Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of detailed information about intangible assets [line items]


	Trademarks and licenses			Computer software and others			Total
	RMB’000			RMB’000			RMB’000
As of January 1, 2023
Cost		1,389,576			253,145			1,642,721
Accumulated amortization		(5,000	)		(150,105	)		(155,105	)
Impairment		(537,948	)		(64,612	)		(602,560	)

Net book amount		846,628			38,428			885,056

Year ended December 31, 2023
Opening net book amount		846,628			38,428			885,056
Additions		—			1,503			1,503
Disposals		(537,948	)		(618	)		(538,566	)
Amortization charge		—			(11,022	)		(11,022	)
Impairment		537,948			—			537,948

Closing net book amount		846,628			28,291			874,919

As of December 31, 2023
Cost		846,628			252,527			1,099,155
Accumulated amortization		—			(159,624	)		(159,624	)
Impairment		—			(64,612	)		(64,612	)

Net book amount		846,628			28,291			874,919


	Trademarks and licenses		Computer software and others			Total
	RMB’000		RMB’000			RMB’000
As of January 1, 2024
Cost		846,628		252,527			1,099,155
Accumulated amortization		—		(159,624	)		(159,624	)
Impairment		—		(64,612	)		(64,612	)

Net book amount		846,628		28,291			874,919

Year ended December 31, 2024
Opening net book amount		846,628		28,291			874,919
Acquisition of subsidiaries		18,379		126,154			144,533
Additions		28,306		22,515			50,821
Disposals		—		(74,430	)		(74,430	)
Amortization charge		—		(39,766	)		(39,766	)

Closing net book amount		893,313		62,764			956,077

As of December 31, 2024
Cost		893,313		346,523			1,239,836
Accumulated amortization		—		(219,593	)		(219,593	)
Impairment		—		(64,166	)		(64,166	)

Net book amount		893,313		62,764			956,077


	Trademarks and licenses			Computer software and others			Total
	RMB’000			RMB’000			RMB’000
As of January 1, 2025
Cost		893,313			346,523			1,239,836
Accumulated amortization		—			(219,593	)		(219,593	)
Impairment		—			(64,166	)		(64,166	)

Net book amount		893,313			62,764			956,077

Year ended December 31, 2025
Opening net book amount		893,313			62,764			956,077
Additions		—			835			835
Foreign exchange adjustments		(498	)		—			(498	)
Disposals		—			(1,853	)		(1,853	)
Impairment		(28,306	)		(44	)		(28,350	)
Amortization charge		—			(14,608	)		(14,608	)

Closing net book amount		864,509			47,094			911,603

As of December 31, 2025
Cost		892,815			320,626			1,213,441
Accumulated amortization		—			(209,322	)		(209,322	)
Impairment		(28,306	)		(64,210	)		(92,516	)

Net book amount		864,509			47,094			911,603

Summary of Key Assumptions Used for Value-in-use Calculations

The trademarks and licenses of the Group are primarily related to trademark rights of Puhui of RMB801 million. As the contractual tenor of its loan products is generally 36 months, the cash flow forecast period of Puhui was eight years based on a financial budget covering a five-year period approved by management. The key assumption used for

value-in-use

calculations of trademark rights of Puhui is as follows:


	December 31, 2024		December 31, 2025
Revenue growth rates		-1.1% - 16.1%		-16.4% - 11.0%

Summary of Recoverable Amount of Cash Generating Units Exceeding Carrying Amount

The excess of the recoverable amount of Puhui’s trademark over its carrying amount:


	December 31, 2024		December 31, 2025
	RMB’000		RMB’000
Excess of the recoverable amount of trademark rights of Puhui over its carrying amount		1,201,371		784,408

Intangible assets other than goodwill [member]

Disclosure of detailed information about intangible assets [line items]

Summary of Possible Changes of Key Assumptions of Cash Generating Units

As of December 31, 2024 and 2025, the

pre-tax

discount rates applied to the cash flow projections were 20% and 20%, respectively. As of December 31, 2024 and 2025, the long-term growth rate used to extrapolate cash flow projections beyond the budget period were 2% and 2%, respectively.

While it is impracticable for the Group to estimate the impact on future periods, the following table sets forth the impact of management judgement of reasonably possible scenarios in the above key assumption, with all other variables held constant, on the impairment testing of Puhui’s trademark rights impairment testing at the dates indicated. As shown below, the possible changes of the key parameter would not cause the carrying amount of trademark rights of Puhui to exceed its recoverable amount at the dates indicated.

Unfavorable change

Favorable change

Change in
assumption

Change in
the excess
of the
recoverable
amount of
trademark
rights of
Puhui over
its carrying
amount

Excess of
the
recoverable
amount of
trademark
rights of
Puhui over
its carrying
amount

Change in
assumption

Change in
the excess
of the
recoverable
amount of
trademark
rights of
Puhui over
its carrying
amount

Excess of
the
recoverable
amount of
trademark
rights of
Puhui over
its carrying
amount

RMB’000

As of December 31, 2024

Revenue growth rates (GAGR)

-230BP

(171,901

)

1,029,470

+230BP

185,781

1,387,152

As of December 31, 2025

Revenue growth rates (GAGR)

-230BP

(144,454

)

639,954

+230BP

156,716

941,124