Financial Instruments And Risks (Tables)

12 Months Ended

Dec. 31, 2025

Financial Instruments And Risks [Abstract]

Summary of Illustrates the Impact of an Appreciation or Depreciation


	For the year ended December 31,
	2024			2025
	RMB’000			RMB’000
5% appreciation of RMB		(120,981	)		(45,521	)
5% depreciation of RMB		120,981			45,521

Summary of out the Group's Financial Assets and Financial Liabilities Exposed to Interest Rate Risk

The following table sets out the Group’s financial assets and financial liabilities exposed to interest rate risk by repricing date, contractual maturity date or expected maturity date (whichever is earlier):


As of December 31, 2024	Less than 3 months		3 months to 1 year			1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
ASSETS
Cash at bank		13,730,791		4,576,585			7,580,550		2,079,228		799,900		—		1,136,792		29,903,846
Restricted cash		12,606,465		468,019			953,933		49,455		—		—		54,162		14,132,034
Financial assets held under resale agreements		657,001		—			—		—		—		—		32		657,033
Financial assets at fair value through profit or loss		4,848,823		2,793,141			1,129,890		793,443		1,742,218		3,176,372		5,871,927		20,355,814
Financial assets at fair value through other comprehensive income		647,826		390,295			—		117,974		—		—		—		1,156,095
Financial assets at amortized cost		1,499,000		—			—		—		—		—		—		1,499,000
Accounts and other receivables and contract assets		—		—			—		—		—		—		4,698,008		4,698,008
Loans to customers		18,740,577		44,898,185			23,977,895		21,407,199		855,385		1,629,428		—		111,508,669

Total financial assets		52,730,483		53,126,225			33,642,268		24,447,299		3,397,503		4,805,800		11,760,921		183,910,499

LIABILITIES
Payable to platform investors		—		—			—		—		—		—		721,558		721,558
Borrowings		11,126,077		37,633,114			1,967,199		—		—		—		388,185		51,114,575
Customer deposits		2,906,107		1,026,951			—		—		—		—		692		3,933,750
Accounts and other payables and contract liabilities		—		—			—		—		—		—		2,833,692		2,833,692
Payable to investors of consolidated structured entities		12,719,274		21,581,299			7,973,593		521,458		—		—		—		42,795,624
Financing guarantee liabilities		—		—			—		—		—		—		4,217,979		4,217,979
Lease liabilities		56,162		130,705			91,030		24,766		204		—		—		302,867
Convertible promissory notes payable		—		—			6,174,050		—		—		—		—		6,174,050
Financial assets sold under repurchase agreements		782,397		—			—		—		—		—		62		782,459

Total financial liabilities		27,590,017		60,372,069			16,205,872		546,224		204		—		8,162,168		112,876,554

Total interest rate sensitivity gap		25,140,466		(7,245,844	)		17,436,396		23,901,075		3,397,299		4,805,800		3,598,753		71,033,945


As of December 31, 2025	Less than 3 months		3 months to 1 year			1-2 years		2-3 years		More than 3 years		Overdue		No interest		Total
	RMB’000		RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
ASSETS
Cash at bank		12,361,639		4,917,221			2,079,012		284,955		799,873		—		1,643,487		22,086,187
Restricted cash		11,642,624		7,216,198			60,454		25,370		—		—		90,508		19,035,154
Financial assets held under resale agreements		1,576,838		—			—		—		—		—		191		1,577,029
Financial assets at fair value through profit or loss		3,008,399		5,794,487			1,048,480		2,306,388		3,354,424		3,600,847		15,553,548		34,666,573
Financial assets at fair value through other comprehensive income		3,110,541		2,602,298			249,826		219,564		—		—		—		6,182,229
Accounts and other receivables and contract assets		—		—			—		—		—		—		3,081,225		3,081,225
Loans to customers		13,848,878		37,816,633			22,738,076		23,972,434		2,398,504		1,516,449		—		102,290,974

Total financial assets		45,548,919		58,346,837			26,175,848		26,808,711		6,552,801		5,117,296		20,368,959		188,919,371

LIABILITIES
Payable to platform investors		—		—			—		—		—		—		667,794		667,794
Borrowings		11,297,597		50,373,336			1,447,163		—		—		—		417,817		63,535,913
Customer deposits		6,694,151		2,699,338			—		—		—		—		63,445		9,456,934
Accounts and other payables and contract liabilities		—		—			—		—		—		—		3,138,181		3,138,181
Payable to investors of consolidated structured entities		10,393,888		14,321,735			3,943,001		262,598		—		—		—		28,921,222
Financing guarantee liabilities		—		—			—		—		—		—		5,647,343		5,647,343
Lease liabilities		47,422		104,559			81,864		23,626		2,293		—		—		259,764
Convertible promissory notes payable		—		6,503,803			—		—		—		—		—		6,503,803
Financial assets sold under repurchase agreements		1,661,960		—			—		—		—		—		48		1,662,008

Total financial liabilities		30,095,018		74,002,771			5,472,028		286,224		2,293		—		9,934,628		119,792,962

Total interest rate sensitivity gap		15,453,901		(15,655,934	)		20,703,820		26,522,487		6,550,508		5,117,296		10,434,331		69,126,409

Summary of Impact to Profit Before Tax on the Structure of Interest-bearing Assets and Liabilities

The table below illustrates the impact to profit before tax of the coming year as of each reporting date based on the structure of interest-bearing assets, liabilities and interest rate derivative instruments as of December 31, 2024 and 2025, caused by a parallel shift of 100 basis points in interest rates.


	For the year ended December 31,
	2024			2025
	RMB’000			RMB’000
Change in interest rate
-100 basis points		(192,807	)		(76,512	)
+100 basis points		192,807			76,512

Summary of Macro Economic Assumptions used to Estimate Expected Credit Losses

As of December 31, 2024 and 2025, the range of multiple scenario forecasts of the key macroeconomic factors used to estimate ECL are listed below.


	December 31,			December 31,
	2024			2025
GDP – year on year percentage change		4.5%-5.3	%		4.6%-5.2	%
CPI – year on year percentage change		0.7%-1.5	%		0.1%-1.0	%
Broad measure of money supply (M1) – year on year percentage change		-0.6%-3.8	%		3.2%-6.8	%

Summary of Changes of ECL Impairment Provision on Loans to Customers and Financing Guarantee liabilities Related to ECL Assuming the Financial Assets

The following table shows the changes of ECL impairment provision on loans to customers and financing guarantee liabilities related to ECL assuming that the financial assets in stage 2 had been reclassified to stage 1 due to significant improvement in credit risk.


	December 31,			December 31,
	2024			2025
	RMB’000			RMB’000
Total ECL and financing guarantee liabilities under the assumption of reclassification of financial instruments from stage 2 to stage 1		11,255,841			12,876,126
Total ECL and financing guarantee liabilities related to ECL recognized in the consolidated balance sheet		12,761,499			16,968,437
Difference-amount		(1,505,658	)		(4,092,311	)
Difference-ratio		-12	%		-24	%

Summary of Credit Risk Exposure of the Financial Instruments under the Scope of Expected Credit Loss

The following presents the credit risk exposure of the financial instruments under the scope of expected credit loss mentioned in measurement of ECL without considering guarantee or any other credit enhancement measures:


	As of December 31, 2024
	Stage I		Stage II		Stage III		Maximum credit risk exposure
(in RMB’000)
Book value
On-balance sheet
Cash at bank		29,903,846		—		—		29,903,846
Restricted cash		14,132,034		—		—		14,132,034
Financial assets held under resale agreements		657,033		—		—		657,033
Financial assets at fair value through other comprehensive income		1,156,095		—		—		1,156,095
Financial assets at amortized cost		1,499,000		—		—		1,499,000
Accounts and other receivables and contract assets		4,697,722		—		286		4,698,008
Loans to customers		110,425,071		665,187		418,411		111,508,669

Total		162,470,801		665,187		418,697		163,554,685

Off-balance sheet
Financing guarantee contracts		67,368,608		648,415		—		68,017,023


	As of December 31, 2025
	Stage I		Stage II		Stage III		Maximum credit risk exposure
(in RMB’000)
Book value
On-balance sheet
Cash at bank		22,086,187		—		—		22,086,187
Restricted cash		19,035,154		—		—		19,035,154
Financial assets held under resale agreements		1,577,029		—		—		1,577,029
Financial assets at fair value through other comprehensive income		6,182,229		—		—		6,182,229
Accounts and other receivables and contract assets		3,080,913		—		312		3,081,225
Loans to customers		100,622,452		920,689		747,833		102,290,974

Total		152,583,964		920,689		748,145		154,252,798

Off-balance sheet
Financing guarantee contracts		65,376,106		2,094,102		—		67,470,208

Summary of Liquidity Risk

The following table analyses the Group’s financial liabilities into relevant maturity grouping based on the remaining period at the end of each reporting period to the contractual or expected maturity date. The amounts disclosed in the tables below are undiscounted contractual or expected cash flows including interest payments computed using contractual rates, or, if floating, based on current rates, and interests with financial liabilities denominated in foreign currencies translated into RMB using the spot rate as of balance sheet date:


As of December 31, 2024	Repayable on demand or undated		Within 1 year		1 to 2 years		2 to 3 years		Over 3 years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Financial liabilities
Payable to platform investors		721,558		—		—		—		—		721,558
Borrowings		71,938		49,819,385		2,046,264		—		—		51,937,587
Customer deposit		469,093		3,494,698		—		—		—		3,963,791
Accounts and other payables and contract liabilities		1,489,870		1,343,822		—		—		—		2,833,692
Payable to investors of consolidated structured entities		—		34,900,519		8,343,092		545,599		—		43,789,210
Lease liabilities		705		189,663		94,648		25,980		238		311,234
Convertible promissory notes payable		—		51,790		7,088,236		—		—		7,140,026
Financial assets sold under repurchase agreements		—		782,583		—		—		—		782,583

Total		2,753,164		90,582,460		17,572,240		571,579		238		111,479,681

Financing guarantee contracts		68,017,023		—		—		—		—		68,017,023

As of December 31, 2025	Repayable on demand or undated		Within 1 year		1 to 2 years		2 to 3 years		Over 3 years		Total
	RMB’000		RMB’000		RMB’000		RMB’000		RMB’000		RMB’000
Financial liabilities
Payable to platform investors		667,794		—		—		—		—		667,794
Borrowings		—		62,854,633		1,470,926		—		—		64,325,559
Customer deposit		427,528		9,092,123		—		—		—		9,519,651
Accounts and other payables and contract liabilities		2,772,257		365,924		—		—		—		3,138,181
Payable to investors of consolidated structured entities		—		25,148,132		4,018,598		265,519		—		29,432,249
Lease liabilities		521		154,465		88,895		26,493		2,720		273,094
Convertible promissory notes payable		—		6,930,860		—		—		—		6,930,860
Financial assets sold under repurchase agreements		—		1,662,439		—		—		—		1,662,439

Total		3,868,100		106,208,576		5,578,419		292,012		2,720		115,949,827

Financing guarantee contracts		67,470,208		—		—		—		—		67,470,208

Summary of Group's Maximum Exposure to Structured Entities

The following table shows the Group’s maximum exposure to the unconsolidated structured entities representing the Group’s maximum possible risk exposure that could occur as a result of the Group’s arrangements with structured entities.

These unconsolidated structured products mainly include asset management plans, trust plans, mutual funds, private funds and wealth management products which are all classified as financial assets at fair value through profit or loss.

As of December 31, 2024

(in RMB’000)

Size

Carrying amount
of investment in
structured entities

Group’s
maximum
exposure

Interest held by
Group

Unconsolidated structured entities managed by third parties

9,126,031

Investment income

Unconsolidated structured entities managed by affiliated entities

1,237,189

Investment income

Unconsolidated structured entities serviced by the Group

21,168

—

21,168

Service fee

As of December 31, 2025

(in RMB’000)

Size

Carrying amount
of investment in
structured entities

Group’s
maximum
exposure

Interest held by
Group

Unconsolidated structured entities managed by third parties

14,200,485

Investment income

Unconsolidated structured entities managed by affiliated entities

830,880

Investment income

Unconsolidated structured entities serviced by the Group

19,740

—

19,740

Service fee

Summary of Fair Value Estimation

The following tables set forth the financial instruments recorded at fair value by level of the fair value hierarchy:


As of December 31, 2024	Level 1		Level 2		Level 3		Total
	RMB’000		RMB’000		RMB’000		RMB’000
Financial assets at fair value through other comprehensive income
Treasury bills		486,425		—		—		486,425
Certificates of deposits		669,670		—		—		669,670

		1,156,095		—		—		1,156,095

Financial assets at fair value through profit or loss
Trust plans		—		3,937,660		308,956		4,246,616
Private funds and other equity investments		—		—		598,366		598,366
Mutual funds		3,903,003		—		—		3,903,003
Debt securities		—		4,931,967		—		4,931,967
Wealth management products		—		1,628,417		—		1,628,417
Structured deposits		—		1,900,622		—		1,900,622
Others debt investments		—		30,706		3,116,117		3,146,823

		3,903,003		12,429,372		4,023,439		20,355,814

Total		5,059,098		12,429,372		4,023,439		21,511,909


As of December 31, 2025	Level 1		Level 2			Level 3		Total
	RMB’000		RMB’000			RMB’000		RMB’000
Financial assets at fair value through other comprehensive income
Treasury bills		3,548,798		—			—		3,548,798
Certificates of deposits		2,067,547		—			—		2,067,547
Other debt securities		565,884		—			—		565,884

		6,182,229		—			—		6,182,229

Financial assets at fair value through profit or loss
Debt securities		—		12,490,805			—		12,490,805
Wealth management products		—		11,430,637			—		11,430,637
Mutual funds		2,918,741		—			—		2,918,741
Structured deposits		—		2,434,136			—		2,434,136
Private funds and other equity investments		—		—			567,274		567,274
Trust plans		—		94,813			382,448		477,261
Others debt investments		—		—			4,347,719		4,347,719

		2,918,741		26,450,391			5,297,441		34,666,573

Derivative instruments
Cross currency swap		—		(5,239	)		—		(5,239	)

Total		9,100,970		26,445,152			5,297,441		40,843,563

Summary of the Changes in Level 3 Instruments

The following table presents the changes in Level 3 instruments for the years ended December 31, 2023, 2024 and 2025:


Financial assets at fair value through profit or loss	For the year ended December 31,
	2023			2024			2025
	RMB’000			RMB’000			RMB’000
As of beginning of the year		3,005,576			5,486,954			4,023,439
Additions		2,719,547			1,385,507			1,466,648
Transfer into Level 3		1,062,703			—			—
Disposal		(1,020,562	)		(1,276,834	)		(1,202,902	)
Gains or losses recognized in profit or loss		(280,310	)		(1,572,188	)		1,010,256

As of end of the year		5,486,954			4,023,439			5,297,441

Summary of Impact to Profit/(Loss) Before Income Tax

As of December 31, 2025, the discount rates used to determine fair value of Level 3 instruments ranged from 1.22% to 13.25% (December 31, 2024: 0.66% to 13.99%). The table below illustrates the carrying amount of the Level 3 instruments with the fair value determined using the discounted cash flow method as well as the impact to profit/(loss) before income tax expense for the years ended December 31, 2024 and 2025, if the risk-adjusted discount rate had increased/decreased by 100 basis points with all other variables held constant.


	As of December 31,
	2024			2025
	RMB’000			RMB’000
Discounted cash flow method		3,819,204			5,225,180
Expected changes in profit/(loss) before income tax ex pense
+100 basis points		(113,936	)		(97,831	)
-100 basis points		119,511			102,194