priority in receiving payment by the application of proceeds from the auction or sale of the pledged interests, in the event of any breach or default under the loan agreement or other structure contracts, if applicable. These equity pledge agreements remain in force until the later of (i) the full performance of the contractual arrangements by the relevant parties, and (ii) the full repayment of the loans made to the equity holders of the VIEs. 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Exclusive services agreements Each relevant VIE has entered into an exclusive services agreement with the respective WFOE, pursuant to which the relevant WFOE provides exclusive services to the VIE. In exchange, the VIE pays a service fee to the WFOE, the amount of which shall be determined, to the extent permitted by applicable PRC laws as proposed by the WFOE, resulting in a transfer of substantially all of the profits from the VIE to the WFOE. Other arrangements The exclusive call option agreements described above also entitle the WFOEs to all profits, distributions or dividends (after deduction of relevant tax expenses) to be received by the equity holder of the VIEs, and the following amounts, to the extent in excess of the original registered capital that they contributed to the VIEs (after deduction of relevant tax expenses) to be received by each equity holder of the VIEs: (i) proceeds from the transfer of its equity interests in the VIEs, (ii) proceeds received in connection with a capital decrease in the VIEs, and (iii) distributions or liquidation residuals from the disposal of its equity interests in the VIEs upon termination or liquidation. Based on these contractual agreements, the Company believes that the PRC domestic companies as described above should be considered as VIEs because the equity holders do not have significant equity at risk nor do they have the characteristics of a controlling financial interest. Given that the Company is the primary beneficiary of these PRC domestic companies, the Company believes that these VIEs should be consolidated based on the structure as described above. The following financial information of the consolidated VIEs and their subsidiaries was recorded in the accompanying consolidated financial statements: As of March 31, 2023 2024 RMB RMB (in millions) Cash and cash equivalents and short-term investments 24,057 25,825 Investments in equity method investees and equity securities and other 40,597 35,228 Accounts receivable and contract assets, net of allowance 19,023 16,884 Amounts due from non-VIE subsidiaries of the Company 26,863 36,405 Property and equipment, net and intangible assets, net 9,779 11,927 Others 25,207 33,276 Total assets 145,526 159,545 Amounts due to non-VIE subsidiaries of the Company 90,314 99,404 Accrued expenses, accounts payable and other liabilities 39,612 45,634 Deferred revenue and customer advances 14,051 15,586 Total liabilities 143,977 160,624 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Revenue (i) 111,498 112,270 117,686 Net income (loss) 5,944 2,442 ( 3,193 ) Net cash provided by operating activities 19,932 4,378 12,053 Net cash used in investing activities ( 16,710 ) ( 2,044 ) ( 11,772 ) Net cash (used in) provided by financing activities ( 9,904 ) 1,386 5,626 (i) Revenue generated by the VIEs are primarily from cloud services, digital media and entertainment services and others. The VIEs did not have any material related party transactions except for the related party transactions which are disclosed in Note 22 or elsewhere in these consolidated financial statements, and those transactions with other subsidiaries that are not VIEs, which were eliminated upon consolidation. Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs and can have assets transferred out of the VIEs under its control. Therefore, the Company considers that there is no asset in any of the VIEs that can be used only to settle obligations of the VIEs, except for registered capital and PRC statutory reserves. As all VIEs are incorporated as limited liability companies under the Company Law of the corresponding jurisdictions, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Currently, there is no contractual arrangement which requires the Company to provide additional financial support to the VIEs. However, as the Company conducts its businesses primarily based on the licenses and approvals held by its VIEs, the Company has provided and will continue to provide financial support to the VIEs considering the business requirements of the VIEs as well as the Company’s own business objectives in the future. Unrecognized revenue-producing assets held by the VIEs include certain Internet content provision and other licenses, domain names and trademarks. The Internet content provision and other licenses are required under relevant PRC laws, rules and regulations for the operation of Internet businesses in the PRC, and therefore are integral to the Company’s operations. The Internet content provision licenses require that core PRC trademark registrations and domain names are held by the VIEs that provide the relevant services. |
Business combinations and noncontrolling interests | (d) Business combinations and noncontrolling interests The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 “Business Combinations.” The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the acquisition date amounts of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the acquisition date amounts of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated income statements. During the measurement period, which can be up to one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Subsequent to the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any further adjustments are recorded in the consolidated income statements. In a business combination achieved in stages, the Company remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated income statements. 2. Summary of significant accounting policies (Continued) (d) Business combinations and noncontrolling interests (Continued) When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained noncontrolling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary. For the Company’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Company. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the noncontrolling interest is classified as mezzanine equity. The Company accretes changes in the redemption value over the period from the date that it becomes probable that the mezzanine equity will become redeemable to the earliest redemption date using the effective interest method. Consolidated net income in the consolidated income statements includes net income or loss attributable to noncontrolling interests and mezzanine equity holders when applicable. Net income attributable to mezzanine equity holders is included in net loss attributable to noncontrolling interests in the consolidated income statements, while it is excluded from the consolidated statements of changes in shareholders’ equity. During the years ended March 31, 2022, 2023 and 2024, net income attributable to mezzanine equity holders amounted to RMB 188 million, RMB 365 million and RMB 181 million, respectively. The cumulative results of operations attributable to noncontrolling interests, along with adjustments for share-based compensation expense arising from outstanding share-based awards relating to subsidiaries’ shares, are also recorded as noncontrolling interests on the Company’s consolidated balance sheets. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows. |
Segment reporting | (e) Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (the “CODM”), which is comprised of certain members of the Company’s management team. Prior to the year ended March 31, 2024, the Company had seven reportable segments, namely China commerce, International commerce, Local consumer services, Cainiao, Cloud, Digital media and entertainment, and Innovation initiatives and others segments. Starting from the year ended March 31, 2024, the Company has implemented a new organizational and governance structure, which includes six major business groups and various other businesses. Accordingly, the CODM started to review information under a new reporting structure, and segment reporting has been updated to conform to this change. Consequently, the Company presents six reportable segments as set out in Note 26 to reflect the change. |
Foreign currency translation | (f) Foreign currency translation The functional currency of the Company is US$. The Company’s subsidiaries with operations in Chinese mainland, the Hong Kong Special Administrative Region of the PRC (“Hong Kong” or “Hong Kong S.A.R.”), the United States and other jurisdictions generally use their respective local currencies as their functional currencies. When the Company determines that a subsidiary is operating in a highly inflationary economy, the financial statements of this subsidiary shall be remeasured prospectively as if the functional currency were the functional currency of its immediate parent company. The reporting currency of the Company is RMB as the major operations of the Company are within the PRC. The financial statements of the Company’s subsidiaries, other than the subsidiaries with the functional currency of RMB, are translated into RMB using the exchange rate as of the balance sheet date for assets and liabilities and the average daily exchange rate for each month for income and expense items. Translation gains and losses, including those arising from intra-entity foreign currency transactions that are of a long-term-investment nature, are recorded in accumulated other comprehensive income or loss as a component of shareholders’ equity. 2. Summary of significant accounting policies (Continued) (f) Foreign currency translation (Continued) In the financial statements of the Company’s subsidiaries, transactions in currencies other than the functional currency are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. At the balance sheet date, monetary assets and liabilities that are denominated in currencies other than the functional currency are translated into the functional currency using the exchange rate at the balance sheet date. All gains and losses arising from foreign currency transactions are recorded in the consolidated income statements during the year in which they occur. |
Revenue recognition | (g) Revenue recognition Revenue is principally generated from customer management services, membership fees and value-added services, logistics services, cloud services, sales of goods and other revenue. Revenue represents the amount of consideration the Company is entitled to upon the transfer of promised goods or services in the ordinary course of the Company’s activities and is recorded net of value-added tax (“VAT”). Consistent with the criteria of ASC 606 “Revenue from Contracts with Customers”, the Company recognizes revenue when performance obligations are satisfied by transferring control of a promised good or service to a customer. For performance obligations that are satisfied at a point in time, the Company also considers the following indicators to assess whether control of a promised good or service is transferred to the customer: (i) right to payment, (ii) legal title, (iii) physical possession, (iv) significant risks and rewards of ownership and (v) acceptance of the good or service. For performance obligations satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of a performance obligation. For revenue arrangements with multiple distinct performance obligations, each distinct performance obligation is separately accounted for and the total consideration is allocated to each performance obligation based on the relative standalone selling price at contract inception. The Company evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or net basis. The Company is acting as the principal if it obtains control over the goods and services before they are transferred to customers. Generally, when the Company is primarily obligated in a transaction, is subject to inventory risk, has latitude in establishing prices, or has several but not all of these indicators, the Company acts as the principal and revenue is recorded on a gross basis. Generally, when the Company is not primarily obligated in a transaction, does not bear the inventory risk and does not have the ability to establish the price, the Company acts as the agent and revenue is recorded on a net basis. The Company may from time to time provide incentives in various forms to attract or retain consumers. Under the circumstances where consumers are not considered as customers under ASC 606, the Company evaluates the features of different incentives provided to consumers to determine whether they represent implicit or explicit obligations to consumers on behalf of merchants, which are considered as payments to customers and are recorded as reduction of revenues. Incentives that are not considered as payments to customers are recorded as sales and marketing expenses. When services are exchanged or swapped for other services, revenue is recognized based on the estimated standalone selling price of services promised to customer if the fair value of the services received cannot be reasonably estimated. The amount of revenue recognized for barter transactions was not material for each of the periods presented. Practical expedients and exemptions The Company applies the practical expedient to not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less and contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The Company applies the practical expedient to not adjust any of the transaction price for the time value of money for contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer is within one year. 2. Summary of significant accounting policies (Continued) (g) Revenue recognition (Continued) Practical expedients and exemptions (Continued) Revenue recognition policies by type are as follows: (i) Customer management services The Company generates customer management revenue from merchants by offering an integrated package and a comprehensive solution comprised of a diverse array of services to enable them to attract, engage and retain consumers, complete transactions, improve their branding and enhance operating efficiency. The customer management revenue are charged primarily on cost-per-click basis, cost-per-thousand impressions basis, time basis and cost-per-sale basis (e.g., fees charged based on the value of merchandise transacted, including commission on transactions). Cost-per-click ("CPC") marketing services CPC marketing services allow merchants to bid for keywords or bid to market to groups of consumers with similar profiles that match product or service listings appearing in search results or browser results on the Company’s marketplaces. In general, merchants prepay for CPC marketing services and the related revenue is recognized when a user clicks their product or service listings as this is the point of time when the merchants benefit from the marketing services rendered. Cost-per-thousand impressions ("CPM") and time-based marketing services CPM and time-based marketing services allow merchants to place marketing content on the Company’s marketplaces, at fixed prices or prices established by a market-based bidding system and in particular formats. In general, merchants need to prepay for CPM and time-based marketing services which are accounted for as customer advances and revenue is recognized either ratably over the period in which the marketing content is displayed as the merchants simultaneously consume the benefits as the marketing content is displayed or when an marketing content is viewed by users, depending on the type of marketing services selected by the merchants. Cost-per-sale ("CPS") marketing services The Company charges fees from merchants for transactions completed on Taobao, Tmall and certain other major marketplaces of the Company. The fees are generally determined as a percentage based on the value of merchandise sold by the merchants. Merchant deposits that are expected to be non-refundable is accounted for as variable consideration (Note 2(ac)), which is estimated at contract inception and updated at the end of each reporting period if additional information becomes available. Revenue related to CPS marketing services is recognized in the consolidated income statements based on the expected value when the performance obligation is satisfied. Adjustments to the estimated variable consideration related to prior reporting periods were not material for each of the periods presented. The Company also places marketing content through the third-party marketing affiliate program. Revenue generated on the Company’s marketplaces or through the third-party marketing affiliate program are recorded on a gross basis when the Company is the principal to the merchants in the arrangements. For third-party marketing affiliates with whom the Company has an arrangement to share the revenue, traffic acquisition cost is also recognized at the same time if the marketing content on the landing page clicked by the users is from merchants participating in the third-party marketing affiliate program. 2. Summary of significant accounting policies (Continued) (g) Revenue recognition (Continued) (ii) Membership fees and value-added services The Company earns membership fees revenue from wholesale sellers in respect of the sale of membership packages and subscriptions that allow them to host premium storefronts on the Company’s wholesale marketplaces, as well as the provision of other value-added services, and from customers in respect of the sale of membership packages which allow them to access premium content on Youku’s paid content platforms. These service fees are paid in advance for a specific contracted service period. All these fees are initially deferred as deferred revenue and customer advances when received and revenue is recognized ratably over the term of the respective service contracts as the services are provided. (iii) Logistics services The Company earns logistics services revenue from express delivery and supply chain services provided by Cainiao, on-demand delivery services provided by Ele.me and logistics services provided by Lazada. Revenue is recognized over time when the logistics services are provided. (iv) Cloud services The Company earns cloud services revenue from the provision of public cloud services and non-public cloud services to domestic and international enterprise customers: • Public cloud services , where the company generates revenue from a wide range of cloud services, including, among others, elastic computing, storage, network, database, big data and AI computing, security and proprietary servers. Enterprise customers can pay for these services on a consumption or subscription basis, such as on-demand delivery of computing services and storage capacities. Certain cloud services allow customers to use hosted software over the contract period without taking possession of the software. Revenue related to cloud services charged on a subscription basis is recognized ratably over the contract period. Revenue related to cloud services charged on a consumption basis, such as the quantity of storage or elastic computing services used in a period, is recognized based on the customer utilization of the resources. • Non-public cloud services , where the company generates revenue through packaged cloud services, including hardware, software license, software installation service, application development and maintenance service. Each distinct performance obligation identified is separately accounted for and the total consideration is allocated to each performance obligation based on the relative standalone selling prices at contract inception. Revenue for each performance obligation is recognized when the control of the promised goods or services is transferred to the customer. (v) Sales of goods Revenue from the sales of goods is mainly generated from Sun Art, Tmall Supermarket, Freshippo and Alibaba Health's direct sales businesses. Revenue from the sales of goods is recognized when the control over the promised goods is transferred to customers. Receipts of fees in respect of all other incidental goods or services provided by the Company that are distinct performance obligations are recognized when the control of the underlying goods or services is transferred to the customers. The amounts relating to these incidental services are not material to the Company’s total revenue for each of the periods presented. |
Cost of revenue | (h) Cost of revenue Cost of revenue consists primarily of cost of inventories, logistics costs, expenses associated with the operation of the Company’s mobile platforms and websites (such as depreciation and maintenance expenses for servers and computers, call centers and other equipment, and bandwidth and co-location fees), staff costs and share-based compensation expense, traffic acquisition costs, content costs, payment processing fees and other related incidental expenses that are directly attributable to the Company’s principal operations. 2. Summary of significant accounting policies (Continued) |
Product development expenses | (i) Product development expenses Product development expenses consist primarily of staff costs and share-based compensation expense for research and development personnel and other expenses that are directly attributable to the development of new technologies and products for the businesses of the Company, such as the development of the Internet infrastructure, applications, operating systems, software, databases and networks. The Company expenses all costs that are incurred in connection with the planning and implementation phases of development and costs that are associated with repair or maintenance of the existing websites or the development of software and website content. Costs incurred in the development phase are capitalized and amortized over the estimated product life. However, as the amount of costs qualified for capitalization has been insignificant, all website and software development costs have been expensed as incurred. |
Sales and marketing expenses | (j) Sales and marketing expenses Sales and marketing expenses consist primarily of online and offline advertising expenses, promotion expenses, staff costs and share-based compensation expense, sales commissions and other related incidental expenses that are incurred directly to attract or retain consumers and merchants. The Company expenses the costs of producing advertisements at the time production occurs, and expenses the costs of delivering advertisements in the period in which the advertising space or airtime is used. Advertising and promotional expenses totaled RMB 91,103 million, RMB 76,818 million and RMB 88,217 million during the years ended March 31, 2022, 2023 and 2024 , respectively. |
Share-based compensation | (k) Share-based compensation Share-based awards granted are measured at fair value on grant date and the value is recognized as share-based compensation expense (i) immediately at the grant date if no vesting conditions are required, or (ii) using the accelerated attribution method, net of estimated forfeitures, over the requisite service period. The fair values of restricted share units (“RSUs”) and restricted shares are determined with reference to the fair value of the underlying shares and the fair value of share options is generally determined using the Black-Scholes valuation model. Share-based compensation expense, when recognized, is charged to the consolidated income statements with the corresponding entry to additional paid-in capital, liability or noncontrolling interests as disclosed in Note 2(d). On each measurement date, the Company reviews internal and external sources of information to assist in the estimation of various attributes to determine the fair value of the share-based awards, including the fair value of the underlying shares, expected life and expected volatility. The Company recognizes the impact of any revisions to the original forfeiture rate assumptions in the consolidated income statements, with a corresponding adjustment to equity or liability. |
Other employee benefits | (l) Other employee benefits The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. The relevant labor regulations require the Company’s subsidiaries in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the Company’s subsidiaries in the PRC have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. The Company also makes payments to other defined contribution plans and defined benefit plans for the benefit of employees employed by subsidiaries outside of the PRC. During the years ended March 31, 2022, 2023 and 2024, contributions to the plans amounting to RMB 13,086 million, RMB 13,953 million and RMB 14,190 million, respectively, were charged to the consolidated income statements. Amounts contributed to defined benefit plans during the years ended March 31, 2022, 2023 and 2024 were insignificant. 2. Summary of significant accounting policies (Continued) |
Income taxes | (m) Income taxes The Company accounts for income taxes using the liability method, under which deferred income tax is recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax of a change in tax rates is recognized as income or expense in the period that includes the enactment date. Valuation allowance is provided on deferred tax assets to the extent that it is more likely than not that the asset will not be realizable in the foreseeable future. Deferred tax is recognized on the undistributed earnings of subsidiaries, which are presumed to be distributed to parent companies, unless there is sufficient evidence that the subsidiaries have invested or will invest the undistributed earnings permanently in the domestic jurisdictions or the earnings will not be subject to tax upon the subsidiaries’ liquidation. Deferred tax is recognized for temporary differences in relation to certain investments in equity method investees, equity securities and other investments. The Company adopts ASC 740 “Income Taxes” which prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on derecognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods and income tax disclosures. The Company did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of and for the years ended March 31, 2022, 2023 and 2024 . |
Government grants | (n) Government grants Government grants, which mainly represent amounts received from central and local governments in connection with the Company’s investments in local business districts and contributions to technology development, are recognized as income in other income, net or as a reduction of specific costs and expenses for which the grants are intended to compensate. Such amounts are recognized in the consolidated income statements upon receipt and when all conditions attached to the grants are fulfilled. For the years ended March 31, 2022, 2023 and 2024, government grants recorded as a reduction of specific costs and expenses were RMB 6,028 million, RMB 5,889 million and RMB 5,705 million, respectively. For the years ended March 31, 2022, 2023 and 2024, government grants recorded as other income, net were RMB 1,661 million, RMB 1,857 million and RMB 1,329 million, respectively. As of March 31, 2023 and 2024, government grants recorded as other liabilities were RMB 1,687 million and RMB 1,540 million, respectively. Government grants related to assets are recognized as a reduction of the carrying amount of the related asset when all conditions attached to the grants are fulfilled and are recognized in the consolidated income statements as a reduction of related depreciation or amortization expense over the estimated useful live of the related asset on a straight-line method. In April 2022, the Company adopted ASU 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance”, which provides guidance on the disclosure of transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The adoption of this guidance did not have a material impact on the financial position, results of operations and cash flows. |
Leases | (o) Leases The Company determines if an arrangement is a lease at inception. Leases that transfer substantially all of the benefits and risks incidental to the ownership of assets are accounted for as finance leases as if there was an acquisition of an asset and incurrence of an obligation at the inception of the lease. All other leases are accounted for as operating leases. The Company has no significant finance leases. 2. Summary of significant accounting policies (Continued) (o) Leases (Continued) The Company recognizes lease liabilities and corresponding right-of-use assets on the balance sheet for leases. Operating lease right-of-use assets are included in non-current prepayments, receivables and other assets (Note 13), and operating lease liabilities are included in current accrued expenses, accounts payable and other liabilities and other non-current liabilities (Note 19) on the consolidated balance sheets. Operating lease right-of-use assets and operating lease liabilities are initially recognized based on the present value of future lease payments at lease commencement. The operating lease right-of-use asset also includes any lease payments made prior to lease commencement and the initial direct costs incurred by the lessee and is recorded net of any lease incentives received. As the interest rates implicit in most of the leases are not readily determinable, the Company uses the incremental borrowing rates based on the information available at lease commencement to determine the present value of the future lease payments. Operating lease expenses are recognized on a straight-line basis over the term of the lease. The Company elected to combine the lease and non-lease components for leases of certain asset classes such as shops and malls and equipment leases. Lease and non-lease components for leases of other asset classes are accounted for separately. The Company also elected not to recognize short-term leases with an initial lease term of twelve months or less. |
Cash and cash equivalents | (p) Cash and cash equivalents The Company considers all short-term, highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. Cash and cash equivalents primarily represent bank deposits and fixed deposits with original maturities of less than three months. |
Short-term investments | (q) Short-term investments Short-term investments consist primarily of investments in fixed deposits with original maturities between three months and one year and certain investments in wealth management products, certificates of deposits, marketable debt securities and other investments that the Company has the intention to redeem within one year. |
Accounts receivable | (r) Accounts receivable Accounts receivable represent the amounts that the Company has an unconditional right to consideration. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivable amounts which is estimated using the approach based on expected losses. The allowance for doubtful accounts were RMB 6,174 million and RMB 8,042 million as of March 31, 2023 and 2024 , respectively. The Company’s estimation of allowance for doubtful accounts considers factors such as historical credit loss experience, age of receivable balances, current market conditions, reasonable and supportable forecasts of future economic conditions, as well as an assessment of receivables due from specific identifiable counterparties to determine whether these receivables are considered at risk or uncollectible. The Company assesses collectibility by pooling receivables that have similar risk characteristics and evaluates receivables individually when specific receivables no longer share those risk characteristics. For receivables evaluated individually, when it is determined that foreclosure is probable or when the debtor is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. |
Inventories | (s) Inventories Inventories mainly consist of merchandise available for sale. They are accounted for using the weighted average cost method and stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. 2. Summary of significant accounting policies (Continued) |
Equity securities and other investments | (t) Equity securities and other investments Equity securities and other investments represent the Company’s investments in equity securities that are not accounted for under the equity method, as well as other investments which primarily consist of debt investments. (i) Equity securities Equity securities not accounted for using the equity method are carried at fair value with unrealized gains and losses recorded in the consolidated income statements, according to ASC 321 “Investments — Equity Securities”. The Company elected to record a majority of equity investments in privately held companies using the measurement alternative at cost, less impairment, with subsequent adjustments for observable price changes resulting from orderly transactions for identical or similar investments of the same issuer. Equity investments in privately held companies accounted for using the measurement alternative are subject to periodic impairment reviews. The Company’s impairment analysis considers both qualitative and quantitative factors that may have a significant effect on the fair value of these equity securities. In computing realized gains and losses on equity securities, the Company determines cost based on amounts paid using the average cost method. Dividend income is recognized when the right to receive the payment is established. (ii) Debt investments Debt investments consist of investments in debt securities and loan investments wh ich are accounted for at amortized cost or under the fair value option, which the Company has elected for certain investments including convertible and exchangeable bonds subscribed. The fair value option permits the irrevocable election on an instrument-by-instrument basis at initial recognition or upon an event that gives rise to a new basis of accounting for that instrument. The investments accounted for under the fair value option are carried at fair value with unrealized gains and losses recorded in the consolidated income statements. Interest income from debt investments is recognized using the effective interest method which is reviewed and adjusted periodically based on changes in estimated cash flows. Debt investments also include other treasury investments which mainly consist of investments in fixed deposits, certificates of deposits and marketable debt securities with original maturities over one year for treasury purposes . The remaining maturities of these treasury investments held by the Company generally range from one to three years. |
Investments in equity method investees | (u) Investments in equity method investees The Company applies the equity method to account for equity investments in common stock or in-substance common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest, unless the fair value option is elected for an investment. An investment in in-substance common stock is an investment in an entity that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Company considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to an investment in that entity’s common stock. 2. Summary of significant accounting policies (Continued) (u) Investments in equity method investees (Continued) Under the equity method, the Company’s share of the post-acquisition profits or losses of the equity method investee is recognized in the consolidated income statements and its share of post-acquisition movements in accumulated other comprehensive income is recognized in other comprehensive income. The Company records its share of the results of the equity method investees on a one quarter in arrears basis. The excess of the carrying amount of the investment over the underlying equity in net assets of the equity method investee generally represents goodwill and intangible assets acquired. When the Company’s share of losses of the equity method investee equals or exceeds its interest in the equity method investee, the Company does not recognize further losses, unless the Company has incurred obligations or made payments or guarantees on behalf of the equity method investee. The Company continually reviews its investments in equity method investees to determine whether a decline in fair value below the carrying value is other-than-temporary. The primary factors the Company considers in its determination include the severity and the length of time that the fair value of the investment is below its carrying value; the financial condition, the operating performance and the prospects of the equity method investee; the geographic region, market and industry in which the equity method investee operates ; and other company specific information such as recent financing rounds completed by the equity method investee. If the decline in fair value is deemed to be other-than-temporary, the carrying value of the investment in the equity method investee is written down to its fair value. |
Property and equipment, net | (v) Property and equipment, net Property and equipment are stated at cost less accumulated depreciation and any impairment loss. Depreciation is computed using the straight-line method with no residual value based on the estimated useful lives of the various classes of assets, which range as follows: Computer equipment and software 3 – 5 years Furniture, office and transportation equipment and others 3 – 10 years Buildings and other property 10 – 50 years Property improvements shorter of remaining lease period or estimated useful life Construction in progress represents buildings and related premises under construction, which is stated at actual construction cost less any impairment loss. Construction in progress is transferred to the respective category of property and equipment when completed and ready for its intended use. Costs of repairs and maintenance are expensed as incurred and asset improvements are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated income statements. 2. Summary of significant accounting policies (Continued) |
Intangible assets other than licensed copyrights | (w) Intangible assets other than licensed copyrights Intangible assets mainly include those acquired through business combinations and purchased intangible assets. Intangible assets acquired through business combinations are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets arising from business combinations are measured at fair value upon acquisition using valuation techniques such as discounted cash flow analysis and ratio analysis with reference to comparable companies in similar industries under the income approach, market approach and cost approach. Major assumptions used in determining the fair value of these intangible assets include future growth rates and weighted average cost of capital. Purchased intangible assets are initially recognized and measured at cost upon acquisition. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: User base and customer relationships 3 – 16 years Trade names, trademarks and domain names 5 – 20 years Developed technology and patents 2 – 10 years Non-compete agreements over the contracted term of up to 10 years |
Licensed copyrights | (x) Licensed copyrights Licensed copyrights related to titles to movies, television series, variety shows, animations and other video content acquired from external parties are carried at the lower of unamortized cost or fair value. The amortization period for the licensed content vary depending on the type of content, which typically ranges from six months to ten years . Licensed copyrights are presented on the consolidated balance sheets as current assets under prepayments, receivables and other assets, or non-current assets under intangible assets, net, based on estimated time of usage. Licensed copyrights are generally amortized using an accelerated method based on historical viewership consumption patterns. Estimates of the consumption patterns for licensed copyrights are reviewed periodically and revised if necessary. For the years ended March 31, 2022, 2023 and 2024, amortization expenses in connection with the licensed copyrights of RMB 8,610 million, RMB 8,446 million and RMB 8,361 million were recorded in cost of revenue within Digital Media and Entertainment Group. On a periodic basis, the Company evaluates the program usefulness of licensed copyrights pursuant to the guidance in ASC 920 “Entertainment — Broadcasters”, which provides that the rights be reported at the lower of unamortized cost or fair value. When there is a change in the expected usage of licensed copyrights, the Company estimates the fair value of licensed copyrights to determine if any impairment exists. The fair value of licensed copyrights is determined by estimating the expected cash flows from advertising and membership fees, less any costs and expenses, over the remaining useful lives of the licensed copyrights at the film-group level. Estimates that impact these cash flows include anticipated levels of demand for the Company’s advertising services and the expected selling prices of advertisements. For the years ended March 31, 2022, 2023 and 2024 , impairment charges in connection with the licensed copyrights of RMB 745 million, RMB 1,133 million and nil were recorded in cost of revenue within Digital Media and Entertainment Group. |
Goodwill | (y) Goodwill Goodwill represents the excess of the purchase consideration over the acquisition date amounts of the identifiable tangible and intangible assets acquired and liabilities assumed from the acquired entity as a result of the Company’s acquisitions of interests in its subsidiaries. Goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In accordance with ASC 350, the Company may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors such as macroeconomic conditions, industry and market considerations, overall financial performance of the reporting unit, and other specific information related to the operations, business plans and strategies of the reporting unit. Based on the qualitative assessment, if it is more likely than not that the fair value of a reporting unit is less than the carrying amount, the quantitative impairment test is performed. The Company may also bypass the qualitative assessment and proceed directly to perform the quantitative impairment test. 2. Summary of significant accounting policies (Continued) (y) Goodwill (Continued) The Company performs the quantitative impairment test by comparing the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, goodwill is not considered to be impaired. If the carrying amount of a reporting unit exceeds its fair value, the amount by which the carrying amount exceeds the reporting unit’s fair value is recognized as impairment. Application of a goodwill impairment test requires significant management judgment, including the identification of reporting units, allocation of assets, liabilities and goodwill to reporting units, and determination of the fair value of each reporting unit. |
Impairment of long-lived assets other than goodwill and licensed copyrights | (z) Impairment of long-lived assets other than goodwill and licensed copyrights The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the future undiscounted net cash flows expected to be generated by the asset or asset group. If the assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets or asset groups exceeds the fair value of the assets or asset groups. Impairment of long-lived assets other than goodwill and licensed copyrights recognized for the years ended March 31, 2022, 2023 and 2024 was RMB 973 million, RMB 1,922 million and RMB 14,847 million, respectively. |
Derivatives and hedging | (aa) Derivatives and hedging All contracts that meet the definition of a derivative are recognized on the consolidated balance sheets as either assets or liabilities and recorded at fair value. Changes in the fair value of derivatives are either recognized periodically in the consolidated income statements or in other comprehensive income depending on the use of the derivatives and whether they qualify for hedge accounting and are so designated as cash flow hedges, fair value hedges or net investment hedges. To qualify for hedge accounting, the hedge relationship is designated and formally documented at inception, detailing the particular risk management objective and strategy for the hedge (which includes the item and risk that is being hedged), the derivative that is being used and how hedge effectiveness is being assessed. A derivative has to be effective in accomplishing the objective of offsetting either changes in fair value or cash flows for the risk being hedged. The effectiveness of the hedging relationship is evaluated on a prospective and retrospective basis using qualitative and quantitative measures of correlation. Qualitative methods may include comparison of critical terms of the derivative to those of the hedged item. Quantitative methods include a comparison of the changes in the fair value or discounted cash flow of the hedging instrument to that of the hedged item. A hedging relationship is considered initially effective if the results of the hedging instrument are within a ratio of 80 % to 125 % of the results of the hedged item. Interest rate swaps Interest rate swaps designated as hedging instruments to hedge against the cash flows attributable to recognized assets or liabilities or forecasted payments may qualify as cash flow hedges. The Company entered into interest rate swap contracts to swap floating interest payments related to certain borrowings for fixed interest payments to hedge the interest rate risk associated with certain forecasted payments and obligations. All changes in the fair value of interest rate swaps that are designated and qualify as cash flow hedges are recognized in accumulated other comprehensive income. Amounts in accumulated other comprehensive income are reclassified into earnings in the same period during which the hedged forecasted transaction affects earnings. The Company has elected the optional expedients under ASC 848 “Reference Rate Reform” for certain existing interest rate swaps that are designated as cash flow hedges in the hedging relationship designation and the assessment of probability of forecasted transaction and hedge effectiveness. 2. Summary of significant accounting policies (Continued) |
Bank borrowing and unsecured senior notes | (ab) Bank borrowings and unsecured senior notes Bank borrowings and unsecured senior notes are recognized initially at fair value, net of upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees. Upfront fees, debt discounts or premiums, debt issuance costs and other incidental fees are recorded as a reduction of the proceeds received and the related accretion is recorded as interest expense in the consolidated income statements over the estimated term of the facilities using the effective interest method. |
Merchant deposits | (ac) Merchant deposits The Company collects deposits representing an annual upfront service fee from merchants on Tmall before the beginning of each calendar year. These deposits are initially recorded as a liability by the Company. The deposits are refundable to a merchant if the level of sales volume that is generated by that merchant on Tmall meets the target during the period. If the transaction volume target is not met at the end of each calendar year, the relevant deposits will become non-refundable. These merchant deposits are accounted for as variable consideration at an amount that is estimated at contract inception. The estimate is updated at the end of each reporting period and when there are changes in circumstances during the reporting period. Merchant deposits are recognized as revenue in the consolidated income statements when the likelihood of refund to the merchant is considered remote based on the patterns of sales volume generated by the merchant during the reporting period. |
Deferred revenue and customer advances | (ad) Deferred revenue and customer advances Deferred revenue and customer advances generally represent cash received from customers that relate to goods or services to be provided in the future. Deferred revenue, mainly relating to membership fees and cloud services revenue, is stated at the amount of service fees received less the amount previously recognized as revenue upon the provision of the respective services to customers. |
Commitments and contingencies | (ae) Commitments and contingencies In the normal course of business, the Company is subject to contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters. Liabilities for the contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Certain conditions may exist as of the date the consolidated financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses these contingent liabilities, which inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in legal proceedings, the Company, in consultation with its legal counsel, evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, the estimated liability would be accrued in the consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, or is probable but cannot be estimated, the nature of the contingent liability, together with an estimate of the range of the reasonably possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. |
Treasury shares | (af) Treasury shares The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury shares account on the consolidated balance sheets. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital and retained earnings. 2. Summary of significant accounting policies (Continued) |
Statutory reserves | (ag) Statutory reserves In accordance with the relevant regulations and their articles of association, subsidiaries of the Company incorporated in the PRC are required to allocate at least 10 % of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50 % of the relevant subsidiary’s registered capital. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the respective board of directors of the subsidiaries. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances or cash dividends. During the years ended March 31, 2022, 2023 and 2024 , appropriations to the general reserve amounted to RMB 2,492 million, RMB 3,138 million and RMB 1,756 million, respectively. No appropriations to the enterprise expansion fund and staff welfare and bonus fund have been made by the Company. |
Interest income | (ah) Interest income Interest income is recorded in the consolidated income statements as it accrues for the interest-earning assets using the effective interest method. During the years ended March 31, 2022, 2023 and 2024 , interest income of RMB 13,602 million, RMB 16,339 million and RMB 24,868 million, respectively, were recorded in interest and investment income, net in the consolidated income statements. |
Newly adopted accounting standard updates | (ai) Newly adopted accounting standard updates In April 2022, the Company adopted ASU 2020-06, “Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”, which simplifies an issuer’s accounting for certain convertible instruments and the application of derivatives scope exception for contracts in an entity’s own equity. This guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and required enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The adoption of this guidance did not have a material impact on the financial position, results of operations and cash flows. In April 2023, the Company adopted ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”, which provides guidance on the acquirer’s accounting for acquired revenue contracts with customers in a business combination. The amendments require an acquirer recognizes and measures contract assets and contract liabilities acquired in a business combination at the acquisition date in accordance with ASC 606 as if it had originated the contracts. This guidance also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination. The Company adopted this guidance prospectively and the adoption of this guidance did not have a material impact on the financial position, results of operations and cash flows. In April 2023, the Company adopted ASU 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”, which require a buyer in a supplier finance program disclose qualitative and quantitative information about the supplier finance program. Rollforward information is effective for the Company for the year ending March 31, 2025. Details of the key terms of the program and the outstanding obligations confirmed as valid are set out in Note 19. |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of financial information of the Consolidated VIEs and their subsidiaries | The following financial information of the consolidated VIEs and their subsidiaries was recorded in the accompanying consolidated financial statements: As of March 31, 2023 2024 RMB RMB (in millions) Cash and cash equivalents and short-term investments 24,057 25,825 Investments in equity method investees and equity securities and other 40,597 35,228 Accounts receivable and contract assets, net of allowance 19,023 16,884 Amounts due from non-VIE subsidiaries of the Company 26,863 36,405 Property and equipment, net and intangible assets, net 9,779 11,927 Others 25,207 33,276 Total assets 145,526 159,545 Amounts due to non-VIE subsidiaries of the Company 90,314 99,404 Accrued expenses, accounts payable and other liabilities 39,612 45,634 Deferred revenue and customer advances 14,051 15,586 Total liabilities 143,977 160,624 2. Summary of significant accounting policies (Continued) (c) Consolidation (Continued) Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Revenue (i) 111,498 112,270 117,686 Net income (loss) 5,944 2,442 ( 3,193 ) Net cash provided by operating activities 19,932 4,378 12,053 Net cash used in investing activities ( 16,710 ) ( 2,044 ) ( 11,772 ) Net cash (used in) provided by financing activities ( 9,904 ) 1,386 5,626 (i) Revenue generated by the VIEs are primarily from cloud services, digital media and entertainment services and others. |
Schedule of estimated useful lives of property and equipment | Depreciation is computed using the straight-line method with no residual value based on the estimated useful lives of the various classes of assets, which range as follows: Computer equipment and software 3 – 5 years Furniture, office and transportation equipment and others 3 – 10 years Buildings and other property 10 – 50 years Property improvements shorter of remaining lease period or estimated useful life |
Schedule of estimated useful lives of identifiable intangible assets other than licensed copyrights | Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows: User base and customer relationships 3 – 16 years Trade names, trademarks and domain names 5 – 20 years Developed technology and patents 2 – 10 years Non-compete agreements over the contracted term of up to 10 years |
Significant mergers and acqui_2
Significant mergers and acquisitions and investments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Acquisition | |
Schedule of the allocation of the purchase price as of the date of acquisition | Acquisitions that constitute business combinations are summarized in the following table: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Net assets 852 1 28 Identifiable intangible assets 1,000 285 602 Deferred tax liabilities ( 170 ) ( 68 ) ( 199 ) 1,682 218 431 Noncontrolling interests and mezzanine equity ( 1,884 ) ( 38 ) ( 98 ) Net identifiable (liabilities) assets ( 202 ) 180 333 Goodwill 3,283 583 1,782 Total purchase consideration 3,081 763 2,115 Fair value of previously held equity interests ( 31 ) — — Purchase consideration settled ( 2,671 ) ( 481 ) ( 2,038 ) Deferred consideration as of year end 379 282 77 Total purchase consideration is comprised of: - cash consideration 3,050 763 2,115 - fair value of previously held equity interests 31 — — 3,081 763 2,115 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenues [Abstract] | |
Schedule of revenue by segment | Revenue by segment is as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group: China commerce retail (i) - Customer management 316,029 291,541 304,009 - Direct sales and others (ii) 96,795 103,811 110,405 412,824 395,352 414,414 China commerce wholesale (iii) 17,106 17,854 20,479 Total Taobao and Tmall Group 429,930 413,206 434,893 Cloud Intelligence Group (iv) 102,016 103,497 106,374 Alibaba International Digital Commerce Group: International commerce retail (v) 43,679 50,933 81,654 International commerce wholesale (vi) 18,506 19,573 20,944 Total Alibaba International Digital Commerce Group 62,185 70,506 102,598 Cainiao Smart Logistics Network Limited (vii) 66,808 77,512 99,020 Local Services Group (viii) 44,890 50,249 59,802 Digital Media and Entertainment Group (ix) 18,105 18,444 21,145 All others (x) 189,543 197,115 192,331 Total segment revenue 913,477 930,529 1,016,163 Unallocated 1,556 866 1,297 Inter-segment elimination (xi) ( 61,971 ) ( 62,708 ) ( 76,292 ) Consolidated revenue 853,062 868,687 941,168 (i) Revenue from China commerce retail is primarily generated from China commerce retail business and includes primarily revenue from customer management services and sales of goods. (ii) Revenue from direct sales and others under China commerce retail is primarily generated from direct sales businesses, comprising mainly Tmall Supermarket and Tmall Global and primarily consists of revenue from sales of goods. (iii) Revenue from China commerce wholesale is primarily generated from 1688.com and includes revenue from membership fees and related value-added services and customer management services. (iv) Revenue from Cloud Intelligence Group is primarily generated from the provision of cloud services, which include public cloud services and non-public cloud services. (v) Revenue from International commerce retail is primarily generated from AliExpress, Trendyol and Lazada and includes revenue from customer management services, sales of goods and logistics services. (vi) Revenue from International commerce wholesale is primarily generated from Alibaba.com and includes revenue from membership fees and related value-added services and customer management services. (vii) Revenue from Cainiao represents logistics services revenue from the domestic and cross-border fulfillment services. (viii) Revenue from Local Services Group primarily represents platform commissions, logistics services revenue from the provision of on-demand delivery services and revenue from other services provided by Ele.me, and revenue from software and technology services provided by Amap. 5. Revenue (Continued) (ix) Revenue from Digital Media and Entertainment Group is primarily generated from Youku and Alibaba Pictures, and includes revenue from membership fees, content investment income, customer management services and ticketing services. (x) Revenue from All others represented revenue from businesses including Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform, Fliggy, DingTalk and other businesses. The majority of revenue within All others consist of direct sales revenue, which is recorded on a gross basis. (xi) Inter-segment elimination consisted of revenue primarily fro m Cloud Intelligence Group and Cainiao. (xii) For the year ended March 31, 2024, as a result of the change in segment reporting (Note 26), the Company reclassified revenue by segment. Figures for the years ended March 31, 2022 and 2023 were reclassified to conform to this presentation. |
Schedule of revenue by type | Revenue by type is as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Customer management services (i) 379,999 355,144 386,571 Membership fees and value-added services 35,739 40,078 41,956 Logistics services 71,279 89,214 114,073 Cloud services 74,123 76,648 76,459 Sales of goods 255,171 271,016 283,273 Other revenue (ii) 36,751 36,587 38,836 853,062 868,687 941,168 (i) Customer management services mainly include CPC , CPM, time-based and CPS marketing services . (ii) Other revenue includes revenue from self-developed online games, other value-added services provided through various platforms and businesses. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Lessee Disclosure [Abstract] | |
Summary of components of operating lease cost | Components of operating lease cost are as follows: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Operating lease cost 10,982 10,802 10,752 Variable lease cost 837 672 655 Total operating lease cost 11,819 11,474 11,407 |
Summary of future lease payments under operating leases | Future lease payments under operating leases as of March 31, 2024 are as follows: Amounts RMB (in millions) For the year ending March 31, 2025 7,297 2026 5,875 2027 5,034 2028 4,320 2029 3,687 Thereafter 18,429 44,642 Less: imputed interest ( 9,804 ) Total operating lease liabilities (Note 19) 34,838 |
Income tax expenses (Tables)
Income tax expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of composition of income tax expenses | Composition of income tax expenses Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Current income tax expense 28,184 17,266 27,792 Deferred taxation ( 1,369 ) ( 1,717 ) ( 5,263 ) 26,815 15,549 22,529 |
Schedule of composition of deferred tax assets and liabilities | Composition of deferred tax assets and liabilities As of March 31, 2023 2024 RMB RMB (in millions) Deferred tax assets Licensed copyrights 4,438 5,527 Tax losses carried forward and others (i) 47,586 52,410 52,024 57,937 Valuation allowance (ii) ( 36,530 ) ( 46,576 ) Total deferred tax assets 15,494 11,361 Deferred tax liabilities Identifiable intangible assets ( 18,751 ) ( 14,176 ) Withholding tax on undistributed earnings (iii) ( 8,170 ) ( 8,170 ) Equity method investees and others (iv) ( 34,824 ) ( 30,666 ) Total deferred tax liabilities ( 61,745 ) ( 53,012 ) Net deferred tax liabilities ( 46,251 ) ( 41,651 ) (i) Others primarily represents deferred tax assets for share-based awards, investments in equity method investees, equity securities and other investments, as well as accrued expenses which are not deductible until paid under PRC tax laws. (ii) Change in valuation allowances is mainly from the valuation allowances provided on the deferred tax assets related to the tax losses carried forward due to the uncertainty surrounding their realization. Valuation allowances are also provided on the deferred tax assets related to the investment in certain equity securities and other investments. If events occur in the future that improve the certainty of realization, an adjustment to the valuation allowances will be made and consequently income tax expenses will be reduced. (iii) The related deferred tax liabilities as of March 31, 2023 and 2024 were provided on the assumption that substantially all of the distributable earnings of PRC subsidiaries will be distributed as dividends, except for those undistributed earnings that the Company intends to invest indefinitely in the PRC which amounted to RMB 233.6 billion and RMB 304.7 billion, respectively. (iv) Deferred tax liabilities for investments in equity method investees mainly includes the deferred tax effect on the gain in relation to the receipt of the 33 % equity interest in Ant Group of RMB 19.7 billion. Others primarily represents deferred tax liabilities for investments in equity securities and other investments. |
Schedule of reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company | Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions, except per share data) Income before income tax and share of result of equity method 59,550 89,185 101,596 Income tax computed at statutory EIT rate ( 25 %) 14,888 22,296 25,399 Effect of different tax rates available to different jurisdictions ( 2,006 ) ( 153 ) ( 1,095 ) Effect of tax holiday and preferential tax benefit on assessable ( 7,367 ) ( 13,679 ) ( 14,135 ) Non-deductible expenses and non-taxable income, net (i) 13,518 16,870 11,006 Additional deductions of certain research and development expenses ( 10,052 ) ( 8,282 ) ( 9,415 ) Withholding tax on the earnings distributed and anticipated to be 5,026 5,312 6,127 Change in valuation allowance and others (iii) 12,808 ( 6,815 ) 4,642 Income tax expenses 26,815 15,549 22,529 Effect of tax holidays inside the PRC on basic earnings per share 0.34 0.65 0.70 Effect of tax holidays inside the PRC on basic earnings per ADS 2.73 5.22 5.60 (i) Expenses not deductible for tax purposes and non-taxable income primarily represent impairment of goodwill, investment income or loss and share-based compensation expense. (ii) This amount represents tax incentives relating to the research and development expenses of certain major operating subsidiaries in the PRC. (iii) Change in valuation allowance primarily represents valuation allowance for temporary differences associated with tax losses and investments in certain equity securities and other investments. Besides, others primarily represents other tax benefits which were not previously recognized as well as deferred tax effect for temporary differences in relation to certain investments in equity method investees. |
Share-based awards (Tables)
Share-based awards (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share-based awards | |
Schedule of share-based compensation expense by function | Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Cost of revenue 5,725 5,710 3,012 Product development expenses 11,035 13,514 7,623 Sales and marketing expenses 3,050 3,710 2,265 General and administrative expenses 4,161 7,897 5,646 23,971 30,831 18,546 |
RSUs | |
Share-based awards | |
Summary of changes in the RSUs | A summary of the changes in the RSUs relating to ordinary shares granted by the Company during the year ended March 31, 2024 is as follows: Weighted- average Number grant date of RSUs fair value US$ Awarded and unvested as of April 1, 2023 61,288,204 155.49 Granted 33,687,624 83.93 Vested ( 22,242,169 ) 168.18 Canceled/forfeited ( 8,287,198 ) 131.05 Awarded and unvested as of March 31, 2024 (i) 64,446,461 116.85 Expected to vest as of March 31, 2024 (ii) 55,339,287 120.44 (i) No outstanding RSUs will be vested after the expiry of a period of up to ten years from the date of grant. (ii) RSUs expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding RSUs. |
Options | |
Share-based awards | |
Summary of changes in the share options | A summary of the changes in the share options relating to ordinary shares granted by the Company during the year ended March 31, 2024 is as follows: Weighted Weighted average Number average remaining of share exercise contractual options price life US$ (in years) Outstanding as of April 1, 2023 7,129,334 77.08 3.9 Granted 2,000,000 78.37 9.7 Exercised ( 2,210,667 ) 53.33 — Canceled/forfeited ( 84,000 ) 26.00 — Outstanding as of March 31, 2024 6,834,667 85.77 5.5 Vested and exercisable as of March 31, 2024 (i) 3,693,333 94.37 3.5 Vested and expected to vest as of March 31, 2024 (ii) 6,777,267 86.28 5.5 (i) No outstanding share options will be vested or exercisable after the expiry of a period of up to twelve years from the date of grant. (ii) Share options expected to vest are the result of applying the pre-vesting forfeiture rate assumptions to total outstanding share options. |
Schedule of fair value assumptions | Year ended March 31, 2022 2024 Risk-free interest rate (i) 1.93 % - 2.00 % 4.50 % Expected dividend yield (ii) 0 % 0 % Expected life (years) (iii) 3.71 - 7.14 6.50 Expected volatility (iv) 35.7 % 44.8 % (i) Risk-free interest rate is based on the yields of United States Treasury securities with maturities similar to the expected life of the share options in effect on the measurement date. (ii) For the share options granted during the year ended March 31, 2022, expected dividend yield is assumed to be nil as the Company had no history or expectation of paying a dividend on its ordinary shares. For the share options granted during the year ended March 31, 2024, expected dividend yield is nil as the Company decided to pay upon the exercise of such share options in an amount equivalent to the dividends as detailed in Note 28 to the participants. (iii) Expected life of share options is based on management’s estimate on timing of exercise of share options. (iv) Expected volatility is assumed based on the historical volatility of the Company in the period equal to the expected life of each grant. |
Earnings per share_ADS (Tables)
Earnings per share/ADS (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per share/ADS | Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions, except per share data) Earnings per share Numerator: Net income attributable to ordinary shareholders for computing 61,959 72,509 79,741 Dilution effect on earnings arising from share-based awards ( 37 ) ( 38 ) ( 228 ) Net income attributable to ordinary shareholders for 61,922 72,471 79,513 Shares (denominator): Weighted average number of shares used in calculating net 21,558 20,980 20,182 Adjustments for dilutive RSUs and share options (million shares) 229 134 177 Weighted average number of shares used in calculating net 21,787 21,114 20,359 Net income per ordinary share — basic (RMB) 2.87 3.46 3.95 Net income per ordinary share — diluted (RMB) 2.84 3.43 3.91 Earnings per ADS Net income per ADS — basic (RMB) 22.99 27.65 31.61 Net income per ADS — diluted (RMB) 22.74 27.46 31.24 |
Restricted cash and escrow re_2
Restricted cash and escrow receivables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Restricted Cash and Investments [Abstract] | |
Schedule of restricted cash and escrow receivables | As of March 31, 2023 2024 RMB RMB (in millions) Buyer protection fund deposits from merchants on the marketplaces (i) 32,962 30,924 Others 3,462 7,375 36,424 38,299 (i) The amount represents buyer protection fund deposits received from merchants on the Company’s marketplaces, which are restricted for the purpose of compensating buyers for claims against merchants. A corresponding liability is recorded in other deposits and advances received under accrued expenses, accounts payable and other liabilities (Note 19) on the consolidated balance sheets. |
Equity securities and other i_2
Equity securities and other investments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Equity securities and other investments | |
Schedule of equity securities and other investments at cost and at fair value | As of March 31, 2023 Original Cumulative Carrying RMB RMB RMB (in millions) Equity securities: Listed equity securities 107,535 216 107,751 Investments in privately held companies 97,701 ( 10,664 ) 87,037 Debt investments: Debt securities and loan investments 22,210 ( 7,105 ) 15,105 Other treasury investments 40,736 — 40,736 268,182 ( 17,553 ) 250,629 As of March 31, 2024 Original Cumulative Carrying RMB RMB RMB (in millions) Equity securities: Listed equity securities 92,456 ( 25,275 ) 67,181 Investments in privately held companies 110,863 ( 14,385 ) 96,478 Debt investments: Debt securities and loan investments 20,723 ( 9,641 ) 11,082 Other treasury investments 106,150 — 106,150 330,192 ( 49,301 ) 280,891 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Table of assets and liabilities that are measured at fair value on a recurring basis and categorized using the fair value hierarchy | The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy: As of March 31, 2023 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB (in millions) Assets Time deposits and certificate of deposits (i) — 332,971 — 332,971 Wealth management products (i) — 34,257 — 34,257 Restricted cash and escrow receivables 36,424 — — 36,424 Listed equity securities (ii) 107,751 — — 107,751 Convertible and exchangeable bonds (ii) — 775 6,392 7,167 Option agreements (iii) — 646 290 936 Others (v) 162 1,762 6,142 8,066 144,337 370,411 12,824 527,572 Liabilities Contingent consideration in relation to — — 537 537 Others (iv) — 182 132 314 — 182 669 851 12. Fair value measurement (Continued) As of March 31, 2024 Level 1 Level 2 Level 3 Total RMB RMB RMB RMB (in millions) Assets Time deposits and certificate of deposits (i) — 339,730 — 339,730 Wealth management products (i) — 20,784 — 20,784 Marketable debt securities (i) — 8,591 — 8,591 Restricted cash and escrow receivables 38,299 — — 38,299 Listed equity securities (ii) 67,181 — — 67,181 Convertible and exchangeable bonds (ii) — 147 3,197 3,344 Option agreements (iii) — 90 165 255 Others (v) — 2,255 5,593 7,848 105,480 371,597 8,955 486,032 Liabilities Contingent consideration in relation to — — 713 713 Others (iv) — 24 801 825 — 24 1,514 1,538 (i) Included in short-term investments and equity securities and other investments on the consolidated balance sheets. (ii) Included in equity securities and other investments on the consolidated balance sheets. (iii) Included in prepayments, receivables and other assets on the consolidated balance sheets. (iv) Included in accrued expenses, accounts payable and other liabilities on the consolidated balance sheets. (v) Others primarily represent other investments with underlying assets measured at fair value. |
Schedule of rolling forward of convertible bonds categorized within Level 3 under the fair value hierarchy | Amounts RMB (in millions) Balance as of March 31, 2022 7,272 Additions 785 Net decrease in fair value ( 373 ) Disposal ( 35 ) Conversion ( 1,492 ) Foreign currency translation adjustments 235 Balance as of March 31, 2023 6,392 Additions 730 Net decrease in fair value ( 1,243 ) Disposal ( 2,645 ) Conversion ( 107 ) Foreign currency translation adjustments 70 Balance as of March 31, 2024 3,197 12. Fair value measurement (Continued) |
Schedule of rolling forward of contingent consideration in relation to investments and acquisitions categorized within Level 3 under the fair value hierarchy | Amounts RMB (in millions) Balance as of March 31, 2022 829 Additions 178 Net decrease in fair value ( 34 ) Payment ( 445 ) Foreign currency translation adjustments 9 Balance as of March 31, 2023 537 Additions 226 Net increase in fair value 7 Payment ( 71 ) Foreign currency translation adjustments 14 Balance as of March 31, 2024 713 |
Prepayments, receivables and _2
Prepayments, receivables and other assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of components of prepayments, receivables and other assets | As of March 31, 2023 2024 RMB RMB (in millions) Current: Accounts receivable and contract assets, net of allowance 32,134 30,686 Inventories 28,547 25,460 VAT receivables, net of allowance 17,497 19,904 Prepaid cost of revenue, sales and marketing and other expenses 16,794 17,784 Advances to/receivables from customers, merchants and others 14,499 11,508 Amounts due from related companies 9,042 8,257 Interest receivables 5,471 10,055 Deferred direct selling costs and cost of revenue (i) 4,771 6,482 Others 8,317 13,400 137,072 143,536 Non-current: Operating lease right-of-use assets 77,428 76,927 Deferred tax assets (Note 7) 15,494 11,361 Film costs and prepayment for licensed copyrights and others 8,905 12,073 Prepayment for acquisition of property and equipment 3,976 11,345 Others 5,123 4,396 110,926 116,102 (i) The Company is obligated to pay certain costs upon the receipt of membership fees from merchants or other customers, which primarily consist of sales commissions, and certain costs associated with cloud services. The membership fees and cloud services revenue are initially deferred and recognized as revenue in the consolidated income statements in the period in which the services are rendered. As such, the related costs are also initially deferred and recognized in the consolidated income statements in the same period as the related service fees and revenue are recognized. |
Investments in equity method _2
Investments in equity method investees (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Investments in equity method investees | |
Schedule of investments in equity method investees | Amounts RMB (in millions) Balance as of March 31, 2022 219,642 Additions 4,990 Share of results, other comprehensive income and other reserves (i) 677 Disposals ( 1,192 ) Distributions (ii) ( 11,645 ) Transfers 1,046 Impairment loss (iii) ( 8,310 ) Foreign currency translation adjustments 2,172 Balance as of March 31, 2023 207,380 Additions 3,605 Share of results, other comprehensive income and other reserves (i) 2,739 Disposals ( 1,069 ) Distributions ( 1,258 ) Transfers 32 Impairment loss (iii) ( 9,895 ) Foreign currency translation adjustments 1,597 Balance as of March 31, 2024 203,131 (i) Share of results, other comprehensive income and other reserves include the share of results of the equity method investees, the gain or loss arising from the deemed disposal of the equity method investees and basis differences arising from equity method investees. The amount excludes the expenses relating to the share-based awards underlying the equity of the Company and Ant Group granted to employees of certain equity method investees. (ii) Includes dividend declared by Ant Group amounting to RMB 10,519 million for the year ended March 31, 2023. (iii) Impairment loss recorded represents other-than-temporary decline in fair value below the carrying value of the investments in equity method investees. The valuation inputs for the fair value measurement with respect to the impairments include the stock price for equity method investees that are listed, as well as certain unobservable inputs that are not subject to meaningful aggregation. |
Schedule of summarized financial information for all of the Company's equity method investments | Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Operating data: Revenue 541,712 441,495 451,861 Cost of revenue ( 371,076 ) ( 297,895 ) ( 312,422 ) Income from operations 38,006 27,163 56,646 Net income (loss) 113,970 ( 86,761 ) 75,820 As of March 31, 2023 2024 RMB RMB (in millions) Balance sheet data: Current assets 591,660 619,857 Non-current assets 803,288 788,137 Current liabilities 409,055 469,259 Non-current liabilities 115,399 83,997 Noncontrolling interests and mezzanine equity 14,023 13,863 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment, net | As of March 31, 2023 2024 RMB RMB (in millions) Building, property improvements and other property 123,276 135,132 Computer equipment and software 100,563 117,458 Construction in progress 45,129 42,677 Furniture, office and transportation equipment and others 21,631 20,367 290,599 315,634 Less: accumulated depreciation and impairment ( 114,568 ) ( 130,473 ) Net book value 176,031 185,161 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Schedule of intangible assets, net | As of March 31, 2023 2024 RMB RMB (in millions) User base and customer relationships 48,155 48,863 Trade names, trademarks and domain names 39,301 39,687 Non-compete agreements 12,636 11,815 Developed technology and patents 6,639 7,166 Licensed copyrights (Note 2(x)) and others 8,893 9,586 115,624 117,117 Less: accumulated amortization and impairment ( 68,711 ) ( 90,167 ) Net book value 46,913 26,950 |
Schedule of estimated future aggregate amortization expenses | The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Amounts RMB (in millions) For the year ending March 31, 2025 7,699 2026 3,974 2027 3,281 2028 2,854 2029 2,010 Thereafter 7,132 26,950 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | Alibaba Cainiao Digital Taobao International Smart Media and Cloud Digital Logistics Local and Innovation Tmall Intelligence Commerce Network Services Entertainment Initiatives Group Group Group Limited Group Group and others All others Total Balance as of March 31, 2022 174,947 3,063 17,461 16,346 20,292 33,532 3,940 — 269,581 Additions — 394 97 85 — 7 — — 583 Impairment — — — — — ( 2,714 ) — — ( 2,714 ) Foreign currency translation 9 33 593 6 — — — — 641 Balance as of March 31, 2023 174,956 3,490 18,151 16,437 20,292 30,825 3,940 — 268,091 Transfer due to segment changes ( 9,937 ) — — — — ( 10,734 ) ( 3,940 ) 24,611 — Additions 33 124 1,470 — 155 — — — 1,782 Deconsolidations ( 107 ) — — — — — — ( 7 ) ( 114 ) Impairment (i) — — — — — ( 8,490 ) — ( 2,031 ) ( 10,521 ) Foreign currency translation — 24 412 5 — — — — 441 Balance as of March 31, 2024 164,945 3,638 20,033 16,442 20,447 11,601 — 22,573 259,679 (i) As of the annual goodwill impairment assessment date, considered the changes in market conditions, the Company performed a quantitative impairment test on Youku, a reporting unit under Digital Media and Entertainment Group and recognized an impairment charge of RMB 8,490 million. The fair value of the reporting unit was determined based on the discounted cash flow analysis using the assumptions including the future growth rates and the weighted average cost of capital. |
Deferred revenue and customer_2
Deferred revenue and customer advances (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Contract with Customer, Liability [Abstract] | |
Schedule of deferred revenue and customer advances | As of March 31, 2023 2024 RMB RMB (in millions) Deferred revenue 35,350 37,142 Customer advances 39,505 39,745 74,855 76,887 Less: current portion ( 71,295 ) ( 72,818 ) Non-current portion 3,560 4,069 |
Accrued expenses, accounts pa_2
Accrued expenses, accounts payable and other liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of accrued expenses, accounts payable and other liabilities | As of March 31, 2023 2024 RMB RMB (in millions) Current: Payables and accruals for cost of revenue and sales and marketing expenses 103,369 118,057 Other deposits and advances received (i) 54,964 54,508 Payable to merchants and third party marketing affiliates 31,425 32,989 Accrued bonus and staff costs, including sales commission 29,000 29,631 Payables and accruals for purchases of property and equipment 15,625 19,840 Amounts due to related companies (ii) 10,383 9,503 Other taxes payable (iii) 6,997 7,934 Operating lease liabilities (Note 6) 5,667 5,871 Contingent and deferred consideration in relation to investments and 901 1,094 Escrow money payable 107 79 Others 17,512 18,377 275,950 297,883 Non-current: Operating lease liabilities (Note 6) 28,548 28,967 Contingent and deferred consideration in relation to investments and 1,058 1,473 Others 773 1,427 30,379 31,867 (i) Other deposits and advances received as of March 31, 2023 and 2024 include buyer protection fund deposits received from merchants on the Company’s marketplaces (Note 10). (ii) Amounts due to related companies primarily represent balances arising from the transactions with Ant Group (Note 22). The balances are unsecured, interest free and repayable within the next twelve months. Other taxes payable primarily represent VAT and PRC individual income tax of employees withheld by the Company. |
Bank borrowings (Tables)
Bank borrowings (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Bank borrowings | |
Schedule of analysis of bank borrowings | Bank borrowings are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) Current portion: Short-term other borrowings (i) 7,466 12,749 Non-current portion: US$ 4.0 billion syndicated loan denominated in US$ (ii) 27,393 28,828 Long-term other borrowings (iii) 24,630 26,858 52,023 55,686 (i) As of March 31, 2023 and 2024, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.6 % to 12.5 % and 1.4 % to 4.6 % per annum, respectively. As of March 31, 2023 and 2024, the weighted average interest rate of these borrowings was 2.7 % and 2.6 % per annum, respectively. The borrowings are primarily denominated in RMB. (ii) As of March 31, 2023 and 2024, the Company had a US$ 4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024 , the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). (iii) As of March 31, 2023 and 2024, the Company had long-term borrowings from banks with weighted average interest rates of 3.8 % and 3.5 % per annum, respectively. The borrowings are primarily denominated in RMB. |
Schedule of borrowings under the credit facilities are due | As of March 31, 2024, the borrowings will be due according to the following schedule: Principal amounts RMB (in millions) Within 1 year 12,749 Between 1 to 2 years 4,807 Between 2 to 3 years 3,745 Between 3 to 4 years 5,242 Between 4 to 5 years 30,078 Beyond 5 years 11,894 68,515 |
Unsecured senior notes (Tables)
Unsecured senior notes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Unsecured senior notes | |
Summary of the unsecured senior notes | Bank borrowings are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) Current portion: Short-term other borrowings (i) 7,466 12,749 Non-current portion: US$ 4.0 billion syndicated loan denominated in US$ (ii) 27,393 28,828 Long-term other borrowings (iii) 24,630 26,858 52,023 55,686 (i) As of March 31, 2023 and 2024, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.6 % to 12.5 % and 1.4 % to 4.6 % per annum, respectively. As of March 31, 2023 and 2024, the weighted average interest rate of these borrowings was 2.7 % and 2.6 % per annum, respectively. The borrowings are primarily denominated in RMB. (ii) As of March 31, 2023 and 2024, the Company had a US$ 4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024 , the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). (iii) As of March 31, 2023 and 2024, the Company had long-term borrowings from banks with weighted average interest rates of 3.8 % and 3.5 % per annum, respectively. The borrowings are primarily denominated in RMB. |
Schedule of future principal payments due | As of March 31, 2024, the borrowings will be due according to the following schedule: Principal amounts RMB (in millions) Within 1 year 12,749 Between 1 to 2 years 4,807 Between 2 to 3 years 3,745 Between 3 to 4 years 5,242 Between 4 to 5 years 30,078 Beyond 5 years 11,894 68,515 |
Unsecured senior notes | |
Unsecured senior notes | |
Summary of the unsecured senior notes | The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2023 and 2024: As of March 31, Effective 2023 2024 interest rate RMB RMB (in millions) US$ 700 million 2.800 % notes due 2023 4,800 — 2.90 % US$ 2,250 million 3.600 % notes due 2024 15,410 16,252 3.68 % US$ 2,550 million 3.400 % notes due 2027 17,397 18,352 3.52 % US$ 1,500 million 2.125 % notes due 2031 10,234 10,791 2.20 % US$ 700 million 4.500 % notes due 2034 4,754 5,013 4.60 % US$ 1,000 million 4.000 % notes due 2037 6,807 7,176 4.06 % US$ 1,000 million 2.700 % notes due 2041 6,761 7,129 2.80 % US$ 1,750 million 4.200 % notes due 2047 11,898 12,540 4.25 % US$ 1,500 million 3.150 % notes due 2051 10,206 10,757 3.19 % US$ 1,000 million 4.400 % notes due 2057 6,795 7,161 4.44 % US$ 1,000 million 3.250 % notes due 2061 6,803 7,170 3.28 % Carrying value 101,865 102,341 Unamortized discount and debt issuance costs 665 644 Total principal amounts of unsecured senior notes 102,530 102,985 Less: current portion of principal amounts of unsecured senior ( 4,801 ) ( 16,261 ) Non-current portion of principal amounts of unsecured senior notes 97,729 86,724 21. Unsecured senior notes (Continued) |
Schedule of future principal payments due | As of March 31, 2024, the future principal payments for the Company’s unsecured senior notes will be due according to the following schedule: Principal amounts RMB (in millions) Within 1 year 16,261 Between 1 to 2 years — Between 2 to 3 years — Between 3 to 4 years 18,429 Between 4 to 5 years — Thereafter 68,295 102,985 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related party transactions | |
Schedule of transactions | Transactions with Ant Group and its affiliates Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Amounts earned by the Company Cloud services revenue (i) 5,536 8,409 8,814 Administrative and support services (i) 1,165 565 807 Annual fee for SME loan business (ii) 708 — — Marketplace software technology services fee and other 2,358 2,831 3,244 9,767 11,805 12,865 Amounts incurred by the Company Payment processing and escrow services fee (iii) 11,824 12,484 13,164 Other amounts incurred (i) 3,542 2,271 3,050 15,366 14,755 16,214 (i) The Company has other commercial arrangements and cost sharing arrangements with Ant Group and its affiliates on various sales and marketing, cloud, and other administrative and support services. 22. Related party transactions (Continued) Transactions with Ant Group and its affiliates (Continued) (ii) Pursuant to the SAPA, the Company entered into software system use and service agreements with Ant Group in 2014, under which the Company would receive annual fees for SME loan business for a term of seven years . In calendar years 2018 to 2021, the Company received or will receive annual fees equal to the amount received in calendar year 2017, which was equal to 2.5 % of the average daily balance of the SME loans made by Ant Group and its affiliates during that year. The annual fee payment by Ant Group in relation to SME loan business was terminated in December 2021. (iii) The Company has a commercial agreement with Alipay whereby the Company receives payment processing and escrow services in exchange for a payment for the services fee, which was recognized in cost of revenue. |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Commitments | |
Schedule of capital commitments | The capital expenditures contracted for are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) No later than 1 year 16,826 11,884 Later than 1 year and no later than 5 years 5,092 6,486 More than 5 years 6 2 21,924 18,372 |
Schedule of other commitments | These commitments are analyzed as follows: As of March 31, 2023 2024 RMB RMB (in millions) No later than 1 year 37,210 40,243 Later than 1 year and no later than 5 years 21,288 21,471 More than 5 years 3,559 4,366 62,057 66,080 24. Commitments (Continued) (c) Other commitments (Continued) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of adjusted EBITA | The following table presents the summary of adjusted earnings before interest, taxes and amortization (“Adjusted EBITA”) for each segment which is considered as a segment operating performance measure, for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group 192,218 189,140 194,827 Cloud Intelligence Group 3,744 4,101 6,121 Alibaba International Digital Commerce Group ( 8,614 ) ( 4,944 ) ( 8,035 ) Cainiao Smart Logistics Network Limited ( 1,465 ) ( 391 ) 1,402 Local Services Group ( 20,059 ) ( 13,148 ) ( 9,812 ) Digital Media and Entertainment Group ( 5,509 ) ( 2,789 ) ( 1,539 ) All others ( 16,295 ) ( 9,388 ) ( 9,160 ) Total segments Adjusted EBITA (i) 144,020 162,581 173,804 26. Segment information (Continued) |
Schedule of reconciliation from the adjusted EBITA to the consolidated net income | The following table presents the reconciliation from the total segments Adjusted EBITA to the consolidated net income for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Total segments Adjusted EBITA 144,020 162,581 173,804 Unallocated (ii) ( 12,672 ) ( 12,143 ) ( 6,190 ) Inter-segment elimination ( 951 ) ( 2,527 ) ( 2,586 ) Share-based compensation expense ( 23,971 ) ( 30,831 ) ( 18,546 ) Amortization and impairment of intangible assets ( 11,647 ) ( 13,504 ) ( 21,592 ) Impairment of goodwill, and others ( 25,141 ) ( 3,225 ) ( 11,540 ) Consolidated income from operations 69,638 100,351 113,350 Interest and investment income, net ( 15,702 ) ( 11,071 ) ( 9,964 ) Interest expense ( 4,909 ) ( 5,918 ) ( 7,947 ) Other income, net 10,523 5,823 6,157 Income tax expenses ( 26,815 ) ( 15,549 ) ( 22,529 ) Share of results of equity method investees 14,344 ( 8,063 ) ( 7,735 ) Consolidated net income 47,079 65,573 71,332 |
Schedule of depreciation and impairment of property and equipment and land use rights by segment | The following table presents the consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights by segment for the years ended March 31, 2022, 2023 and 2024: Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Taobao and Tmall Group 450 345 464 Cloud Intelligence Group 16,572 16,589 14,335 Alibaba International Digital Commerce Group 593 712 961 Cainiao Smart Logistics Network Limited 733 909 1,254 Local Services Group 137 106 113 Digital Media and Entertainment Group 58 55 45 All others 7,702 7,104 7,278 Total segments depreciation and impairment of property and equipment, 26,245 25,820 24,450 (i) Adjusted EBITA represents net income before interest and investment income, net, interest expense, other income, net, income tax expenses, share of results of equity method investees, share-based compensation expense, amortization and impairment of intangible assets, impairment of goodwill, and others, which the Company does not believe are reflective of the Company's core operating performance during the periods presented. (ii) Unallocated primarily relates to certain costs incurred by corporate functions and other miscellaneous items that are not allocated to individual segments. |
Parent company only condensed_2
Parent company only condensed financial information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheet | Condensed Balance Sheets As of March 31, 2023 2024 RMB RMB (in millions) Cash and cash equivalents 576 1,114 Amounts due from subsidiaries 99,536 49,096 Prepayments and other assets 868 527 Interest in subsidiaries and VIEs 1,123,451 1,180,705 Total assets 1,224,431 1,231,442 Current unsecured senior notes 4,800 16,252 Amounts due to subsidiaries 103,507 110,867 Accrued and other liabilities 2,009 2,862 Non-current bank borrowings 27,393 28,828 Non-current unsecured senior notes 97,065 86,089 Total liabilities 234,774 244,898 Ordinary shares 1 1 Additional paid-in capital 416,880 397,999 Treasury shares, at cost ( 28,763 ) ( 27,684 ) Subscription receivables ( 49 ) — Statutory reserves 12,977 14,733 Accumulated other comprehensive (loss) income ( 10,417 ) 3,598 Retained earnings 599,028 597,897 Total shareholders’ equity 989,657 986,544 Total liabilities and equity 1,224,431 1,231,442 |
Schedule of condensed statement of comprehensive Income | Condensed Statements of Comprehensive Income For the year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Total cost and expenses ( 444 ) ( 846 ) ( 327 ) Income from subsidiaries and VIEs 63,745 84,000 86,057 Income from operations 63,301 83,154 85,730 Interest expense ( 3,976 ) ( 4,696 ) ( 5,415 ) Other income and expenses 2,634 ( 5,949 ) ( 574 ) Net income 61,959 72,509 79,741 Other comprehensive (loss) income ( 13,616 ) 23,379 14,340 Total comprehensive income 48,343 95,888 94,081 27. Parent company only condensed financial information (Continued) |
Schedule of condensed statement of cash flows | Condensed Statements of Cash Flows Year ended March 31, 2022 2023 2024 RMB RMB RMB (in millions) Net cash (used in) provided by operating activities ( 4,739 ) 71,885 93,308 Cash flows from investing activities: (Advances to and investments in) Repayments from subsidiaries and VIEs, and others ( 20,188 ) ( 12,290 ) 11,838 Net cash (used in) provided by investing activities ( 20,188 ) ( 12,290 ) 11,838 Cash flows from financing activities: Issuance of ordinary shares 109 11 843 Advances from subsidiaries 95,621 15,296 6,195 Repurchase of ordinary shares ( 61,225 ) ( 74,746 ) ( 88,745 ) Dividend distribution — — ( 17,946 ) Repayment of unsecured senior notes ( 9,585 ) — ( 5,013 ) Net cash provided by (used in) financing activities 24,920 ( 59,439 ) ( 104,666 ) Effect of exchange rate changes on cash and cash equivalents ( 36 ) 33 58 (Decrease) Increase in cash and cash equivalents ( 43 ) 189 538 Cash and cash equivalents at the beginning of the year 430 387 576 Cash and cash equivalents at the end of the year 387 576 1,114 |
Organization and principal ac_2
Organization and principal activities (Details) - Segment | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Organization and principal activities | ||
Number of reportable segment | 6 | 7 |
Summary of significant accoun_4
Summary of significant accounting policies - Basis of presentation (Details) | Mar. 31, 2024 $ / ¥ |
Convenience translation | |
Convenience exchange rate (RMB to USD) | 7.2203 |
Summary of significant accoun_5
Summary of significant accounting policies- Consolidation (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 USD ($) | |
Consolidated VIEs and their subsidiaries | |||||
Accounts receivable, net of allowance | ¥ 30,686 | ¥ 32,134 | |||
Total assets | 1,764,829 | 1,753,044 | $ 244,426 | ||
Accrued expenses, accounts payable and other liabilities | 297,883 | 275,950 | 41,256 | ||
Deferred revenue and customer advances | 76,887 | 74,855 | |||
Total liabilities | 652,230 | 630,123 | $ 90,333 | ||
Revenue | 941,168 | $ 130,350 | 868,687 | ¥ 853,062 | |
Net income (loss) | 71,332 | 9,879 | 65,573 | 47,079 | |
Net cash provided by operating activities | 182,593 | 25,289 | 199,752 | 142,759 | |
Net cash (used in) provided by investing activities | (21,824) | (3,023) | (135,506) | (198,592) | |
Net cash (used in) provided by financing activities | (108,244) | $ (14,992) | (65,619) | (64,449) | |
Consolidated VIEs and their subsidiaries | |||||
Consolidated VIEs and their subsidiaries | |||||
Cash and cash equivalents and short-term investments | 25,825 | 24,057 | |||
Investments in equity method investees and equity securities and other investments | 35,228 | 40,597 | |||
Accounts receivable, net of allowance | 16,884 | 19,023 | |||
Amounts due from non-VIE subsidiaries of the Company | 36,405 | 26,863 | |||
Property and equipment, net and intangible assets, net | 11,927 | 9,779 | |||
Others | 33,276 | 25,207 | |||
Total assets | 159,545 | 145,526 | |||
Amounts due to non-VIE subsidiaries of the Company | 99,404 | 90,314 | |||
Accrued expenses, accounts payable and other liabilities | 45,634 | 39,612 | |||
Deferred revenue and customer advances | 15,586 | 14,051 | |||
Total liabilities | 160,624 | 143,977 | |||
Revenue | 117,686 | 112,270 | 111,498 | ||
Net income (loss) | (3,193) | 2,442 | 5,944 | ||
Net cash provided by operating activities | 12,053 | 4,378 | 19,932 | ||
Net cash (used in) provided by investing activities | (11,772) | (2,044) | (16,710) | ||
Net cash (used in) provided by financing activities | ¥ 5,626 | ¥ 1,386 | ¥ (9,904) |
Summary of significant accoun_6
Summary of significant accounting policies- Various (Details) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2024 CNY (¥) Segment | Mar. 31, 2023 CNY (¥) Segment | Mar. 31, 2022 CNY (¥) | |
Business combinations and noncontrolling interests | |||
Net (loss) income attributable to mezzanine equity holders | ¥ 181 | ¥ 365 | ¥ 188 |
Segment reporting | |||
Number of reportable segment | Segment | 6 | 7 | |
Revenue recognition | |||
Practical expedient, financing component | true | ||
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true | ||
Sales and marketing expenses | |||
Advertising and promotional expenses | ¥ 88,217 | ¥ 76,818 | 91,103 |
Other employee benefits | |||
Contribution amount charged to the consolidated income statements | 14,190 | 13,953 | 13,086 |
Government grants | |||
Government grants recored as specific costs and expenses | 5,705 | 5,889 | 6,028 |
Government grants recorded as other income | 1,329 | 1,857 | ¥ 1,661 |
Government grants recorded as other liabilities | 1,540 | 1,687 | |
Accounts receivable | |||
Allowance for doubtful accounts | ¥ 8,042 | ¥ 6,174 | |
Minimum | |||
Equity securities and other investments | |||
Treasury investment original maturity term | 1 year | ||
Treasury investment remaining maturity term | 1 year | ||
Maximum | |||
Equity securities and other investments | |||
Treasury investment remaining maturity term | 3 years |
Summary of significant accoun_7
Summary of significant accounting policies- Long-lived assets (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Summary of significant accounting policies | ||||
Amortization expenses | ¥ 17,864 | $ 2,474 | ¥ 19,139 | ¥ 20,257 |
Impairment of long-lived assets other than goodwill and licensed copyrights | ¥ 14,847 | ¥ 1,922 | ¥ 973 | |
User base and customer relationships | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 3 years | 3 years | ||
User base and customer relationships | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 16 years | 16 years | ||
Trade names, trademarks and domain names | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 5 years | 5 years | ||
Trade names, trademarks and domain names | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 20 years | 20 years | ||
Developed technology and patents | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 2 years | 2 years | ||
Developed technology and patents | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 10 years | 10 years | ||
Non-compete agreements | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 10 years | 10 years | ||
Licensed copyrights | Digital Media and Entertainment Group | ||||
Summary of significant accounting policies | ||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Finite-Lived Intangible Assets, Net | Finite-Lived Intangible Assets, Net | Finite-Lived Intangible Assets, Net | Finite-Lived Intangible Assets, Net |
Impairment charges | ¥ 0 | ¥ 1,133 | ¥ 745 | |
Licensed copyrights | Cost of revenue | Digital Media and Entertainment Group | ||||
Summary of significant accounting policies | ||||
Amortization expenses | ¥ 8,361 | ¥ 8,446 | ¥ 8,610 | |
Licensed copyrights | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 6 months | 6 months | ||
Licensed copyrights | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of intangible assets (in months/years) | 10 years | 10 years | ||
Computer equipment and software | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 3 years | 3 years | ||
Computer equipment and software | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 5 years | 5 years | ||
Furniture, office and transportation equipment and others | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 3 years | 3 years | ||
Furniture, office and transportation equipment and others | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 10 years | 10 years | ||
Building and other property | Minimum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 10 years | 10 years | ||
Building and other property | Maximum | ||||
Summary of significant accounting policies | ||||
Estimated useful lives of property and equipment (in years) | 50 years | 50 years |
Summary of significant accoun_8
Summary of significant accounting policies- Others (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statutory reserves | |||
Percentage of after-tax profit from subsidiaries incorporated in the PRC required to be appropriated to the statutory reserves | 10% | ||
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required | 50% | ||
Appropriation to the enterprise expansion fund and staff welfare and bonus fund | ¥ 0 | ||
Interest income from interest-earning assets | 24,868 | ¥ 16,339 | ¥ 13,602 |
PRC | |||
Statutory reserves | |||
Appropriation to statutory reserves | ¥ 1,756 | ¥ 3,138 | ¥ 2,492 |
Minimum | |||
Derivatives and hedging | |||
Ratio determining effective hedging relationship | 80% | ||
Maximum | |||
Derivatives and hedging | |||
Ratio determining effective hedging relationship | 125% |
Significant mergers and acqui_3
Significant mergers and acquisitions and investments - Acquisitions (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 USD ($) | |
Other acquisitions | |||||
Goodwill | ¥ 259,679 | ¥ 268,091 | ¥ 269,581 | $ 35,965 | |
Total purchase price is comprised of: | |||||
- cash consideration | 2,325 | 1,254 | 5,282 | ||
Gain (loss) recognized in relation to revaluation of previously held equity interests | 0 | $ 0 | 0 | (2) | |
Other acquisitions, summarized | |||||
Other acquisitions | |||||
Net assets | 28 | 1 | 852 | ||
Identifiable intangible assets | 602 | 285 | 1,000 | ||
Deferred tax liabilities | (199) | (68) | (170) | ||
Subtotal | 431 | 218 | 1,682 | ||
Noncontrolling interests and mezzanine equity | (98) | (38) | (1,884) | ||
Net identifiable (liabilities) assets | 333 | 180 | (202) | ||
Goodwill | 1,782 | 583 | 3,283 | ||
Total | 2,115 | 763 | 3,081 | ||
Fair value of previously held equity interests | 0 | 0 | (31) | ||
Purchase consideration settled | (2,038) | (481) | (2,671) | ||
Deferred consideration as of year end | 77 | 282 | 379 | ||
Total purchase price is comprised of: | |||||
- cash consideration | 2,115 | 763 | 3,050 | ||
- fair value of previously held equity interests | 0 | 0 | 31 | ||
Total | 2,115 | 763 | 3,081 | ||
Gain (loss) recognized in relation to revaluation of previously held equity interests | ¥ 0 | ¥ 0 | ¥ (2) |
Significant mergers and acqui_4
Significant mergers and acquisitions and investments - Equity investments and others (Details) ¥ in Billions, $ in Billions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Mar. 31, 2024 USD ($) | Mar. 31, 2024 CNY (¥) | Mar. 31, 2020 | Sep. 30, 2019 USD ($) | Sep. 30, 2019 CNY (¥) | |
Ant Group | SAPA | Pre-emptive rights | Maximum | ||||||
Investment | ||||||
Consideration to be received from related party | $ | $ 1.5 | |||||
Moonshot AI Ltd. | ||||||
Investment | ||||||
Cash consideration | $ 0.8 | ¥ 5.9 | ||||
Percentage of equity interest acquired | 36% | |||||
Ant Group Co., Ltd | ||||||
Investment | ||||||
Equity interest (as a percent) | 33% | 33% | ||||
Percentage of equity interest repurchased | 7% | |||||
Difference between equity method carrying amount and underlying equity in net assets | ¥ 5.6 | |||||
Weighted average amortization period | 7 years | 7 years | ||||
Ant Group Co., Ltd | SAPA | ||||||
Investment | ||||||
Equity interest (as a percent) | 33% | 33% | ||||
Cost of equity interest | ¥ 90.7 | |||||
Ant Group Co., Ltd | Amortizable intangible assets | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | ¥ 1.7 | |||||
Ant Group Co., Ltd | Amortizable intangible assets | SAPA | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | 24.5 | |||||
Ant Group Co., Ltd | Goodwill | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | 3.9 | |||||
Ant Group Co., Ltd | Deferred tax liabilities | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | 0.5 | |||||
Ant Group Co., Ltd | Equity investments | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | ¥ 0.5 | |||||
Ant Group Co., Ltd | Equity investments | SAPA | ||||||
Investment | ||||||
Difference between equity method carrying amount and underlying equity in net assets | ¥ 5.3 |
Revenue - Breakdown by segment
Revenue - Breakdown by segment (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | ||
Revenue breakdown | |||||
Revenue | ¥ 941,168 | $ 130,350 | ¥ 868,687 | ¥ 853,062 | |
Total segments | |||||
Revenue breakdown | |||||
Revenue | 1,016,163 | 930,529 | 913,477 | ||
Unallocated | |||||
Revenue breakdown | |||||
Revenue | 1,297 | 866 | 1,556 | ||
Inter-segment elimination | |||||
Revenue breakdown | |||||
Revenue | [1] | (76,292) | (62,708) | (61,971) | |
Customer management services | |||||
Revenue breakdown | |||||
Revenue | [2] | 386,571 | 355,144 | 379,999 | |
Taobao and Tmall Group | Total segments | |||||
Revenue breakdown | |||||
Revenue | 434,893 | 413,206 | 429,930 | ||
Taobao and Tmall Group | Retail | Total segments | |||||
Revenue breakdown | |||||
Revenue | 414,414 | 395,352 | 412,824 | ||
Taobao and Tmall Group | Retail | Customer management services | Total segments | |||||
Revenue breakdown | |||||
Revenue | [3] | 304,009 | 291,541 | 316,029 | |
Taobao and Tmall Group | Retail | Direct sales and others | Total segments | |||||
Revenue breakdown | |||||
Revenue | [4] | 110,405 | 103,811 | 96,795 | |
Taobao and Tmall Group | Wholesale | Total segments | |||||
Revenue breakdown | |||||
Revenue | [5] | 20,479 | 17,854 | 17,106 | |
Cloud intelligence group | Total segments | |||||
Revenue breakdown | |||||
Revenue | [6] | 106,374 | 103,497 | 102,016 | |
International Digital Commerce Group | Total segments | |||||
Revenue breakdown | |||||
Revenue | 102,598 | 70,506 | 62,185 | ||
International Digital Commerce Group | Retail | Total segments | |||||
Revenue breakdown | |||||
Revenue | [7] | 81,654 | 50,933 | 43,679 | |
International Digital Commerce Group | Wholesale | Total segments | |||||
Revenue breakdown | |||||
Revenue | [8] | 20,944 | 19,573 | 18,506 | |
Cainiao Smart Logistics Network Limited | Total segments | |||||
Revenue breakdown | |||||
Revenue | [9] | 99,020 | 77,512 | 66,808 | |
Local Services Group | Total segments | |||||
Revenue breakdown | |||||
Revenue | [10] | 59,802 | 50,249 | 44,890 | |
Digital Media and Entertainment Group | Total segments | |||||
Revenue breakdown | |||||
Revenue | [11] | 21,145 | 18,444 | 18,105 | |
All others | Total segments | |||||
Revenue breakdown | |||||
Revenue | [12] | ¥ 192,331 | ¥ 197,115 | ¥ 189,543 | |
[1] Inter-segment elimination consisted of revenue primarily fro m Cloud Intelligence Group and Cainiao. Customer management services mainly include CPC , CPM, time-based and CPS marketing services . Revenue from China commerce retail is primarily generated from China commerce retail business and includes primarily revenue from customer management services and sales of goods. Revenue from direct sales and others under China commerce retail is primarily generated from direct sales businesses, comprising mainly Tmall Supermarket and Tmall Global and primarily consists of revenue from sales of goods. Revenue from China commerce wholesale is primarily generated from 1688.com and includes revenue from membership fees and related value-added services and customer management services. Revenue from Cloud Intelligence Group is primarily generated from the provision of cloud services, which include public cloud services and non-public cloud services. Revenue from International commerce retail is primarily generated from AliExpress, Trendyol and Lazada and includes revenue from customer management services, sales of goods and logistics services. Revenue from International commerce wholesale is primarily generated from Alibaba.com and includes revenue from membership fees and related value-added services and customer management services. Revenue from Cainiao represents logistics services revenue from the domestic and cross-border fulfillment services. Revenue from Local Services Group primarily represents platform commissions, logistics services revenue from the provision of on-demand delivery services and revenue from other services provided by Ele.me, and revenue from software and technology services provided by Amap. Revenue from Digital Media and Entertainment Group is primarily generated from Youku and Alibaba Pictures, and includes revenue from membership fees, content investment income, customer management services and ticketing services. Revenue from All others represented revenue from businesses including Sun Art, Freshippo, Alibaba Health, Lingxi Games, Intime, Intelligent Information Platform, Fliggy, DingTalk and other businesses. The majority of revenue within All others consist of direct sales revenue, which is recorded on a gross basis. |
Revenue- By type (Details)
Revenue- By type (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | ||
Revenue by type of service | |||||
Revenue | ¥ 941,168 | $ 130,350 | ¥ 868,687 | ¥ 853,062 | |
Customer management services | |||||
Revenue by type of service | |||||
Revenue | [1] | 386,571 | 355,144 | 379,999 | |
Membership fees and value added services | |||||
Revenue by type of service | |||||
Revenue | 41,956 | 40,078 | 35,739 | ||
Logistics services | |||||
Revenue by type of service | |||||
Revenue | 114,073 | 89,214 | 71,279 | ||
Cloud services | |||||
Revenue by type of service | |||||
Revenue | 76,459 | 76,648 | 74,123 | ||
Sales of goods | |||||
Revenue by type of service | |||||
Revenue | 283,273 | 271,016 | 255,171 | ||
Other revenue | |||||
Revenue by type of service | |||||
Revenue | [2] | ¥ 38,836 | ¥ 36,587 | ¥ 36,751 | |
[1] Customer management services mainly include CPC , CPM, time-based and CPS marketing services . Other revenue includes revenue from self-developed online games, other value-added services provided through various platforms and businesses. |
Leases (Details)
Leases (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Leases | |
Renewal option | true |
Termination option | true |
Maximum | |
Leases | |
Renewal term (in years) | 5 years |
Leases - Operating lease cost a
Leases - Operating lease cost and others (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Components of operating lease cost | |||
Operating lease cost | ¥ 10,752 | ¥ 10,802 | ¥ 10,982 |
Variable lease cost | 655 | 672 | 837 |
Total operating lease cost | 11,407 | 11,474 | 11,819 |
Cash payments for operating leases | 10,452 | 8,050 | ¥ 6,556 |
Operating lease assets obtained in exchange for operating lease liabilities | ¥ 7,969 | ¥ 5,030 | |
Weighted average remaining lease term (in years) | 9 years 2 months 12 days | 9 years 3 months 18 days | |
Weighted average discount rate (as a percent) | 4.70% | 4.80% |
Leases - Future lease payments
Leases - Future lease payments (Details) ¥ in Millions | Mar. 31, 2024 CNY (¥) |
Future lease payments under operating leases | |
2025 | ¥ 7,297 |
2026 | 5,875 |
2027 | 5,034 |
2028 | 4,320 |
2029 | 3,687 |
Thereafter | 18,429 |
Total | 44,642 |
Less: imputed interest | (9,804) |
Total operating lease liabilities | ¥ 34,838 |
Income tax expenses - General (
Income tax expenses - General (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2017 | |
Composition of income tax expenses | ||||||||
Current income tax expense | ¥ 27,792 | ¥ 17,266 | ¥ 28,184 | |||||
Deferred taxation | (5,263) | $ (729) | (1,717) | (1,369) | ||||
Income tax expenses | ¥ 22,529 | $ 3,120 | ¥ 15,549 | ¥ 26,815 | ||||
Enterprise income tax rate (as a percent) | 25% | 25% | 25% | 25% | ||||
Undistributed earnings intended to be invested indefinitely in the PRC | ¥ 304,700 | ¥ 233,600 | ||||||
Cayman Islands | ||||||||
Composition of income tax expenses | ||||||||
Withholding tax to be imposed upon payments of dividends to shareholders (as a percent) | 0% | 0% | ||||||
Hong Kong | ||||||||
Composition of income tax expenses | ||||||||
Enterprise income tax rate (as a percent) | 16.50% | 16.50% | 16.50% | 16.50% | ||||
PRC | ||||||||
Composition of income tax expenses | ||||||||
Enterprise income tax rate (as a percent) | 25% | 25% | 25% | 25% | ||||
Withholding income tax rate on dividends declared by PRC companies to their foreign investors (as a percent) | 10% | 10% | ||||||
Lower withholding income tax rate on dividends declared by PRC companies to foreign investors with certain criteria met (as a percent) | 5% | 5% | ||||||
Minimum percentage of ownership interests held by investors in Hong Kong to qualify for lower withholding tax rate (as a percent) | 25% | 25% | ||||||
PRC | High and New Technology Enterprises | ||||||||
Composition of income tax expenses | ||||||||
Preferential tax rate (as a percent) | 15% | 15% | ||||||
PRC | Software Enterprise | ||||||||
Composition of income tax expenses | ||||||||
Period of full exemption from income tax | 2 years | 2 years | ||||||
Reduction in preferential tax rate (as a percent) | 50% | 50% | ||||||
Period of 50% reduction to income tax rate | 3 years | 3 years | ||||||
PRC | Key Software Enterprise | ||||||||
Composition of income tax expenses | ||||||||
Preferential tax rate (as a percent) | 10% | 10% | ||||||
Alibaba China | PRC | High and New Technology Enterprises | ||||||||
Composition of income tax expenses | ||||||||
Enterprise income tax rate (as a percent) | 15% | 15% | 15% | |||||
Alibaba Beijing | PRC | High and New Technology Enterprises | ||||||||
Composition of income tax expenses | ||||||||
Enterprise income tax rate (as a percent) | 15% | |||||||
Alibaba Beijing | PRC | Software Enterprise | ||||||||
Composition of income tax expenses | ||||||||
Enterprise income tax rate (as a percent) | 15% | 12.50% | 12.50% | 12.50% | ||||
Period of full exemption from income tax | 2 years | |||||||
Reduction in preferential tax rate (as a percent) | 50% | 50% | 50% | |||||
Period of 50% reduction to income tax rate | 3 years |
Income tax expenses - Compositi
Income tax expenses - Composition of deferred tax assets and liabilities (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | |
Deferred tax assets | ||||
Licensed copyrights | ¥ 5,527 | ¥ 4,438 | ||
Tax losses carried forward and others | 52,410 | 47,586 | ||
Total deferred tax assets, gross | 57,937 | 52,024 | ||
Valuation allowance | (46,576) | (36,530) | ||
Total deferred tax assets | 11,361 | 15,494 | ||
Deferred tax liabilities | ||||
Identifiable intangible assets | (14,176) | (18,751) | ||
Withholding tax on undistributed earnings | (8,170) | (8,170) | ||
Equity method investees and others | (30,666) | (34,824) | ||
Total deferred tax liabilities | (53,012) | (61,745) | ||
Net deferred tax liabilities | (41,651) | (46,251) | ||
Undistributed earnings intended to be invested indefinitely in the PRC | 304,700 | ¥ 233,600 | ||
Ant Group Co., Ltd | ||||
Deferred tax liabilities | ||||
Deferred tax effect | ¥ 19,700 | |||
Equity interest (as a percent) | 33% | 33% | ||
Singapore | ||||
Income tax | ||||
Accumulated tax losses of subsidiaries | 36,711 | |||
Hong Kong | ||||
Income tax | ||||
Accumulated tax losses of subsidiaries | 9,787 | |||
Malaysia | ||||
Income tax | ||||
Accumulated tax losses of subsidiaries | 2,122 | |||
PRC | ||||
Income tax | ||||
Accumulated tax losses of subsidiaries | ¥ 149,388 |
Income tax expenses - Reconcili
Income tax expenses - Reconciliations (Details) ¥ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) ¥ / shares | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) ¥ / shares | Mar. 31, 2022 CNY (¥) ¥ / shares | |
Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company | ||||
Income before income tax and share of result of equity method investees | ¥ 101,596 | $ 14,071 | ¥ 89,185 | ¥ 59,550 |
Income tax computed at statutory EIT rate (25%) | 25,399 | 22,296 | 14,888 | |
Effect of different tax rates available to different jurisdictions | (1,095) | (153) | (2,006) | |
Effect of tax holiday and preferential tax benefit on assessable profits of subsidiaries incorporated in the PRC | (14,135) | (13,679) | (7,367) | |
Non-deductible expenses and non-taxable income, net | 11,006 | 16,870 | 13,518 | |
Additional deductions of certain research and development expenses incurred by subsidiaries in the PRC | (9,415) | (8,282) | (10,052) | |
Withholding tax on the earnings distributed and anticipated to be remitted | 6,127 | 5,312 | 5,026 | |
Change in valuation allowance and others | 4,642 | (6,815) | 12,808 | |
Income tax expenses | ¥ 22,529 | $ 3,120 | ¥ 15,549 | ¥ 26,815 |
Statutory EIT rate (as a percent) | 25% | 25% | 25% | 25% |
PRC | ||||
Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company | ||||
Statutory EIT rate (as a percent) | 25% | 25% | 25% | 25% |
Effect of tax holidays inside the PRC on basic earnings per share/ADS (RMB) | ¥ / shares | ¥ 0.7 | ¥ 0.65 | ¥ 0.34 | |
PRC | American Depositary Shares ("ADSs") | ||||
Reconciliation of the differences between the statutory EIT rate applicable to profits of the consolidated entities and the income tax expenses of the Company | ||||
Effect of tax holidays inside the PRC on basic earnings per share/ADS (RMB) | ¥ / shares | ¥ 5.6 | ¥ 5.22 | ¥ 2.73 |
Share-based awards - General (D
Share-based awards - General (Details) - shares | 12 Months Ended | |
Apr. 01, 2015 | Mar. 31, 2024 | |
Share-based awards | ||
Number of shares authorized but unissued | 286,838,192 | |
2014 Plan | ||
Share-based awards | ||
Plan term | 10 years | |
2014 Plan | Maximum | ||
Share-based awards | ||
Additional number of shares subject to award | 200,000,000 |
Share-based awards - RSUs (Deta
Share-based awards - RSUs (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 $ / shares | |
Weighted-average grant-date fair value | |||||
Share-based compensation expense | ¥ 18,546 | $ 2,569 | ¥ 30,831 | ¥ 23,971 | |
RSUs | |||||
Summary of changes in the RSUs | |||||
Awarded and unvested at beginning of year | shares | 61,288,204 | 61,288,204 | |||
Granted | shares | 33,687,624 | 33,687,624 | |||
Vested | shares | (22,242,169) | (22,242,169) | |||
Cancelled/forfeited | shares | (8,287,198) | (8,287,198) | |||
Awarded and unvested at end of year | shares | 64,446,461 | 64,446,461 | 61,288,204 | ||
Expected to vest | shares | 55,339,287 | ||||
Weighted-average grant-date fair value | |||||
Awarded and unvested at beginning of year | $ / shares | $ 155.49 | ||||
Granted | $ / shares | 83.93 | ||||
Vested | $ / shares | 168.18 | ||||
Cancelled/forfeited | $ / shares | 131.05 | ||||
Awarded and unvested at end of year | $ / shares | $ 116.85 | ||||
Expected to vest | $ / shares | $ 120.44 | ||||
Unamortized compensation costs | ¥ | ¥ 15,604 | ||||
Weighted average period over which unamortized compensation costs expected be recognized | 1 year 10 months 24 days | ||||
Share-based compensation expense | ¥ | ¥ 17,734 | ¥ 24,410 | ¥ 30,313 | ||
RSUs | Maximum | |||||
Weighted-average grant-date fair value | |||||
Expiry period | 10 years | 10 years |
Share-based awards - Share opti
Share-based awards - Share options (Details) $ / shares in Units, ¥ in Millions, $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2024 CNY (¥) shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 $ / shares | Mar. 31, 2023 CNY (¥) shares | Mar. 31, 2022 $ / shares | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 CNY (¥) shares | |
Number of share options | |||||||
Outstanding at beginning of year | shares | 7,129,334 | 7,129,334 | |||||
Granted | shares | 2,000,000 | 2,000,000 | |||||
Exercised | shares | (2,210,667) | (2,210,667) | |||||
Canceled/forfeited | shares | (84,000) | (84,000) | |||||
Vested and exercisable | shares | 3,693,333 | ||||||
Vested and expected to vest | shares | 6,777,267 | ||||||
Outstanding at end of year | shares | 6,834,667 | 6,834,667 | 7,129,334 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Outstanding at beginning of year | $ / shares | $ 77.08 | ||||||
Granted | $ / shares | 78.37 | ||||||
Exercised | $ / shares | 53.33 | ||||||
Canceled/forfeited | $ / shares | 26 | ||||||
Vested and exercisable | $ / shares | 94.37 | ||||||
Vested and expected to vest | $ / shares | 86.28 | ||||||
Outstanding at end of year | $ / shares | $ 85.77 | $ 77.08 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract] | |||||||
Weighted average remaining contractual life, outstanding | 3 years 10 months 24 days | 3 years 10 months 24 days | 5 years 6 months | ||||
Weighted average remaining contractual life, granted | 9 years 8 months 12 days | 9 years 8 months 12 days | |||||
Weighted average remaining contractual life, vested and exercisable | 3 years 6 months | 3 years 6 months | |||||
Weighted average remaining contractual life, vested and expected to vest | 5 years 6 months | 5 years 6 months | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||
Share-based compensation expense | ¥ 18,546 | $ 2,569 | ¥ 30,831 | ¥ 23,971 | |||
Options | |||||||
Number of share options | |||||||
Granted | shares | 0 | ||||||
Additional disclosure | |||||||
Aggregate intrinsic value of all outstanding options | ¥ | ¥ 401 | ||||||
Aggregate intrinsic value of options that were vested and exercisable | ¥ | 124 | ||||||
Aggregate intrinsic value of options that were vested and expected to vest | ¥ | 382 | ||||||
Weighted average grant date fair value of share options | $ / shares | $ 40.3 | $ 0 | $ 103.72 | ||||
Total grant date fair value of options vested | ¥ | 238 | ¥ 327 | 306 | ||||
Aggregate intrinsic value of share options exercised | ¥ | 382 | 67 | 137 | ||||
Cash received from option exercise under the share option plans | ¥ | ¥ 843 | 8 | ¥ 109 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||
Risk-free interest rate | 4.50% | 4.50% | |||||
Risk-free interest rate, minimum | 1.93% | ||||||
Risk-free interest rate, maximum | 2% | ||||||
Expected dividend yield | 0% | 0% | 0% | ||||
Expected life (years) | 6 years 6 months | 6 years 6 months | |||||
Expected volatility | 44.80% | 44.80% | 35.70% | ||||
Unamortized compensation costs | ¥ | ¥ 624 | ||||||
Weighted average period over which unamortized compensation costs expected be recognized | 2 years 8 months 12 days | ||||||
Share-based compensation expense | ¥ | ¥ 240 | ¥ 490 | ¥ 86 | ||||
Options | Minimum | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected life (years) | 3 years 8 months 15 days | ||||||
Options | Maximum | |||||||
Additional disclosure | |||||||
Expiry period | 12 years | 12 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected life (years) | 7 years 1 month 20 days |
Share-based awards - Share-base
Share-based awards - Share-based awards relating to Ant Group (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Share-based awards | ||||
Share-based compensation expense | ¥ 18,546 | $ 2,569 | ¥ 30,831 | ¥ 23,971 |
Share-based awards with four-year vesting schedule | ||||
Share-based awards | ||||
Vesting period | 4 years | 4 years | ||
Stock option and restricted stock units with ten year vesting schedule | ||||
Share-based awards | ||||
Vesting period | 10 years | 10 years | ||
Share-based awards relating to Ant Group | ||||
Share-based awards | ||||
Share-based compensation expense | ¥ (6,691) | ¥ 668 | ¥ (11,585) |
Share-based awards - Expense by
Share-based awards - Expense by function (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Share-based awards | ||||
Share-based compensation expense | ¥ 18,546 | $ 2,569 | ¥ 30,831 | ¥ 23,971 |
Cost of revenue | ||||
Share-based awards | ||||
Share-based compensation expense | 3,012 | 5,710 | 5,725 | |
Product development expenses | ||||
Share-based awards | ||||
Share-based compensation expense | 7,623 | 13,514 | 11,035 | |
Sales and marketing expenses | ||||
Share-based awards | ||||
Share-based compensation expense | 2,265 | 3,710 | 3,050 | |
General and administrative expenses | ||||
Share-based awards | ||||
Share-based compensation expense | ¥ 5,646 | ¥ 7,897 | ¥ 4,161 |
Earnings per share_ADS (Details
Earnings per share/ADS (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Millions, shares in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) ¥ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Mar. 31, 2023 CNY (¥) ¥ / shares shares | Mar. 31, 2022 CNY (¥) ¥ / shares shares | Jul. 30, 2019 | |
Earnings Per Share [Abstract] | |||||
ADS ratio | 8 | 8 | 8 | 8 | 8 |
Numerator: | |||||
Net income attributable to ordinary shareholders for computing net income per ordinary share - basic | ¥ 79,741 | $ 11,044 | ¥ 72,509 | ¥ 61,959 | |
Dilution effect on earnings arising from share-based awards operated by equity method investees and subsidiaries | ¥ | (228) | (38) | (37) | ||
Net income attributable to ordinary shareholders for computing net income per ordinary share - diluted | ¥ | ¥ 79,513 | ¥ 72,471 | ¥ 61,922 | ||
Shares (denominator): | |||||
Weighted average number of shares used in calculating net income per ordinary share - basic (million shares) | 20,182 | 20,182 | 20,980 | 21,558 | |
Adjustments for dilutive RSUs and share options (million shares) | 177 | 177 | 134 | 229 | |
Weighted average number of shares used in calculating net income per ordinary share - diluted (million shares) | 20,359 | 20,359 | 21,114 | 21,787 | |
Net income per ordinary share - basic (RMB) | (per share) | ¥ 3.95 | $ 0.55 | ¥ 3.46 | ¥ 2.87 | |
Net income per ordinary share - diluted (RMB) | (per share) | 3.91 | 0.54 | 3.43 | 2.84 | |
Earnings per ADS | |||||
Net income per ADS - basic (RMB) | (per share) | 31.61 | 4.38 | 27.65 | 22.99 | |
Net income per ADS - diluted (RMB) | (per share) | ¥ 31.24 | $ 4.33 | ¥ 27.46 | ¥ 22.74 |
Restricted cash and escrow re_3
Restricted cash and escrow receivables (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Restricted cash and escrow receivables | |||
Restricted cash and escrow receivables | ¥ 38,299 | $ 5,304 | ¥ 36,424 |
Buyer protection fund deposits from merchants on the marketplaces | |||
Restricted cash and escrow receivables | |||
Restricted cash and escrow receivables | 30,924 | 32,962 | |
Others | |||
Restricted cash and escrow receivables | |||
Restricted cash and escrow receivables | ¥ 7,375 | ¥ 3,462 |
Equity securities and other i_3
Equity securities and other investments (Details) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Equity securities and other investments and fair value disclosure | |||
Original cost | ¥ 330,192 | ¥ 268,182 | |
Cumulative net gains (losses) | (49,301) | (17,553) | |
Carrying value | 280,891 | 250,629 | |
Net unrealized losses recognized during the period for equity securities still held as of the end of the period | (28,790) | (29,481) | ¥ (25,587) |
Investments in privately held companies recorded using measurement alternative | 89,660 | 79,545 | |
Cumulative upward adjustments | 20,965 | 17,782 | |
Cumulative impairments and downward adjustments | 32,760 | 26,922 | |
Upward adjustments | 8,121 | 4,205 | |
Impairments and downward adjustments | 11,585 | 13,266 | |
Debt securities, Held-to-maturity, allowance for credit loss | 5,034 | 4,085 | |
Shareholder of an equity method investee with principal amount | 596 | 4,931 | |
Fair value of collateral | 3,304 | 3,574 | |
Impairment losses on debt investments | 872 | (356) | 3,225 |
Listed equity securities | |||
Equity securities and other investments and fair value disclosure | |||
Original cost | 92,456 | 107,535 | |
Cumulative net gains (losses) | (25,275) | 216 | |
Carrying value | 67,181 | 107,751 | |
Investments in privately held companies | |||
Equity securities and other investments and fair value disclosure | |||
Original cost | 110,863 | 97,701 | |
Cumulative net gains (losses) | (14,385) | (10,664) | |
Carrying value | 96,478 | 87,037 | |
Debt investments | Debt securities and loan investments | |||
Equity securities and other investments and fair value disclosure | |||
Original cost | 20,723 | 22,210 | |
Cumulative net gains (losses) | (9,641) | (7,105) | |
Carrying value | 11,082 | 15,105 | |
Debt investments | Other Treasury Investments | |||
Equity securities and other investments and fair value disclosure | |||
Original cost | 106,150 | 40,736 | |
Cumulative net gains (losses) | 0 | 0 | |
Carrying value | 106,150 | 40,736 | |
Convertible and exchangeable bonds | |||
Equity securities and other investments and fair value disclosure | |||
Debt investments | 3,344 | 7,167 | |
Aggregate fair value was (lower) higher than their aggregate unpaid principal balance | (4,607) | (2,993) | |
Unrealized losses recorded | ¥ (1,225) | ¥ (262) | ¥ (3,112) |
Fair value measurement (Details
Fair value measurement (Details) - Recurring basis - CNY (¥) ¥ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Assets | ||
Time deposits and certificate of deposits | ¥ 339,730 | ¥ 332,971 |
Wealth management products | 20,784 | 34,257 |
Marketable debt securities | 8,591 | |
Restricted cash and escrow receivables | 38,299 | 36,424 |
Listed equity securities | 67,181 | 107,751 |
Convertible and exchangeable bonds | 3,344 | 7,167 |
Option agreements | 255 | 936 |
Others | 7,848 | 8,066 |
Assets | 486,032 | 527,572 |
Liabilities | ||
Contingent consideration in relation to investments and acquisitions | 713 | 537 |
Others | 825 | 314 |
Liabilities | 1,538 | 851 |
Level 1 | ||
Assets | ||
Restricted cash and escrow receivables | 38,299 | 36,424 |
Listed equity securities | 67,181 | 107,751 |
Others | 162 | |
Assets | 105,480 | 144,337 |
Level 2 | ||
Assets | ||
Time deposits and certificate of deposits | 339,730 | 332,971 |
Wealth management products | 20,784 | 34,257 |
Marketable debt securities | 8,591 | |
Convertible and exchangeable bonds | 147 | 775 |
Option agreements | 90 | 646 |
Others | 2,255 | 1,762 |
Assets | 371,597 | 370,411 |
Liabilities | ||
Others | 24 | 182 |
Liabilities | 24 | 182 |
Level 3 | ||
Assets | ||
Convertible and exchangeable bonds | 3,197 | 6,392 |
Option agreements | 165 | 290 |
Others | 5,593 | 6,142 |
Assets | 8,955 | 12,824 |
Liabilities | ||
Contingent consideration in relation to investments and acquisitions | 713 | 537 |
Others | 801 | 132 |
Liabilities | ¥ 1,514 | ¥ 669 |
Fair value measurement - Conver
Fair value measurement - Convertible and exchangeable bonds (Details) - Convertible and exchangeable bonds - Level 3 - CNY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Convertible and exchangeable bonds accounted for under the fair value option | ||
Balance as of beginning | ¥ 6,392 | ¥ 7,272 |
Additions | 730 | 785 |
Net decrease in fair value | (1,243) | (373) |
Disposal | (2,645) | (35) |
Conversion | (107) | (1,492) |
Foreign currency translation adjustments | 70 | 235 |
Balance as of end | ¥ 3,197 | ¥ 6,392 |
Fair value measurement - Contin
Fair value measurement - Contingent consideration (Details) - Contingent consideration in relation to investments and acquisitions - Level 3 - CNY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Contingent consideration in relation to investments and acquisitions | ||
Balance at beginning | ¥ 537 | ¥ 829 |
Additions | 226 | 178 |
Net increase in fair value | 7 | (34) |
Payment | (71) | (445) |
Foreign currency translation adjustments | 14 | 9 |
Balance at end | ¥ 713 | ¥ 537 |
Prepayments, receivables and _3
Prepayments, receivables and other assets (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Current: | |||
Accounts receivable, net of allowance | ¥ 30,686 | ¥ 32,134 | |
Inventories | 25,460 | 28,547 | |
VAT receivables, net of allowance | 19,904 | 17,497 | |
Prepaid cost of revenue, sales and marketing and other expenses | 17,784 | 16,794 | |
Advances to/receivables from customers, merchants and others | 11,508 | 14,499 | |
Amounts due from related companies | 8,257 | 9,042 | |
Interest receivables | 10,055 | 5,471 | |
Deferred direct selling costs and cost of revenue | 6,482 | 4,771 | |
Others | 13,400 | 8,317 | |
Total Current | 143,536 | $ 19,879 | 137,072 |
Non-current: | |||
Operating lease right-of-use assets | ¥ 76,927 | ¥ 77,428 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total Non-current | Total Non-current | Total Non-current |
Deferred tax assets (Note 7) | ¥ 11,361 | ¥ 15,494 | |
Film costs and prepayment for licensed copyrights and others | 12,073 | 8,905 | |
Prepayment for acquisition of property and equipment | 11,345 | 3,976 | |
Others | 4,396 | 5,123 | |
Total Non-current | ¥ 116,102 | $ 16,080 | ¥ 110,926 |
Investments in equity method _3
Investments in equity method investees - General (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | |
Investments in equity method investees | |||
Balance as of beginning of period | ¥ 207,380 | ¥ 219,642 | |
Additions | 3,605 | 4,990 | |
Share of results, other comprehensive income and other reserves | 2,739 | 677 | |
Disposals | (1,069) | (1,192) | |
Distributions | (1,258) | (11,645) | |
Transfers | 32 | 1,046 | |
Impairment loss | (9,895) | (8,310) | |
Foreign currency translation adjustments | 1,597 | 2,172 | |
Balance as of end of period | ¥ 203,131 | $ 28,133 | ¥ 207,380 |
Investments in equity method _4
Investments in equity method investees - Additional details (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) |
Investments in equity investees | ||||
Dividends declared | ¥ 10,519 | |||
Carrying value of equity method investments | ¥ 203,131 | $ 28,133 | ¥ 207,380 | ¥ 219,642 |
Equity method investments, publicly traded | ||||
Investments in equity investees | ||||
Carrying value of equity method investments | 26,519 | |||
Market value of equity method investments | 28,364 | |||
Undistributed earnings | ¥ 47,770 |
Investments in equity method _5
Investments in equity method investees - summarized financial information of equity method investments (Details) ¥ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 USD ($) | |
Operating data: | |||||
Revenue | ¥ 941,168 | $ 130,350 | ¥ 868,687 | ¥ 853,062 | |
Cost of revenue | (586,323) | (81,205) | (549,695) | (539,450) | |
Income from operations | 113,350 | 15,699 | 100,351 | 69,638 | |
Net income (loss) | 71,332 | $ 9,879 | 65,573 | 47,079 | |
Balance sheet data: | |||||
Current assets | 752,864 | 697,966 | $ 104,270 | ||
Current liabilities | 421,507 | 385,351 | $ 58,378 | ||
Equity method investments | |||||
Operating data: | |||||
Revenue | 451,861 | 441,495 | 541,712 | ||
Cost of revenue | (312,422) | (297,895) | (371,076) | ||
Income from operations | 56,646 | 27,163 | 38,006 | ||
Net income (loss) | 75,820 | (86,761) | ¥ 113,970 | ||
Balance sheet data: | |||||
Current assets | 619,857 | 591,660 | |||
Non-current assets | 788,137 | 803,288 | |||
Current liabilities | 469,259 | 409,055 | |||
Non-current liabilities | 83,997 | 115,399 | |||
Noncontrolling interests and mezzanine equity | ¥ 13,863 | ¥ 14,023 |
Property and equipment, net (De
Property and equipment, net (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 USD ($) | |
Property and equipment, net | ||||
Property, Plant and Equipment, Gross | ¥ 315,634 | ¥ 290,599 | ||
Less: accumulated depreciation and impairment | (130,473) | (114,568) | ||
Net book value | 185,161 | 176,031 | $ 25,645 | |
Depreciation | ||||
Depreciation | 23,344 | 24,654 | ¥ 25,470 | |
Building, property improvements and other property | ||||
Property and equipment, net | ||||
Property, Plant and Equipment, Gross | 135,132 | 123,276 | ||
Computer equipment and software | ||||
Property and equipment, net | ||||
Property, Plant and Equipment, Gross | 117,458 | 100,563 | ||
Construction in progress | ||||
Property and equipment, net | ||||
Property, Plant and Equipment, Gross | 42,677 | 45,129 | ||
Furniture, office and transportation equipment and others | ||||
Property and equipment, net | ||||
Property, Plant and Equipment, Gross | ¥ 20,367 | ¥ 21,631 |
Intangible assets, net - Genera
Intangible assets, net - General (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2024 USD ($) | |
Intangible assets, net | ||||
Gross carrying amount | ¥ 117,117 | ¥ 115,624 | ||
Less: accumulated amortization and impairment | (90,167) | (68,711) | ||
Net book value | 26,950 | 46,913 | $ 3,733 | |
Intangible assets acquired | 602 | 285 | ¥ 1,000 | |
Impairment charge on intangible assets | ¥ 12,089 | |||
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Amortization and Impairment of Intangible Assets | |||
User base and customer relationships | ||||
Intangible assets, net | ||||
Gross carrying amount | ¥ 48,863 | 48,155 | ||
Trade names, trademarks and domain names | ||||
Intangible assets, net | ||||
Gross carrying amount | 39,687 | 39,301 | ||
Non-compete agreements | ||||
Intangible assets, net | ||||
Gross carrying amount | 11,815 | 12,636 | ||
Developed technology and patents | ||||
Intangible assets, net | ||||
Gross carrying amount | 7,166 | 6,639 | ||
Licenses copyrights and others | ||||
Intangible assets, net | ||||
Gross carrying amount | ¥ 9,586 | ¥ 8,893 |
Intangible assets, net - Amorti
Intangible assets, net - Amortization (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Finite-Lived Intangible Assets, Net [Abstract] | |||
2025 | ¥ 7,699 | ||
2026 | 3,974 | ||
2027 | 3,281 | ||
2028 | 2,854 | ||
2029 | 2,010 | ||
Thereafter | 7,132 | ||
Net book value | ¥ 26,950 | $ 3,733 | ¥ 46,913 |
Goodwill (Details)
Goodwill (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Changes in goodwill | ||||
Goodwill at the beginning of period | ¥ 268,091 | ¥ 269,581 | ||
Transfer due to segment changes | 0 | |||
Additions | 1,782 | 583 | ||
Deconsolidations | (114) | |||
Impairment | (10,521) | $ (1,457) | (2,714) | ¥ (25,141) |
Foreign currency translation adjustments | 441 | 641 | ||
Goodwill at the end of period | 259,679 | $ 35,965 | 268,091 | 269,581 |
Goodwill, Impaired, Accumulated Impairment Loss | ||||
Gross goodwill | 302,534 | 300,425 | ||
Accumulated impairment losses of goodwill | 42,855 | 32,334 | ||
Digital Media and Entertainment Group | ||||
Changes in goodwill | ||||
Impairment | (8,490) | |||
Total segments | Taobao and Tmall Group | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 174,956 | 174,947 | ||
Transfer due to segment changes | (9,937) | |||
Additions | 33 | |||
Deconsolidations | (107) | |||
Foreign currency translation adjustments | 9 | |||
Goodwill at the end of period | 164,945 | 174,956 | 174,947 | |
Total segments | Cloud Intelligence Group | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 3,490 | 3,063 | ||
Additions | 124 | 394 | ||
Foreign currency translation adjustments | 24 | 33 | ||
Goodwill at the end of period | 3,638 | 3,490 | 3,063 | |
Total segments | Alibaba International Digital Commerce Group | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 18,151 | 17,461 | ||
Additions | 1,470 | 97 | ||
Foreign currency translation adjustments | 412 | 593 | ||
Goodwill at the end of period | 20,033 | 18,151 | 17,461 | |
Total segments | Cainiao Smart Logistics Network Limited | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 16,437 | 16,346 | ||
Additions | 0 | 85 | ||
Foreign currency translation adjustments | 5 | 6 | ||
Goodwill at the end of period | 16,442 | 16,437 | 16,346 | |
Total segments | Local Services Group | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 20,292 | 20,292 | ||
Additions | 155 | |||
Goodwill at the end of period | 20,447 | 20,292 | 20,292 | |
Total segments | Digital Media and Entertainment Group | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 30,825 | 33,532 | ||
Transfer due to segment changes | (10,734) | |||
Additions | 0 | 7 | ||
Impairment | (8,490) | (2,714) | ||
Goodwill at the end of period | 11,601 | 30,825 | 33,532 | |
Total segments | Innovation Initiatives and Others | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 3,940 | 3,940 | ||
Transfer due to segment changes | (3,940) | |||
Goodwill at the end of period | 3,940 | 3,940 | ||
Total segments | All others | ||||
Changes in goodwill | ||||
Goodwill at the beginning of period | 0 | 0 | ||
Transfer due to segment changes | 24,611 | |||
Additions | 0 | 0 | ||
Deconsolidations | (7) | |||
Impairment | (2,031) | |||
Goodwill at the end of period | ¥ 22,573 | ¥ 0 | ¥ 0 |
Deferred revenue and customer_3
Deferred revenue and customer advances (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Contract with Customer, Liability [Abstract] | |||
Deferred revenue | ¥ 37,142 | ¥ 35,350 | |
Customer advances | 39,745 | 39,505 | |
Total | 76,887 | 74,855 | |
Less: current portion | (72,818) | $ (10,085) | (71,295) |
Non-current portion | ¥ 4,069 | $ 564 | ¥ 3,560 |
Accrued expenses, accounts pa_3
Accrued expenses, accounts payable and other liabilities (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Current: | |||
Payables and accruals for cost of revenue and sales and marketing expenses | ¥ 118,057 | ¥ 103,369 | |
Other deposits and advances received | 54,508 | 54,964 | |
Payable to merchants and third party marketing affiliates | 32,989 | 31,425 | |
Accrued bonus and staff costs, including sales commission | 29,631 | 29,000 | |
Payables and accruals for purchases of property and equipment | 19,840 | 15,625 | |
Other taxes payable | 7,934 | 6,997 | |
Operating lease liabilities | ¥ 5,871 | ¥ 5,667 | |
Operating lease liabilities, Statement of Financial Position | Current accrued expenses, accounts payable and other liabilities | Current accrued expenses, accounts payable and other liabilities | Current accrued expenses, accounts payable and other liabilities |
Contingent and deferred consideration in relation to investments and acquisitions | ¥ 1,094 | ¥ 901 | |
Escrow money payable | 79 | 107 | |
Others | 18,377 | 17,512 | |
Current accrued expenses, accounts payable and other liabilities | 297,883 | $ 41,256 | 275,950 |
Non-current: | |||
Operating lease liabilities | ¥ 28,967 | ¥ 28,548 | |
Operating lease liabilities, Statement of Financial Position | Other liabilities | Other liabilities | Other liabilities |
Contingent and deferred consideration in relation to investments and acquisitions | ¥ 1,473 | ¥ 1,058 | |
Others | 1,427 | 773 | |
Other liabilities | 31,867 | $ 4,414 | 30,379 |
Affiliated Entity [Member] | |||
Current: | |||
Amounts due to related companies | ¥ 9,503 | ¥ 10,383 |
Accrued expenses, accounts pa_4
Accrued expenses, accounts payable and other liabilities - General (Details) - CNY (¥) ¥ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Supplier finance program, obligation | ¥ 2,302 | ¥ 1,962 |
Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accrued expenses, accounts payable and other liabilities | Accrued expenses, accounts payable and other liabilities |
Bank borrowings - General (Deta
Bank borrowings - General (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
May 31, 2023 | Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | ||
Bank borrowings | ||||||
Current bank borrowings | ¥ 12,749 | ¥ 7,466 | $ 1,766 | |||
Non-current bank borrowings | 55,686 | 52,023 | 7,712 | |||
Bank borrowings | ||||||
Bank borrowings | ||||||
Non-current bank borrowings | 55,686 | 52,023 | ||||
Collateral amount pledged | 34,056 | 23,767 | ||||
Short-term other borrowings | Bank loans | ||||||
Bank borrowings | ||||||
Current bank borrowings | [1] | 12,749 | 7,466 | |||
US$4.0 billion syndicated loan denominated in US$ | Bank loans | ||||||
Bank borrowings | ||||||
Non-current bank borrowings | [2] | ¥ 28,828 | ¥ 27,393 | |||
Principal amount | $ | $ 4,000 | $ 4,000 | ||||
US$4.0 billion syndicated loan denominated in US$ | Bank loans | LIBOR | ||||||
Bank borrowings | ||||||
Spread over variable rate | 0.85% | 0.85% | ||||
US$4.0 billion syndicated loan denominated in US$ | Bank loans | SOFR | ||||||
Bank borrowings | ||||||
Spread over variable rate | 0.80% | |||||
Long-term other borrowings | Bank loans | ||||||
Bank borrowings | ||||||
Non-current bank borrowings | [3] | ¥ 26,858 | ¥ 24,630 | |||
Long-term borrowings | Bank loans | ||||||
Bank borrowings | ||||||
Weighted average interest rate for the year | 3.50% | 3.80% | ||||
Short-term borrowings | Bank loans | ||||||
Bank borrowings | ||||||
Weighted average interest rate for the year | 2.60% | 2.70% | ||||
Short-term borrowings | Bank loans | Minimum | ||||||
Bank borrowings | ||||||
Interest rates | 1.40% | 1.60% | 1.40% | 1.60% | ||
Short-term borrowings | Bank loans | Maximum | ||||||
Bank borrowings | ||||||
Interest rates | 4.60% | 12.50% | 4.60% | 12.50% | ||
USD6.5 billion revolving credit facility agreement | Bank facility | ||||||
Bank borrowings | ||||||
Amount of loan facility | $ | $ 6,500 | $ 6,500 | ||||
USD6.5 billion revolving credit facility agreement | Bank facility | LIBOR | ||||||
Bank borrowings | ||||||
Spread over variable rate | 0.80% | |||||
USD6.5 billion revolving credit facility agreement | Bank facility | SOFR | ||||||
Bank borrowings | ||||||
Spread over variable rate | 0.80% | |||||
[1] As of March 31, 2023 and 2024, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.6 % to 12.5 % and 1.4 % to 4.6 % per annum, respectively. As of March 31, 2023 and 2024, the weighted average interest rate of these borrowings was 2.7 % and 2.6 % per annum, respectively. The borrowings are primarily denominated in RMB. As of March 31, 2023 and 2024, the Company had a US$ 4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024 , the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions). As of March 31, 2023 and 2024, the Company had long-term borrowings from banks with weighted average interest rates of 3.8 % and 3.5 % per annum, respectively. The borrowings are primarily denominated in RMB. |
Bank borrowings - Maturity sche
Bank borrowings - Maturity schedule (Details) - Bank borrowings ¥ in Millions | Mar. 31, 2024 CNY (¥) |
Long-Term Debt, Fiscal Year Maturity [Abstract] | |
Within 1 year | ¥ 12,749 |
Between 1 to 2 years | 4,807 |
Between 2 to 3 years | 3,745 |
Between 3 to 4 years | 5,242 |
Between 4 to 5 years | 30,078 |
Beyond 5 years | 11,894 |
Total borrowings | ¥ 68,515 |
Unsecured senior notes - Genera
Unsecured senior notes - General (Details) ¥ in Millions, $ in Millions | 1 Months Ended | ||||||||||
Jun. 30, 2023 USD ($) | Nov. 30, 2021 USD ($) | Nov. 30, 2019 USD ($) | Nov. 30, 2017 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CNY (¥) | Feb. 28, 2021 USD ($) | Dec. 31, 2017 USD ($) | Nov. 30, 2014 USD ($) | |
Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Carrying value | ¥ | ¥ 102,341 | ¥ 101,865 | |||||||||
Unamortized discount and debt issuance costs | ¥ | 644 | 665 | |||||||||
Total principal amount | ¥ | 102,985 | 102,530 | |||||||||
Less: current portion of principal amounts of unsecured senior notes | ¥ | (16,261) | (4,801) | |||||||||
Non-current portion of principal amounts of unsecured senior notes | ¥ | ¥ 86,724 | ¥ 97,729 | |||||||||
2014 Senior Notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 8,000 | ||||||||||
Repayment amount | $ | $ 1,500 | $ 2,250 | $ 1,300 | ||||||||
2017 Senior Notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 7,000 | ||||||||||
Repayment amount | $ | $ 700 | ||||||||||
2021 Senior Notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 5,000 | ||||||||||
US$700 million 2.800% notes due 2023 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 700 | $ 700 | |||||||||
Fixed interest rate | 2.80% | 2.80% | 2.80% | 2.80% | |||||||
Carrying value | ¥ | ¥ 0 | ¥ 4,800 | |||||||||
Effective interest rate | 2.90% | 2.90% | 2.90% | 2.90% | |||||||
US$2,250 million 3.600% notes due 2024 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 2,250 | $ 2,250 | |||||||||
Fixed interest rate | 3.60% | 3.60% | 3.60% | 3.60% | |||||||
Carrying value | ¥ | ¥ 16,252 | ¥ 15,410 | |||||||||
Effective interest rate | 3.68% | 3.68% | 3.68% | 3.68% | |||||||
US$2,550 million 3.400% notes due 2027 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 2,550 | $ 2,550 | |||||||||
Fixed interest rate | 3.40% | 3.40% | 3.40% | 3.40% | |||||||
Carrying value | ¥ | ¥ 18,352 | ¥ 17,397 | |||||||||
Effective interest rate | 3.52% | 3.52% | 3.52% | 3.52% | |||||||
US$1,500 million 2.125% notes due 2031 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,500 | $ 1,500 | |||||||||
Fixed interest rate | 2.125% | 2.125% | 2.125% | 2.125% | |||||||
Carrying value | ¥ | ¥ 10,791 | ¥ 10,234 | |||||||||
Effective interest rate | 2.20% | 2.20% | 2.20% | 2.20% | |||||||
US$700 million 4.500% notes due 2034 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 700 | $ 700 | |||||||||
Fixed interest rate | 4.50% | 4.50% | 4.50% | 4.50% | |||||||
Carrying value | ¥ | ¥ 5,013 | ¥ 4,754 | |||||||||
Effective interest rate | 4.60% | 4.60% | 4.60% | 4.60% | |||||||
US$1,000 million 4.000% notes due 2037 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,000 | $ 1,000 | |||||||||
Fixed interest rate | 4% | 4% | 4% | 4% | |||||||
Carrying value | ¥ | ¥ 7,176 | ¥ 6,807 | |||||||||
Effective interest rate | 4.06% | 4.06% | 4.06% | 4.06% | |||||||
US$1,000 million 2.700% notes due 2041 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,000 | $ 1,000 | |||||||||
Fixed interest rate | 2.70% | 2.70% | 2.70% | 2.70% | |||||||
Carrying value | ¥ | ¥ 7,129 | ¥ 6,761 | |||||||||
Effective interest rate | 2.80% | 2.80% | 2.80% | 2.80% | |||||||
US$1,750 million 4.200% notes due 2047 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,750 | $ 1,750 | |||||||||
Fixed interest rate | 4.20% | 4.20% | 4.20% | 4.20% | |||||||
Carrying value | ¥ | ¥ 12,540 | ¥ 11,898 | |||||||||
Effective interest rate | 4.25% | 4.25% | 4.25% | 4.25% | |||||||
US$1,500 million 3.150% notes due 2051 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,500 | $ 1,500 | |||||||||
Fixed interest rate | 3.15% | 3.15% | 3.15% | 3.15% | |||||||
Carrying value | ¥ | ¥ 10,757 | ¥ 10,206 | |||||||||
Effective interest rate | 3.19% | 3.19% | 3.19% | 3.19% | |||||||
US$1,000 million 4.400% notes due 2057 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,000 | $ 1,000 | |||||||||
Fixed interest rate | 4.40% | 4.40% | 4.40% | 4.40% | |||||||
Carrying value | ¥ | ¥ 7,161 | ¥ 6,795 | |||||||||
Effective interest rate | 4.44% | 4.44% | 4.44% | 4.44% | |||||||
US$1,000 million 3.250% notes due 2061 | Unsecured senior notes | |||||||||||
Unsecured senior notes | |||||||||||
Principal amount | $ | $ 1,000 | $ 1,000 | |||||||||
Fixed interest rate | 3.25% | 3.25% | 3.25% | 3.25% | |||||||
Carrying value | ¥ | ¥ 7,170 | ¥ 6,803 | |||||||||
Effective interest rate | 3.28% | 3.28% | 3.28% | 3.28% |
Unsecured senior notes - Maturi
Unsecured senior notes - Maturity schedule (Details) - Unsecured senior notes ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) |
Future principal payments | ||||
Within 1 year | ¥ 16,261 | |||
Between 1 to 2 years | 0 | |||
Between 2 to 3 years | 0 | |||
Between 3 to 4 years | 18,429 | |||
Between 4 to 5 years | 0 | |||
Thereafter | 68,295 | |||
Total principal amount | 102,985 | ¥ 102,530 | ||
Level 2 | ||||
Unsecured senior notes | ||||
Fair value | ¥ 86,719 | $ 11,999 | ¥ 85,886 | $ 12,523 |
Related party transactions - Tr
Related party transactions - Transactions with related parties (Details) ¥ in Millions, $ in Millions, $ in Millions | 12 Months Ended | 48 Months Ended | |||||||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2014 | Dec. 31, 2021 | May 31, 2024 CNY (¥) | May 31, 2024 HKD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2024 HKD ($) | Mar. 31, 2023 HKD ($) | |
Related party transactions | |||||||||||
Amounts earned by the Company | ¥ 941,168 | $ 130,350 | ¥ 868,687 | ¥ 853,062 | |||||||
Amount of cash and cash equivalents | 248,125 | 193,086 | $ 34,365 | ||||||||
Cash held in accounts managed by Alipay | |||||||||||
Related party transactions | |||||||||||
Amount of cash and cash equivalents | 9,848 | 7,080 | |||||||||
Ant Group and its affiliates | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 12,865 | 11,805 | 9,767 | ||||||||
Costs and expenses incurred | 16,214 | 14,755 | 15,366 | ||||||||
Ant Group and its affiliates | Annual fee for SME loan business | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 0 | 0 | 708 | ||||||||
SME annual fee term (in years) | 7 years | ||||||||||
Annual fee as a percentage of the average daily balance (as a percent) | 250% | ||||||||||
Ant Group and its affiliates | Cloud services revenue | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 8,814 | 8,409 | 5,536 | ||||||||
Ant Group and its affiliates | Administrative and support services | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 807 | 565 | 1,165 | ||||||||
Ant Group and its affiliates | Marketplace software technology services fee and other amounts earned | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 3,244 | 2,831 | 2,358 | ||||||||
Ant Group and its affiliates | Payment processing and escrow services fee | |||||||||||
Related party transactions | |||||||||||
Costs and expenses incurred | 13,164 | 12,484 | 11,824 | ||||||||
Ant Group and its affiliates | Other services | |||||||||||
Related party transactions | |||||||||||
Costs and expenses incurred | 3,050 | 2,271 | ¥ 3,542 | ||||||||
Hong Kong Cingleot Investment Management Limited | |||||||||||
Related party transactions | |||||||||||
Loan facility guaranteed | 7,000 | $ 7,700 | |||||||||
Current unsecured revolving loan facility | ¥ 5,900 | $ 6,500 | |||||||||
Amount drawn down | ¥ 4,744 | ¥ 4,581 | $ 5,233 | $ 5,233 | |||||||
Related parties who provide and receive certain services | Other related party transactions relating to services provided and received | Maximum | |||||||||||
Related party transactions | |||||||||||
Percentage of total revenue that are from related parties | 1% | 1% | 1% | 1% | |||||||
Certain investees of the Company | Commercial arrangements related to cloud services | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | ¥ 984 | ¥ 1,462 | ¥ 1,826 | ||||||||
Certain investees of the Company | Commercial arrangements related to marketing services | |||||||||||
Related party transactions | |||||||||||
Costs and expenses incurred | 736 | 382 | 976 | ||||||||
Certain investees of the Company | Logistics services | |||||||||||
Related party transactions | |||||||||||
Amounts earned by the Company | 2,540 | 1,140 | 1,728 | ||||||||
Costs and expenses incurred | 14,864 | 14,750 | ¥ 13,120 | ||||||||
Certain investees of the Company | Loans | |||||||||||
Related party transactions | |||||||||||
Amount of outstanding loans | ¥ 2,628 | ¥ 2,345 | |||||||||
Certain investees of the Company | Loans | Maximum | |||||||||||
Related party transactions | |||||||||||
Remaining terms | 2 years | 2 years | 3 years | ||||||||
Interest rate (as a percent) | 10% | 10% | 10% |
Restricted net assets (Details)
Restricted net assets (Details) ¥ in Millions | 12 Months Ended |
Mar. 31, 2024 CNY (¥) | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Percentage of net income from subsidiaries and consolidated VIEs incorporated in the PRC to be appropriated to the statutory reserve | 10% |
Limit of statutory reserve fund as a percentage of registered capital, after which allocations to statutory reserve fund are no longer required | 50% |
Restricted net assets | ¥ 316,968 |
Commitments - Capital commitmen
Commitments - Capital commitments (Details) - Capital commitments - CNY (¥) ¥ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Capital commitments | ||
No later than 1 year | ¥ 11,884 | ¥ 16,826 |
Later than 1 year and no later than 5 years | 6,486 | 5,092 |
More than 5 years | 2 | 6 |
Total | ¥ 18,372 | ¥ 21,924 |
Commitments - Investment commit
Commitments - Investment commitments (Details) - CNY (¥) ¥ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Business combinations and equity investments under various arrangements | Maximum | ||
Investment commitments | ||
Amount committed | ¥ 11,166 | ¥ 11,570 |
Commitments - Other commitments
Commitments - Other commitments (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2023 CNY (¥) | Jan. 31, 2017 USD ($) |
Co-location, bandwidth fees, licensed copyrights and marketing expenses | |||
Other commitments | |||
No later than 1 year | ¥ 40,243 | ¥ 37,210 | |
Later than 1 year and no later than 5 years | 21,471 | 21,288 | |
More than 5 years | 4,366 | 3,559 | |
Total | ¥ 66,080 | ¥ 62,057 | |
Framework agreement with the International Olympic Committee and the United States Olympic Committee | Minimum | |||
Other commitments | |||
Total | $ | $ 815 |
Risks and contingencies (Detail
Risks and contingencies (Details) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2023 | Apr. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Risks and contingencies | ||||||
Anti-monopoly fine | ¥ 18,200,000,000 | |||||
Number of consecutive years the Company is required to file a self-assessment and compliance report to the SAMR | 3 years | |||||
Ant Group | ||||||
Risks and contingencies | ||||||
Fine imposed | ¥ 7,070,000,000 | |||||
Collectability of payments made relating to trade assurance program | ||||||
Risks and contingencies | ||||||
Provisions made in relation to the program | ¥ 0 | ¥ 0 | ¥ 0 |
Segment information - Segment E
Segment information - Segment EBITA and Segment EBITDA (Details) - Total segments - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total segments Adjusted EBITA | ¥ 173,804 | ¥ 162,581 | ¥ 144,020 |
Taobao and Tmall Group | |||
Total segments Adjusted EBITA | 194,827 | 189,140 | 192,218 |
Cloud intelligence group | |||
Total segments Adjusted EBITA | 6,121 | 4,101 | 3,744 |
International Digital Commerce Group | |||
Total segments Adjusted EBITA | (8,035) | (4,944) | (8,614) |
Cainiao Smart Logistics Network Limited | |||
Total segments Adjusted EBITA | 1,402 | (391) | (1,465) |
Local Services Group | |||
Total segments Adjusted EBITA | (9,812) | (13,148) | (20,059) |
Digital Media and Entertainment Group | |||
Total segments Adjusted EBITA | (1,539) | (2,789) | (5,509) |
All others | |||
Total segments Adjusted EBITA | ¥ (9,160) | ¥ (9,388) | ¥ (16,295) |
Segment information - Reconcili
Segment information - Reconciliation from the Adjusted EBITA to the consolidated net income (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Share-based compensation expense | ¥ (18,546) | $ (2,569) | ¥ (30,831) | ¥ (23,971) |
Amortization and impairment of intangible assets | (21,592) | (2,990) | (13,504) | (11,647) |
Impairment of goodwill, and others | (11,540) | (3,225) | (25,141) | |
Income (Loss) from operations | 113,350 | 15,699 | 100,351 | 69,638 |
Interest and investment income, net | (9,964) | (1,380) | (11,071) | (15,702) |
Interest expense | (7,947) | (1,101) | (5,918) | (4,909) |
Other income, net | 6,157 | 853 | 5,823 | 10,523 |
Income tax expenses | (22,529) | (3,120) | (15,549) | (26,815) |
Share of results of equity method investees | (7,735) | (1,072) | (8,063) | 14,344 |
Net income | 71,332 | $ 9,879 | 65,573 | 47,079 |
Total segments | ||||
Adjusted EBITA | 173,804 | 162,581 | 144,020 | |
Unallocated | ||||
Adjusted EBITA | (6,190) | (12,143) | (12,672) | |
Inter-segment elimination | ||||
Adjusted EBITA | ¥ (2,586) | ¥ (2,527) | ¥ (951) |
Segment information - Consolida
Segment information - Consolidated depreciation and impairment of property and equipment and operating lease cost relating to land use rights by segments and others (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | ¥ 26,640 | $ 3,690 | ¥ 27,799 | ¥ 27,808 |
Total segments | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 24,450 | 25,820 | 26,245 | |
Total segments | Taobao and Tmall Group | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 464 | 345 | 450 | |
Total segments | Cloud intelligence group | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 14,335 | 16,589 | 16,572 | |
Total segments | International Digital Commerce Group | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 961 | 712 | 593 | |
Total segments | Cainiao Smart Logistics Network Limited | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 1,254 | 909 | 733 | |
Total segments | Local Services Group | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 113 | 106 | 137 | |
Total segments | Digital Media and Entertainment Group | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | 45 | 55 | 58 | |
Total segments | All others | ||||
Consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights | ¥ 7,278 | ¥ 7,104 | ¥ 7,702 |
Parent company only condensed_3
Parent company only condensed financial information - Schedule of condensed balance sheet (Details) ¥ in Millions, $ in Millions | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) |
Cash and cash equivalents | ¥ 248,125 | $ 34,365 | ¥ 193,086 |
Total assets | 1,764,829 | 244,426 | 1,753,044 |
Current unsecured senior notes | 16,252 | 2,251 | 4,800 |
Non-current bank borrowings | 55,686 | 7,712 | 52,023 |
Non-current unsecured senior notes | 86,089 | 11,923 | 97,065 |
Total liabilities | 652,230 | 90,333 | 630,123 |
Ordinary shares | 1 | 0 | 1 |
Additional paid-in capital | 397,999 | 55,122 | 416,880 |
Treasury shares, at cost | (27,684) | (3,834) | (28,763) |
Subscription receivables | 0 | 0 | (49) |
Statutory reserves | 14,733 | 2,040 | 12,977 |
Retained earnings | 597,897 | 82,809 | 599,028 |
Total shareholders' equity | 986,544 | 136,635 | 989,657 |
Total liabilities, mezzanine equity and equity | 1,764,829 | $ 244,426 | 1,753,044 |
Parent Company [Member] | |||
Cash and cash equivalents | 1,114 | 576 | |
Amounts due from subsidiaries | 49,096 | 99,536 | |
Prepayments and other assets | 527 | 868 | |
Interest in subsidiaries and VIEs | 1,180,705 | 1,123,451 | |
Total assets | 1,231,442 | 1,224,431 | |
Current unsecured senior notes | 16,252 | 4,800 | |
Amounts due to subsidiaries | 110,867 | 103,507 | |
Accrued and other liabilities | 2,862 | 2,009 | |
Non-current bank borrowings | 28,828 | 27,393 | |
Non-current unsecured senior notes | 86,089 | 97,065 | |
Total liabilities | 244,898 | 234,774 | |
Ordinary shares | 1 | 1 | |
Additional paid-in capital | 397,999 | 416,880 | |
Treasury shares, at cost | (27,684) | (28,763) | |
Subscription receivables | 0 | (49) | |
Statutory reserves | 14,733 | 12,977 | |
Accumulated other comprehensive (loss) income | 3,598 | (10,417) | |
Retained earnings | 597,897 | 599,028 | |
Total shareholders' equity | 986,544 | 989,657 | |
Total liabilities, mezzanine equity and equity | ¥ 1,231,442 | ¥ 1,224,431 |
Parent company only condensed_4
Parent company only condensed financial information - Schedule of condensed statement of comprehensive income (Details) ¥ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | |
Income from operations | ¥ 113,350 | $ 15,699 | ¥ 100,351 | ¥ 69,638 |
Interest expense | (7,947) | (1,101) | (5,918) | (4,909) |
Net income | 71,332 | 9,879 | 65,573 | 47,079 |
Other comprehensive (loss) income | 14,385 | 1,993 | 23,835 | (16,097) |
Total comprehensive income | 85,717 | $ 11,872 | 89,408 | 30,982 |
Parent Company [Member] | ||||
Total cost and expenses | (327) | (846) | (444) | |
Income from subsidiaries and VIEs | 86,057 | 84,000 | 63,745 | |
Income from operations | 85,730 | 83,154 | 63,301 | |
Interest expense | (5,415) | (4,696) | (3,976) | |
Other income and expenses | (574) | (5,949) | 2,634 | |
Net income | 79,741 | 72,509 | 61,959 | |
Other comprehensive (loss) income | 14,340 | 23,379 | (13,616) | |
Total comprehensive income | ¥ 94,081 | ¥ 95,888 | ¥ 48,343 |
Parent company only condensed_5
Parent company only condensed financial information - Schedule of Condensed Statements of Cash Flows (Details) ¥ in Millions | 12 Months Ended | ||||
Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CNY (¥) | |
Net cash provided by operating activities | ¥ 182,593 | $ 25,289,000,000 | ¥ 199,752 | ¥ 142,759 | |
Net cash used in investing activities | (21,824) | (3,023,000,000) | (135,506) | (198,592) | |
Issuance of ordinary shares | 843 | 117,000,000 | 11 | 109 | |
Repurchase of ordinary shares | (88,745) | (12,291,000,000) | (74,746) | (61,225) | |
Dividend distribution | $ | $ 0 | ||||
Repayment of unsecured senior notes | (5,013) | (694,000,000) | 0 | (9,585) | |
Net cash used in financing activities | (108,244) | (14,992,000,000) | (65,619) | (64,449) | |
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables | 4,389 | 608,000,000 | 3,530 | (8,834) | |
(Decrease) Increase in cash and cash equivalents, restricted cash and escrow receivables | 56,914 | 7,882,000,000 | 2,157 | (129,116) | |
Cash and cash equivalents, restricted cash and escrow receivables at beginning of year | 229,510 | 31,787,000,000 | 227,353 | 356,469 | |
Cash and cash equivalents, restricted cash and escrow receivables at end of year | 286,424 | $ 39,669,000,000 | 229,510 | $ 31,787,000,000 | 227,353 |
Parent Company [Member] | |||||
Net cash provided by operating activities | 93,308 | 71,885 | (4,739) | ||
(Advances to and investments in) Repayments from subsidiaries and VIEs, and others | 11,838 | (12,290) | (20,188) | ||
Net cash used in investing activities | 11,838 | (12,290) | (20,188) | ||
Issuance of ordinary shares | 843 | 11 | 109 | ||
Advances from subsidiaries | 6,195 | 15,296 | 95,621 | ||
Repurchase of ordinary shares | (88,745) | (74,746) | (61,225) | ||
Dividend distribution | (17,946) | ||||
Repayment of unsecured senior notes | (5,013) | (9,585) | |||
Net cash used in financing activities | (104,666) | (59,439) | 24,920 | ||
Effect of exchange rate changes on cash and cash equivalents, restricted cash and escrow receivables | 58 | 33 | (36) | ||
(Decrease) Increase in cash and cash equivalents, restricted cash and escrow receivables | 538 | 189 | (43) | ||
Cash and cash equivalents, restricted cash and escrow receivables at beginning of year | 576 | 387 | 430 | ||
Cash and cash equivalents, restricted cash and escrow receivables at end of year | ¥ 1,114 | ¥ 576 | ¥ 387 |
Parent company only condensed_6
Parent company only condensed financial information (Details) - CNY (¥) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |||
Dividend paid | ¥ 98,174,000,000 | ¥ 75,355,000,000 | ¥ 0 |
Dividends (Details)
Dividends (Details) $ / shares in Units, ¥ in Millions | 12 Months Ended | ||||||
May 14, 2024 $ / shares | Nov. 16, 2023 $ / shares | Mar. 31, 2024 CNY (¥) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 USD ($) | |
Dividends Payable [Line Items] | |||||||
Dividend declared | May 14, 2024 | Nov. 16, 2023 | |||||
Dividends Payable | $ | $ 0 | ||||||
Payments of Dividends, Total | ¥ 17,946 | $ 2,485,000,000 | ¥ 0 | ¥ 0 | $ 0 | ||
Ordinary Shares | |||||||
Dividends Payable [Line Items] | |||||||
Annual Dividend per share | $ 0.125 | ||||||
Annual dividend per share | $ 0.125 | ||||||
Ordinary Shares | One-time extraordinary dividend | |||||||
Dividends Payable [Line Items] | |||||||
Annual Dividend per share | 0.0825 | ||||||
ADS | |||||||
Dividends Payable [Line Items] | |||||||
Annual Dividend per share | 1 | ||||||
Annual dividend per share | $ 1 | ||||||
ADS | One-time extraordinary dividend | |||||||
Dividends Payable [Line Items] | |||||||
Annual Dividend per share | $ 0.66 |