Financial risk management and fair values (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Of Financial Risk Management And Fair Values

Schedule of remaining contractual maturities at the end of the years presented of the Group's financial liabilities, which are based on contractual undiscounted cash flows (including interest payments computed using contracted rates or, if floating, based on rates current at the end of the year presented) and the earliest date the Group can be required to pay


				More than		More than						Carrying
		Within		1 year but		2 years but						amount at
		1 year or		less than		less than		More than				December 31,
		on demand		2 years		5 years		5 years		Total		2024
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000

Trade and other payables		3,943,988		—		59,842		—		4,003,830		4,003,830
Loans and borrowings		577,913		2,257		2,193		—		582,363		571,265
Lease liabilities		652,942		667,829		947,046		682,653		2,950,470		2,538,494

		5,174,843		670,086		1,009,081		682,653		7,536,663		7,113,589


				More than		More than						Carrying
		Within		1 year but		2 years but						amount at
		1 year or		less than		less than		More than				December 31,
		on demand		2 years		5 years		5 years		Total		2025
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000

Trade and other payables		4,516,491		72,586		—		—		4,589,077		4,589,077
Loans and borrowings		1,850,008		3,080,403		2,039,590		520,564		7,490,565		7,166,434
Redemption liabilities arising from preferred shares		573,681		—		—		—		573,681		573,681
Lease liabilities		970,977		820,224		1,501,440		837,363		4,130,004		3,664,582

		7,911,157		3,973,213		3,541,030		1,357,927		16,783,327		15,993,774

Schedule of interest rate profile of the Group's loans and borrowings and cash and cash equivalents


				As at December 31,				As at December 31,
		Interest rates		2024		Interest rates		2025
		%		RMB’000		%		RMB’000
Fixed rate instrument:
Loans and borrowings (Note 22)		2.07%~3.0%		(571,265)		0.7%~7.64%		(7,166,434)
Cash at bank (Note 18)		2.1%~4.36%		3,517		N/A		—
Term deposits		1.05%~4.8%		409,135		1.05%~4.8%		216,567
				(158,613)				(6,949,867)
Variable rate instrument:
Restricted cash (Note 19)		0.1%~0.95%		1,026		0.05%~1.35%		54,229
Cash at bank (Note 18)		0%~4.31%		6,320,139		0.05%~4.5%		6,807,463
				6,321,165				6,861,692

Schedule of exposure to foreign currencies


		Exposure to foreign currencies
		As at December 31, 2024
		United States				Hong Kong
		Dollars		Euros		Dollars		Renminbi		Others
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000

Trade and other receivables		189,003		43,965		66,782		—		18
Cash and cash equivalents		173,001		93,281		2,112		8,928		1,687
Term deposits		359		—		—		—		—
Trade and other payables		(84,422)		(6,797)		(14,616)		(5,616)		(515)
Net exposure arising from recognized assets and liabilities		277,941		130,449		54,278		3,312		1,190


		Exposure to foreign currencies
		As at December 31, 2025
		United States				Great British		Hong Kong		Singapore
		Dollars		Euros		Pound		Dollars		Dollars		Renminbi		Others
		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000

Trade and other receivables		307,284		22,704		27,194		25,326		—		574		2,849
Cash and cash equivalents		51,247		61,137		5		4,804		7,087		4,084		5,461
Term deposits		7,480		—		—		—		—		—		—
Trade and other payables		(110,606)		(20,145)		(172)		(12,139)		—		(606)		(481)
Net exposure arising from recognized assets and liabilities		255,405		63,696		27,027		17,991		7,087		4,052		7,829

Schedule of Group's financial assets that are measured at fair value


		Fair value at		Fair value measurements as at
		December 31,		December 31, 2024 categorized into
		2024		Level 1		Level 2		Level 3
		RMB’000		RMB’000		RMB’000		RMB’000
Recurring fair value measurement
Assets:
Other investments:
- Investment in structured deposit		100,000		—		100,000		—
- Investment in an unlisted Partnership Enterprise		123,399		—		—		123,399


		Fair value at		Fair value measurements as at
		December 31,		December 31, 2025 categorized into
		2025		Level 1		Level 2		Level 3
		RMB’000		RMB’000		RMB’000		RMB’000
Recurring fair value measurement
Assets:
Other investments:
- Investment in an unlisted Partnership Enterprise		201,727		—		—		201,727
Financial derivative assets (Note 29)		774,103		—		—		774,103

Liabilities:
Redemption liabilities arising from preferred shares (Note 25)		573,681		—		—		573,681
Financial derivative liabilities (Note 29)		1,184,050		—		—		1,184,050

Currency risk

Disclosure Of Financial Risk Management And Fair Values

Schedule of instantaneous change in the Group's profit after tax (and retained profits) and other components of consolidated equity that would arise if foreign exchange rates to which the Group has significant exposure at the end of each reporting period had changed at that date, assuming all other risk variables remained constant


		As at December 31, 2024				As at December 31, 2025
				Effect on				Effect on
		Increase/		profit for the		Increase/		profit for the
		(decrease) in		year and		(decrease) in		year and
		foreign		retained		foreign		retained
		exchange rates		earnings		exchange rates		earnings
				RMB’000				RMB’000
United States Dollars		1	%	2,311		1	%	2,127
		(1)	%	(2,311)		(1)	%	(2,127)
Euros		1	%	1,089		1	%	544
		(1)	%	(1,089)		(1)	%	(544)
Great British Pound		1	%	(1)		1	%	226
		(1)	%	1		(1)	%	(226)
Hong Kong Dollars		1	%	561		1	%	186
		(1)	%	(561)		(1)	%	(186)
Singapore Dollars		1	%	12		1	%	60
		(1)	%	(12)		(1)	%	(60)
Renminbi		1	%	31		1	%	37
		(1)	%	(31)		(1)	%	(37)
Others		1	%	10		1	%	64
		(1)	%	(10)		(1)	%	(64)