For the year ended December 31,

2023

2024

2025

RMB’000

Interest expenses on borrowings

822,017

611,367

443,111

Interest expenses on convertible promissory notes (Note 35)

448,017

486,731

526,111

Interest expenses optionally convertible promissory notes

407,255

—

Interest expenses on unpaid consideration of convertible promissory notes

58,381

—

Interest expenses on lease liabilities

27,934

15,800

12,194

Interest expenses on consolidated wealth management products

868

855

—

Bank interest income

(1,415,232

)

(1,029,934

)

(723,078

)

349,240

84,819

258,338