Leading internet companies in China 2023, by online ad revenue

*Alibaba reports its annual results in March each year. The ad revenue here was shown as client management revenue from March 2022 to March 2023. Since September 2020, Alibaba has included the commission revenue as a part of its client management revenue.

**The figures for Tencent and Baidu refer to the online advertising business. The ad revenue of iQIYI was excluded in Baidu's revenue.
For Pinduoduo, the ad revenue share included revenue from other segments.
For Zhihu, the ad revenue was the total sum of the ad revenue and business content solution revenue. 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.

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.