v3.25.4
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of reconciliation of changes in goodwill [line items]  
Summary of Reconciliation of Changes in Goodwill
    
As of

January 1, 2022
     
Increase
     
Decrease
     
As of

December 31, 2022
  
    
RMB’000
     
RMB’000
     
RMB’000
     
RMB’000
  
Puhui (a)
      8,911,445        —         —         8,911,445  
Tianjin Guarantee
      126,207        —         (126,207 )       —   
Pingan Jixin
      67,752        —         —         67,752  
Lu International (Hong Kong) Limited
      6,663        —         —         6,663  
Yunque Dongfang
      2,800        —         (2,800 )       —   
Jinniu Loan
      2,515        —         —         2,515  
  
 
 
     
 
 
     
 
 
     
 
 
  
     9,117,382        —         (129,007 )       8,988,375  
Less: Impairment losses (c)
      (199,274 )       (6,663 )       129,007        (76,930 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 
8,918,108
 
   
 
(6,663
) 
   
 
— 
 
   
 
8,911,445
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of

January 1, 2023
     
Increase
     
Decrease
     
As of

December 31, 2023
  
    
RMB’000
     
RMB’000
     
RMB’000
     
RMB’000
  
Puhui (a)
      8,911,445        —         —         8,911,445  
Pingan Jixin
      67,752        —         —         67,752  
Lu International (Hong Kong) Limited
      6,663        —         —         6,663  
Jinniu Loan
      2,515        —         (2,515 )       —   
  
 
 
     
 
 
     
 
 
     
 
 
  
     8,988,375        —         (2,515 )       8,985,860  
Less: Impairment losses (c)
      (76,930 )       —         2,515        (74,415 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
  
 
8,911,445
 
   
 
— 
 
   
 
— 
 
   
 
8,911,445
 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of

January 1, 2024
    
Increase
     
Decrease
    
Foreign
exchange
adjustments
     
As of

December 31, 2024
  
    
RMB’000
    
RMB’000
     
RMB’000
           
RMB’000
  
Puhui (a)
      8,911,445       —         —      —       8,911,445  
Pingan Jixin
      67,752       —         —      —       67,752  
Lu International (Hong Kong) Limited
      6,663       —         (6,663 )    —       —   
PAObank (b)
      —        258,592        —        5,502        264,094  
  
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
     8,985,860       258,592        (6,663 )      5,502        9,243,291  
Less: Impairment losses (c)
      (74,415 )      —         6,663     —       (67,752 ) 
  
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
  
 
8,911,445
 
  
 
258,592
 
   
 
—
 
  
 
5,502
 
   
 
9,175,539
 
  
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
As of December 31, 2024, Pingan Jixin was fully impaired. Lu International (Hong Kong) Limited was written off.
 
(a)
The Company acquired 100
% equity interest in Gem Alliance Limited (an investment holding company incorporated in the Cayman Islands and principally engaged in retail credit and enablement business in PRC through its wholly-owned subsidiary, hereinafter “Puhui”) from China Ping An Insurance Overseas (Holdings) Limited (“PAOH”), which was completed in May 2016. Since then, the Company conducted the retail credit and enablement business primarily through Puhui.
 
(b)
The Company acquired 100% equity interest in Jin Yi Tong Limited (a company with limited liability incorporated in the British Virgin Islands and indirectly holds 100% of the issued share capital of PAO
bank
through its wholly-owned subsidiary, Jin Yi Rong Limited, which is a company with limited liability incorporated in Hong Kong) from OneConnect Financial Technology Co., Ltd., which was completed in April 2024.
Goodwill [member]  
Disclosure of reconciliation of changes in goodwill [line items]  
Summary of Key Assumptions Used for Value-in-use Calculations
The key assumptions used for
value-in-use
calculations of the goodwill of Puhui are as follows:
 
 
  
December 31,
2022
 
  
December 31,
2023
 
  
December 31,
2024
 
 
  
(Restated)
 
  
(Restated)
 
  
 
 
Revenue growth rates
     
-16.9
% - 
2.3
%
       
-25.1
% - 5.6%
       
-1.1% - 16.1%
  
Loan loss rates
     
1.9%-
10.4%		       
3.3%-8.4%
       
2.9%-9.0%
  
Summary of Recoverable Amount of Cash Generating Units Exceeding Carrying Amount
The excess of the recoverable amount of Puhui over its carrying amount:
 
    
December 31,
2022
     
December 31,
2023
     
December 31,
2024
  
    
RMB’000
     
RMB’000
     
RMB’000
  
     (Restated)      (Restated)         
Excess of the recoverable amount of the CGU (or CGU group) over its carrying amount (“Headroom”)
      38,978,320        8,599,817        4,583,304  
Summary of Possible Changes of Key Assumptions of Cash Generating Units the following table sets forth the impact of management judgement of reasonable possible scenarios in each of the key assumptions, with all other variables held constant, on Puhui impairment testing at the dates indicated. As shown below, the possible changes of key parameters would not cause the carrying amount of the CGU
to
exceed its recoverable amount at the dates indicated.
 
 
  
Unfavorable Change
 
  
Favorable Change
 
As of December 31, 2022
  
Change in
assumption
 
  
Change in
headroom
 
 
Headroom
 
  
Change in
assumption
 
  
Change in
headroom
 
  
Headroom
 
 
  
 
 
  
RMB’000
 
 
RMB’000
 
  
 
 
  
RMB’000
 
  
RMB’000
 
 
  
(Restated)
 
  
(Restated)
 
 
(Restated)
 
  
(Restated)
 
  
(Restated)
 
  
(Restated)
 
Revenue growth rates (GAGR)
      -230BP        (25,847,474 )
 
     13,130,846        +230BP        27,516,937        66,495,257  
Loan loss rates
      +50BP        (8,194,765 )     30,783,555        -50BP        8,194,765        47,173,085  
 
 
  
Unfavorable Change
 
  
Favorable Change
 
As of December 31, 2023
  
Change in
assumption
 
  
Change in
headroom
 
 
Headroom
 
  
Change in
assumption
 
  
Change in
headroom
 
  
Headroom
 
 
  
 
 
  
RMB’000
 
 
RMB’000
 
  
 
 
  
RMB’000
 
  
RMB’000
 
 
  
(Restated)
 
  
(Restated)
 
 
(Restated)
 
  
(Restated)
 
  
(Restated)
 
  
(Restated)
 
Revenue growth rates (GAGR)
      -230BP        (2,146,989 )
 
     6,452,828        +230BP        2,340,354        10,940,171  
Loan loss rates
      +50BP         (3,406,514 )      5,193,303        -50BP         3,406,514        12,006,331  
 
 
  
Unfavorable Change
 
  
Favorable Change
 
As of December 31, 2024
  
Change in
assumption
 
  
Change in
headroom
 
 
Headroom
 
  
Change in
assumption
 
  
Change in
headroom
 
  
Headroom
 
 
  
 
 
  
RMB’000
 
 
RMB’000
 
  
 
 
  
RMB’000
 
  
RMB’000
 
Revenue growth rates (GAGR)
      -230BP        (2,463,604 )      2,119,700        +230BP        2,673,028        7,256,332  
Loan loss rates
      +50BP         (3,906,215 )      677,089        -50BP         3,906,215         8,489,519