Parent company only condensed financial information (Tables)

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information [Abstract]

Summary of Investments Accounted for Using the Equity Method

(a)	Investments accounted for using the equity method


		For the year ended December 31,
		2023				2024				2025
		RMB’000				RMB’000				RMB’000
Investments in subsidiaries and associates			101,196,485				88,408,748				83,871,404

			101,196,485				88,408,748				83,871,404

Summary of Detailed Information about Parent Company Condensed Statements of Comprehensive Income

Condensed Statements of Comprehensive Income


		For the year ended December 31,
		2023				2024				2025
		RMB’000				RMB’000				RMB’000
Investment income/(loss)			8,105				2,320				(1,047	)
Income/(loss) from subsidiaries and VIEs			1,965,510				(2,903,090	)			(1,207,874	)

Total income			1,973,615				(2,900,770	)			(1,208,921	)

General and administrative expenses			(155,610	)			(147,294	)			(272,317	)
Credit impairment gains/(losses)			440				(743	)			(2,446	)
Finance costs			(1,003,183	)			(647,878	)			(667,413	)
Other gain/(loss) - net			(5,638	)			(172,472	)			53,753

Total expenses			(1,163,991	)			(968,387	)			(888,423	)

Profit/(loss) before income tax expense			809,624				(3,869,157	)			(2,097,344	)
Less: Income tax expense			—				(1,463	)			(334	)

Net profit/(loss) for the year			809,624				(3,870,620	)			(2,097,678	)

Net profit/(loss) attributable to:
Owners of the Company			809,624				(3,870,620	)			(2,097,678	)
Other comprehensive loss, net of tax:
- Exchange differences on translation of foreign operations			(465,590	)			(119,656	)			158,759

Total comprehensive income/(loss) for the year			344,034				(3,990,276	)			(1,938,919	)

Total comprehensive income/(loss) attributable to:
Owners of the Company			344,034				(3,990,276	)			(1,938,919	)

Summary of Detailed Information about Parent Company Condensed Statements Of Financial Position

Condensed Statements of Financial Position


		December 31,				December 31,
		2024				2025
		RMB’000				RMB’000
ASSETS
Cash at bank			1,475,210				30,869
Restricted cash			—				4,288
Financial assets at fair value through profit or loss			65,437				280,110
Accounts and other receivables and contract assets			1,322,634				8,075,421
Investments accounted for using the equity method			88,408,748				83,871,404

Total assets			91,272,029				92,262,092

LIABILITIES
Borrowings			3,165,276				5,752,193
Accounts and other payables and contract liabilities			81,936				80,266
Convertible promissory notes payable			6,174,050				6,503,803
Other liabilities			78,065				95,667

Total liabilities			9,499,327				12,431,929

EQUITY
Share capital			117				117
Share premium			27,027,846				27,027,931
Treasury shares			(5,642,768	)			(5,642,768	)
Other reserves			1,591,448				1,746,502
Retained earnings			58,796,059				56,698,381

Total equity			81,772,702				79,830,163

Total liabilities and equity			91,272,029				92,262,092

Summary of Detailed Information about Parent Company Condensed Statements of Cash Flows

Condensed Statements of Cash Flows


		For the year ended December 31,
		2023				2024				2025
		RMB’000				RMB’000				RMB’000
Cash flows from operating activities
Cash used in operating activities			(44,192	)			(61,440	)			(214,412	)

Net cash used in operating activities			(44,192	)			(61,440	)			(214,412	)

Cash flows from investing activities
Inter-company cash flow			(4,600	)			—				—
Capital contribution to consolidated entities			—				(736,585	)			(730,472	)
Payment for advances to consolidated entities			(948,295	)			(3,402,183	)			(9,575,030	)
Receipts of repayments of the advances and capital return from consolidated entities			1,669,873				1,477,282				5,445,962
Proceeds and interest from sale of investment assets			774,498				235,135				1,392,986
Payment for acquisition of investment assets			—				(347,971	)			(934,331	)
Receipts of dividends from consolidated entities			5,744,880				11,450,000				3,100,000
Other investing activities			—				(861,014	)			466

Net cash generated from/(used in) investing activities			7,236,356				7,814,664				(1,300,419	)

Cash flows from financing activities
Proceeds from exercise of share-based payment			252				—				—
Proceeds from borrowings			4,069,584				2,238,818				2,747,800
Repayment of borrowings			(140,564	)			(3,189,572	)			(1,822,256	)
Repayment for advances to consolidated entities			(4,695,913	)			(918,812	)			(200,895	)
Receipts of advances from consolidated entities			5,266,949				277,438				200,000
Repayment of convertible promissory notes payable			(3,642,931	)			—				—
Repayment of optionally convertible promissory notes			(8,342,096	)			—				—
Refund of cash reserved for repurchase of ordinary shares			854,624				—				—
Payment for interest expenses			(736,493	)			(306,045	)			(181,023	)
Payment for dividend declared			(1,435,461	)			(5,132,615	)			—
Proceeds from issuance of shares and other equity securities			—				2,172				129

Net cash (used in)/generated from financing activities			(8,802,049	)			(7,028,616	)			743,755

Effect of exchange rate changes on cash and cash equivalents			33,954				9,771				(803	)
Net (decrease)/increase in cash and cash equivalents			(1,575,931	)			734,379				(771,879	)
Add: Cash and cash equivalents at the beginning of the year			1,644,302				68,371				802,750

Cash and cash equivalents at the end of the year			68,371				802,750				30,871