Income taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income taxes |
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| Summary of taxation recognized in consolidated profit or loss |
| | | | | | | | | | | For the year | | For the six | | For the year | | For the year | | | ended | | months ended | | ended | | ended | | | June 30, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2023 | | 2024 | | 2025 | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | Amounts recognized in consolidated profit or loss | | | | | | | | | Current tax | | | | | | | | | Provision for the year/period | | 557,630 | | 339,409 | | 789,640 | | 813,713 | Deferred tax | | | | | | | | | Origination and reversal of temporary differences (Note 9(c)) | | (5,845) | | 57,256 | | (77,536) | | (110,189) | Tax expense | | 551,785 | | 396,665 | | 712,104 | | 703,524 |
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| Summary of reconciliation between tax expense and accounting profit at applicable tax rates |
| | | | | | | | | | | For the year | | For the six | | For the year | | For the year | | | ended | | months ended | | ended | | ended | | | June 30, | | December 31, | | December 31, | | December 31, | | | 2023 | | 2023 | | 2024 | | 2025 | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | Profit before taxation | | 2,333,614 | | 1,652,742 | | 3,347,532 | | 1,913,338 | Notional tax on profit before taxation, calculated at the rates applicable to profits in the jurisdictions concerned | | 566,955 | | 394,856 | | 859,697 | | 572,459 | Tax effect of share-based compensation expenses (Note 6(i)) | | 15,435 | | 11,401 | | 20,127 | | 54,151 | Tax effect of other non-deductible expenses | | 13,666 | | 7,310 | | 13,060 | | 2,696 | Effect of preferential tax treatments on assessable profits of certain subsidiaries (Note 9(a)(3)) | | (42,739) | | (10,756) | | (101,522) | | (96,588) | Tax effect of additional deduction on research and development costs | | (4,217) | | (3,476) | | (6,179) | | (3,364) | Tax effect of exempted and non-taxable income | | (7,421) | | (12,481) | | (11,978) | | (7,185) | Effect of unused tax losses not recognized/(being utilized) | | 22,956 | | (8,002) | | (56,271) | | (16,497) | Effect of deductible temporary differences (being utilized)/not recognized | | (12,850) | | 13,718 | | 1,736 | | 197,984 | Others | | — | | 4,095 | | (6,566) | | (132) | Actual tax expenses | | 551,785 | | 396,665 | | 712,104 | | 703,524 |
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| Summary of movement in deferred tax assets |
| | | | | | | | | | | | | | | | | | | | | | | | | Loss from | | | | | | | | | | | | | | | | | waiver of | | | | | | | | | | | | | | | | | intercompany | | | | | | | | | | | | | | | | | receivables | | | | | | | | | | | Unused | | Intra-group | | | | of | | | | | | | | | | | tax | | unrealized | | Credit loss and | | discontinued | | Right-of-use | | Lease | | | | | | | losses | | profits | | impairment | | operations | | assets | | Liabilities | | Others | | Total | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | Deferred tax assets arising from: | | | | | | | | | | | | | | | | | At January 1, 2024 | | 23,013 | | 27,820 | | 31,181 | | 6,825 | | (98,804) | | 108,687 | | 5,408 | | 104,130 | Charged to profit or loss | | 82,060 | | 19,694 | | 7,029 | | (6,825) | | (337,147) | | 333,059 | | (20,334) | | 77,536 | Exchange rate difference | | 437 | | — | | (78) | | — | | (815) | | 791 | | (53) | | 282 | At December 31, 2024 | | 105,510 | | 47,514 | | 38,132 | | — | | (436,766) | | 442,537 | | (14,979) | | 181,948 | Charged to profit or loss | | 12,003 | | 36,429 | | 27,922 | | — | | (51,036) | | 85,156 | | (285) | | 110,189 | Exchange rate difference | | (1,655) | | — | | (1,305) | | — | | 8,626 | | (9,317) | | 193 | | (3,458) | At December 31, 2025 | | 115,858 | | 83,943 | | 64,749 | | — | | (479,176) | | 518,376 | | (15,071) | | 288,679 |
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| Summary of unrecognized deferred tax assets |
| | | | | | | | | | | | As at December 31, | | | 2024 | | 2025 | | | RMB’000 | | RMB’000 | Deductible temporary differences | | 63,546 | | 865,741 | Cumulative tax losses | | 447,814 | | 715,191 | Total | | 511,360 | | 1,580,932 |
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| Summary of tax losses carried forward |
| | | | | | | | | | | As at | | | | As at | | | | | December 31, | | | | December 31, | | | | | 2024 | | Expiry date | | 2025 | | Expiry date | | | RMB’000 | | | | RMB’000 | | | Expire | | 368,235 | | 2025-2045 | | 358,255 | | 2026-2046 | Never expire | | 79,579 | | | | 356,936 | | |
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