Financial risk management (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of changes in the gross carrying amount of the loans receivable to demonstrate the effects of the changes in the loss allowance


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Gross carrying amount as of January 1, 2023		5,551,986		138,373		108,480		5,798,839

Transfers:
Transfer from Stage 1 to Stage 2		(322,405)		322,405		—		—
Transfer from Stage 1 to Stage 3		(930,149)		—		930,149		—
Transfer from Stage 2 to Stage 1		25		(25)		—		—
Transfer from Stage 2 to Stage 3		—		(121,231)		121,231		—
Net increases (decreases)		4,902,917		(6,344)		(10,717)		4,885,856
Write - offs		—		—		(945,311)		(945,311)
Currency translation differences		84,870		4,755		666		90,291

Gross carrying amount as of December 31, 2023		9,287,244		337,933		204,498		9,829,675


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Gross carrying amount as of January 1, 2024		9,287,244		337,933		204,498		9,829,675

Transfers:
Transfer from Stage 1 to Stage 2		(467,517)		467,517		—		—
Transfer from Stage 1 to Stage 3		(2,101,393)		—		2,101,393		—
Transfer from Stage 2 to Stage 1		2,655		(2,655)		—		—
Transfer from Stage 2 to Stage 3		—		(348,198)		348,198		—
Net increases (decreases)		5,354,258		(61,297)		(218,540)		5,074,421
Write - offs		—		—		(1,565,290)		(1,565,290)
Currency translation differences		(628,531)		(32,231)		(86,727)		(747,489)

Gross carrying amount as of December 31, 2024		11,446,716		361,069		783,532		12,591,317

4. Financial risk management (Continued)

4.1 Financial risk factors (Continued)

4.1.2 Credit risk (Continued)


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Gross carrying amount as of January 1, 2025		11,446,716		361,069		783,532		12,591,317

Transfers:
Transfer from Stage 1 to Stage 2		(635,900)		635,900		—		—
Transfer from Stage 1 to Stage 3		(3,487,616)		—		3,487,616		—
Transfer from Stage 2 to Stage 1		2,366		(2,366)		—		—
Transfer from Stage 2 to Stage 3		—		(209,201)		209,201		—
Transfer from Stage 3 to Stage 2		—		146		(146)		—
Transfer from Stage 3 to Stage 1		4,407		—		(4,407)		—
Net increases (decreases)		4,991,642		(201,313)		(132,344)		4,657,985
Write - offs		—		—		(3,195,994)		(3,195,994)
Currency translation differences		496,297		27,753		167,473		691,523

Gross carrying amount as of December 31, 2025		12,817,912		611,988		1,314,931		14,744,831


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Loss allowance as of January 1, 2023		(252,350)		(112,318)		(95,544)		(460,212)

Transfers:
Transfer from Stage 1 to Stage 2		15,201		(15,201)		—		—
Transfer from Stage 1 to Stage 3		50,648		—		(50,648)		—
Transfer from Stage 2 to Stage 1		(16)		16		—		—
Transfer from Stage 2 to Stage 3		—		93,045		(93,045)		—
Net (increases) decreases		(427,451)		(217,500)		(893,519)		(1,538,470)
Write - offs		—		—		945,311		945,311
Changes in ECL measurement		(66,153)		(5,575)		527		(71,201)
Currency translation differences		(20,717)		(2,715)		(1,941)		(25,373)

Loss allowance as of December 31, 2023		(700,838)		(260,248)		(188,859)		(1,149,945)

4. Financial risk management (Continued)

4.1 Financial risk factors (Continued)

4.1.2 Credit risk (Continued)


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Loss allowance as of January 1, 2024		(700,838)		(260,248)		(188,859)		(1,149,945)

Transfers:
Transfer from Stage 1 to Stage 2		52,760		(52,760)		—		—
Transfer from Stage 1 to Stage 3		306,068		—		(306,068)		—
Transfer from Stage 2 to Stage 1		(1,827)		1,827		—		—
Transfer from Stage 2 to Stage 3		—		262,730		(262,730)		—
Net (increases) decreases		(781,584)		(242,481)		(1,646,460)		(2,670,525)
Write - offs		—		—		1,565,290		1,565,290
Changes in ECL measurement		(51,290)		10,029		8,398		(32,863)
Currency translation differences		112,006		23,949		107,597		243,552

Loss allowance as of December 31, 2024		(1,064,705)		(256,954)		(722,832)		(2,044,491)


		Stage 1		Stage 2		Stage 3
		12-month ECL		Lifetime ECL		Lifetime ECL		Total
		RMB		RMB		RMB		RMB
Loss allowance as of January 1, 2025		(1,064,705)		(256,954)		(722,832)		(2,044,491)

Transfers:
Transfer from Stage 1 to Stage 2		91,873		(91,873)		—		—
Transfer from Stage 1 to Stage 3		539,983		—		(539,983)		—
Transfer from Stage 2 to Stage 1		(1,725)		1,725		—		—
Transfer from Stage 2 to Stage 3		—		126,614		(126,614)		—
Transfer from Stage 3 to Stage 2		—		(130)		130		—
Transfer from Stage 3 to Stage 1		(3,903)		—		3,903		—
Net (increases) decreases		(803,837)		(216,376)		(2,935,582)		(3,955,795)
Write - offs		—		—		3,195,994		3,195,994
Changes in ECL measurement		(335,957)		19,338		83,780		(232,839)
Currency translation differences		(75,856)		(15,653)		(141,937)		(233,446)

Loss allowance as of December 31, 2025		(1,654,127)		(433,309)		(1,183,141)		(3,270,577)

Schedule of maturity analysis of non-derivative financial liabilities


		Less than		Between 1 year		Between 2 years
		1 year		and 2 years		and 5 years		Over 5 years		Total
		RMB		RMB		RMB		RMB		RMB
As of December 31, 2023

Borrowings		7,925,685		913,814		198,610		—		9,038,109
Lease liabilities		522,131		378,920		267,148		86,589		1,254,788
Preferred shares issued by subsidiaries (i)		—		—		16,384,875		1,912,329		18,297,204
Accounts and notes payable		4,594,287		—		—		—		4,594,287
Other financial liabilities		10,493,551		197,643		8,599		54,972		10,754,765


		Less than		Between 1 year		Between 2 years
		1 year		and 2 years		and 5 years		Over 5 years		Total
		RMB		RMB		RMB		RMB		RMB
As of December 31, 2024

Borrowings		11,045,619		637,315		195,492		—		11,878,426
Lease liabilities		563,252		330,468		312,368		55,413		1,261,501
Preferred shares issued by subsidiaries (i)		—		268,885		10,514,853		1,940,868		12,724,606
Accounts and notes payable		4,477,990		—		—		—		4,477,990
Other financial liabilities		11,419,633		—		49,094		54,972		11,523,699


		Less than		Between 1 year		Between 2 years
		1 year		and 2 years		and 5 years		Over 5 years		Total
		RMB		RMB		RMB		RMB		RMB
As of December 31, 2025

Borrowings		12,595,731		173,766		84,615		—		12,854,112
Lease liabilities		546,347		384,653		362,985		28,529		1,322,514
Preferred shares issued by subsidiaries (i)		262,915		3,914,992		6,366,406		3,084,258		13,628,571
Accounts and notes payable		4,936,984		—		—		—		4,936,984
Other financial liabilities		18,030,341		—		2,860		54,972		18,088,173

(i)	The preferred shares issued by the subsidiaries were presented as current liabilities as described in Note 3.1.12. The holders of preferred shares also have liquidation rights on certain deemed liquidation event, whose likelihood for the occurrence is remote.

Schedule of financial instruments


				As of December 31, 2023
				Level 1		Level 2		Level 3		Total
		Note		RMB		RMB		RMB		RMB
Assets
Treasury investments measured at FVTPL		21		—		3,250,041		—		3,250,041
Treasury investments measured at FVOCI		21		—		8,770		—		8,770
Other financial investments measured at FVTPL - Investments in ordinary shares and preferred shares		23		51,501		—		1,267,072		1,318,573
Other financial investments measured at FVTPL - Investments in limited partnerships		23		—		—		1,225,642		1,225,642
Other financial investments measured at FVTPL - Other investments		23		—		—		342,504		342,504
Other financial investments measured at FVOCI - Investments in ordinary shares		24		8,522,105		—		86,586		8,608,691
Other financial investments measured at FVOCI - Debt investments		24		—		1,015,875		—		1,015,875
Current and non-current contingent consideration assets		26		—		—		250,368		250,368
Short-term debt investments measured at FVTPL				—		—		254,501		254,501
Short-term debt investments measured at FVOCI				—		676,209		—		676,209
				8,573,606		4,950,895		3,426,673		16,951,174

Liabilities
Preferred shares issued by subsidiaries		33		—		—		13,846,145		13,846,145
Other current financial liabilities measured at FVTPL		32		—		—		32,971		32,971
Other non-current financial liabilities measured at FVTPL				—		—		173,526		173,526
				—		—		14,052,642		14,052,642


				As of December 31, 2024
				Level 1		Level 2		Level 3		Total
		Note		RMB		RMB		RMB		RMB
Assets
Treasury investments measured at FVTPL		21		—		3,171,720		4,868,032		8,039,752
Treasury investments measured at FVOCI		21		—		9,769		—		9,769
Other financial investments measured at FVTPL - Investments in ordinary shares and preferred shares		23		176,424		—		1,919,716		2,096,140
Other financial investments measured at FVTPL - Investments in limited partnerships		23		—		—		1,147,455		1,147,455
Other financial investments measured at FVTPL - Other investments		23		—		—		358,464		358,464
Other financial investments measured at FVOCI - Investments in ordinary shares		24		5,594,762		—		30,000		5,624,762
Current and non-current contingent consideration assets		26		—		—		8,889		8,889
Derivative assets measured at FVTPL				—		122,699		—		122,699
Short-term debt investments measured at FVOCI				—		1,535,897		—		1,535,897
				5,771,186		4,840,085		8,332,556		18,943,827

Liabilities
Preferred shares issued by subsidiaries		33		—		—		10,961,493		10,961,493
Other current financial liabilities measured at FVTPL		32		—		93,174		334,034		427,208
Other non-current financial liabilities measured at FVTPL				—		—		36,632		36,632
				—		93,174		11,332,159		11,425,333

4. Financial risk management (Continued)

4.3 Fair value estimation (Continued)

4.3.1 Fair value hierarchy (Continued)


				As of December 31, 2025
				Level 1		Level 2		Level 3		Total
		Note		RMB		RMB		RMB		RMB
Assets
Treasury investments measured at FVTPL		21		—		870,552		6,724,228		7,594,780
Treasury investments measured at FVOCI		21		—		99,357		—		99,357
Other financial investments measured at FVTPL - Investments in ordinary shares and preferred shares		23		1,063,570		—		2,430,399		3,493,969
Other financial investments measured at FVTPL - Investments in limited partnerships		23		—		—		1,705,035		1,705,035
Other financial investments measured at FVTPL - Other investments		23		—		—		290,229		290,229
Other financial investments measured at FVOCI - Investments in ordinary shares		24		5,571,051		—		18,118		5,589,169
Current and non-current contingent consideration assets		26		—		—		10,974		10,974
Derivative assets measured at FVTPL				—		—		3,789		3,789
Short-term equity investment measured at FVTPL				167,594		—		—		167,594
Short-term debt investments measured at FVTPL				—		—		26,517		26,517
Short-term debt instruments measured at FVOCI				—		1,802,743		4,052,269		5,855,012
Long-term debt instruments measured at FVOCI				—		—		547,330		547,330
				6,802,215		2,772,652		15,808,888		25,383,755

Liabilities
Preferred shares issued by subsidiaries		33		—		—		10,678,693		10,678,693
Other current financial liabilities measured at FVTPL		32		—		215,193		936,279		1,151,472
				—		215,193		11,614,972		11,830,165


										Financial
		Financial assets								liabilities
		Investment in
		ordinary
		shares and		Investment in						Derivative
		preferred		ordinary						liabilities and
		shares		shares		Investment in		Others		other
		measured at		measured at		limited		measured		financial
		FVTPL		FVOCI		partnerships		at FVTPL		liabilities
		RMB		RMB		RMB		RMB		RMB
As of January 1, 2023		853,934		85,726		1,300,119		685,707		—
Additions		636,709		—		202		397,865		529,116
Disposals/settlements		—		—		(75,555)		(145,517)		—
Changes in fair value		(177,993)		—		(6,995)		(97,936)		(320,618)
Transfer to level 1 financial instruments		(60,402)		—		—		—		—
Currency translation differences		14,824		860		7,871		7,254		(2,001)
As of December 31, 2023		1,267,072		86,586		1,225,642		847,373		206,497

Net unrealized gains (losses) through profit or loss for the year		(177,993)		n/a		(6,995)		(97,936)		4,556


											Financial
	Financial assets										liabilities
	Investment in
	ordinary
	shares and		Investment in								Derivative
	preferred		ordinary				Treasury				liabilities and
	shares		shares		Investment in		investments		Others		other
	measured at		measured at		limited		measured at		measured		financial
	FVTPL		FVOCI		partnerships		FVTPL		at FVTPL		liabilities
	RMB		RMB		RMB		RMB		RMB		RMB
As of January 1, 2024	1,267,072		86,586		1,225,642		—		847,373		206,497
Additions	551,744		—		1,500		14,265,000		53,576		247,986
Disposals/settlements	—		—		(54,073)		(9,454,911)		(266,394)		(456,098)
Changes in fair value	91,828		(5,000)		(31,439)		57,943		(152,885)		369,454
Transfer to level 1 financial instruments	—		(51,908)		—		—		(115,496)		—
Currency translation differences	9,072		322		5,825		—		1,179		2,827
As of December 31, 2024	1,919,716		30,000		1,147,455		4,868,032		367,353		370,666

Net unrealized gains (losses) through profit or loss for the year	128,580		n/a		(31,577)		54,587		(27,795)		(295,536)

4. Financial risk management (Continued)

4.3 Fair value estimation (Continued)

4.3.3 Fair value measurements using significant unobservable inputs (level 3) (Continued)


								Financial
	Financial assets							liabilities
	Investment in
	ordinary
	shares and		Investment in					Derivative
	preferred		ordinary		Treasury	Loan	Others	liabilities
	shares		shares	Investment in	investments	receivables	measured	and other
	measured at		measured at	limited	measured at	measured at	at	financial
	FVTPL		FVOCI	partnerships	FVTPL	FVOCI	FVTPL	liabilities
	RMB		RMB	RMB	RMB	RMB	RMB	RMB
As of January 1, 2025	1,919,716		30,000	1,147,455	4,868,032	—	367,353	370,666
Additions	550,111		—	620,093	31,622,698	30,035,537	53,403	900,000
Disposals/settlements	—		—	(58,822)	(29,881,408)	(25,260,285)	(27,060)	—
Changes in fair value	(22,773)		(11,882)	10,843	114,906	(175,653)	(62,116)	(333,831)
Currency translation differences	(16,655)		—	(14,534)	—	—	(71)	(556)
As of December 31, 2025	2,430,399		18,118	1,705,035	6,724,228	4,599,599	331,509	936,279

Net unrealized gains (losses) through profit or loss for the year	(22,773)		n/a	(5,816)	38,713	21,901	(62,116)	353

Schedule of quantitative information about the significant unobservable inputs used in recurring level 3 fair value measurements except for preferred shares issued by subsidiaries


																		Relationship of
										Significant								unobservable
										unobservable								inputs to fair
Description				Fair values						inputs		Range of inputs						values
				As of December 31,								As of December 31,
				2023		2024		2025				2023		2024		2025
		Note		RMB		RMB		RMB
Investments in ordinary shares and preferred shares measured at fair value ⁽ⁱ⁾		23&24		1,353,658		1,949,716		2,448,517		Expected volatility		42.2%-64.9	%	27.8%-79.2	%	31.6%-83.1	%	Depends on rights and restrictions of shares held by the Group
										Discount for lack of marketability (“DLOM”)		4.8%-29.0	%	3.8%-29.3	%	4.5%-29.1	%	The higher the DLOM, the lower the fair value
										Risk-free interest rate		2.1%-4.2	%	1.5%-3.8	%	1.3%-4.1	%	The higher the risk - free rate, the lower the fair value
Treasury investments measured at FVTPL		21		—		4,868,032		6,724,228		Expected rate of return		n/a		1.7%-4.1	%	1.3%-2.2	%	The higher the expected rate of return, the higher the fair value
Loan receivables measured at FVOCI		26		—		—		4,599,599		Note (ii)		n/a		n/a		Note (ii)		The higher the risk-adjusted discount rate, the lower the fair value
Derivative liabilities and other financial liabilities				206,497		370,666		936,279		Expected volatility		36.1%-46.3	%	54.3%-67.2	%	72.2	%	The higher the expected volatility, the higher the fair value
										Risk-free interest rate		4.4%-5.7	%	1.7%-4.4	%	1.5	%	The higher the risk-free rate, the lower the fair value
										Bond yield rate		n/a		n/a		3.0	%	The higher the bond yield rate, the lower the fair value

(i)

If the respective unobservable inputs of investments in ordinary shares and preferred shares measured at FVTPL held by the Group had been 5% higher or lower, the profit before income tax for the year ended December 31, 2025 would have been approximately RMB17,429 lower or RMB17,494 higher (the profit before income tax for the year ended December 31, 2024 would have been approximately RMB17,943 lower or RMB17,927 higher; the loss before income tax for the year ended December 31, 2023 would have been RMB13,355 higher or RMB13,354 lower).

(ii)	For loan receivables at fair value through other comprehensive income, the fair values are determined based on discounted cash flow model using unobservable discount rates that reflect credit risk and market risk.

Schedule of key assumptions used for preferred shares issued by subsidiaries


		As of December 31,
		2023		2024		2025
Voyager Group Inc.
Risk-free interest rate		3.9	%	4.4	%	3.8	%
DLOM		12.5	%	13.0	%	12.8	%
Expected volatility		53.5	%	54.4	%	54.0	%
Soda Technology Inc.
Risk-free interest rate		4.1	%	4.2	%	3.6	%
DLOM		6.9	%	5.7	%	3.1	%
Expected volatility		39.2	%	41.2	%	38.3	%
City Puzzle Holding Limited
Risk-free interest rate		4.2	%	4.3	%	3.6	%
DLOM		6.7	%	10.3	%	8.5	%
Expected volatility		41.3	%	48.5	%	44.4	%
Xiaoju Technology Holdings (CAY) Co.
Risk-free interest rate		—		—		3.8	%
DLOM		—		—		14.0	%
Expected volatility		—		—		61.9	%

- Definition

The disclosure of the reconciliation of changes in the loss allowance and explanation of changes in the gross carrying amount for financial instruments. Loss allowance is the allowance for expected credit losses on financial assets measured in accordance with paragraph 4.1.2 of IFRS 9, lease receivables and contract assets, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A of IFRS 9 and the provision for expected credit losses on loan commitments and financial guarantee contracts. [Refer: Gross carrying amount [member]]

+ References + Details