Parent company only condensed financial information

12 Months Ended

Dec. 31, 2025

Parent Company Only Condensed Financial Information [Abstract]

Parent company only condensed financial information

51.	Parent company only condensed financial information

Parent company only financial statements include the condensed financial information comprising the statements of financial position, cash flows and comprehensive income of the parent company as of the same dates and for the same periods for which the consolidated financial statements have been presented.

(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

Under the equity method, the investments are initially recognized at cost, and the carrying amounts are increased or decreased to recognize the investor’s share of the profit or loss of the investees after the dates of acquisition.

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	)

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

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