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*Alibaba reports its annual results in March each year. The ad revenue here was shown as client management revenue from March 2023 to March 2024. Since September 2020, Alibaba has included the commission revenue as a part of its client management revenue.

**The figures for Tencent, Baidu, Kuaishou, and Meituan refer to the online marketing business. The ad revenue of iQIYI was excluded in Baidu's revenue.
For Pinduoduo, the ad revenue included the revenue from other segments.
For iQIYI, the figure was taken from the business's revenue segment, “other revenues”. For JD.com, the ad revenue included commission and marketing service revenue whereas advertising accounted for a major part.
For Vip.com, the figure was taken from the business's revenue segment, “other revenues”, which includes product promotion, online advertising, leasing and third party logistics, and the service charge from third-party merchants.

Only companies which have included advertising and marketing as a part of the main business development and have disclosed the relevant revenue clearly in the financial reports are listed in this ranking.