32.Related party transactions The table below sets forth the major related parties and their relationships with the Group as at December 31, 2025:
|
|
|
Name of related parties |
|
Relationship with the Group |
Tencent and its subsidiaries other than the entities controlled by the Group (“Tencent Group”) |
|
The Company’s principal owner |
For the years ended December 31, 2023, 2024 and 2025, significant related party transactions were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
RMB’million |
|
|
RMB’million |
|
|
RMB’million |
|
Revenue |
|
|
|
|
|
|
|
|
|
Online music services to Tencent Group (note i) |
|
|
172 |
|
|
|
188 |
|
|
|
324 |
|
Online music services to the Company’s associates and
associates of Tencent Group |
|
|
397 |
|
|
|
365 |
|
|
|
501 |
|
Social entertainment services and others to Tencent Group,
the Company’s associates and associates of Tencent Group |
|
|
55 |
|
|
|
43 |
|
|
|
75 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Service cost to Tencent Group |
|
|
752 |
|
|
|
732 |
|
|
|
725 |
|
Service cost to the Company’s associates and associates of
Tencent Group |
|
|
713 |
|
|
|
592 |
|
|
|
1,399 |
|
Other costs and expenses to Tencent Group (note ii) |
|
|
1,269 |
|
|
|
1,086 |
|
|
|
1,240 |
|
Other costs and expenses to the Company’s associates and
associates of Tencent Group |
|
|
31 |
|
|
|
127 |
|
|
|
241 |
|
Note i: Primarily include revenue from online advertising and subscriptions provided to Tencent Group pursuant to the Business Cooperation Agreement, which was renewed in August 2023. Note ii: Primarily include advertising fees charged by Tencent Group for our advertising services sold through Tencent Group. These related party transactions were conducted at prices and terms as agreed by the respective parties involved. (b)Balances with related parties
|
|
|
|
|
|
|
|
|
|
As at December 31, |
|
|
|
2024 |
|
|
2025 |
|
|
|
RMB’million |
|
|
RMB’million |
|
Included in accounts receivable from related parties: |
|
|
|
|
|
|
Tencent Group (note) |
|
|
2,343 |
|
|
|
2,249 |
|
The Company’s associates and associates of Tencent Group |
|
|
52 |
|
|
|
60 |
|
Included in prepayments, deposits and other assets from related parties: |
|
|
|
|
|
|
Tencent Group |
|
|
48 |
|
|
|
78 |
|
The Company’s associates and associates of Tencent Group |
|
|
139 |
|
|
|
981 |
|
Included in accounts payable to related parties: |
|
|
|
|
|
|
Tencent Group |
|
|
702 |
|
|
|
595 |
|
The Company’s associates and associates of Tencent Group |
|
|
234 |
|
|
|
232 |
|
Included in other payables and accruals to related parties: |
|
|
|
|
|
|
Tencent Group |
|
|
117 |
|
|
|
90 |
|
The Company’s associates and associates of Tencent Group |
|
|
1 |
|
|
|
26 |
|
Note: The balance is mainly arising from user payments collected through various payment channels of Tencent Group pursuant to the Business Cooperation Agreement that renewed in August 2023. (c)Key management personnel compensation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
2024 |
|
|
2025 |
|
|
|
RMB’million |
|
|
RMB’million |
|
|
RMB’million |
|
Short-term employee benefits |
|
|
68 |
|
|
|
51 |
|
|
|
48 |
|
Share-based compensation |
|
|
95 |
|
|
|
78 |
|
|
|
87 |
|
|
|
|
163 |
|
|
|
129 |
|
|
|
135 |
|
|