v3.26.1
Investments accounted for using equity method (Tables)
12 Months Ended
Dec. 31, 2025
Investments accounted for using equity method [abstract]  
Summary of Investments Accounted for Using Equity Method

 

As at December 31,

 

 

2024

 

 

2025

 

 

RMB’million

 

 

RMB’million

 

Investments in associates

 

 

4,590

 

 

 

1,572

 

Investments in joint ventures

 

 

79

 

 

 

87

 

 

 

4,669

 

 

 

1,659

 

Summary of Share of Profits/(Losses) of Investments Accounted for Using Equity Method

 

Year ended December 31,

 

 

2023

 

 

2024

 

 

2025

 

 

RMB’million

 

 

RMB’million

 

 

RMB’million

 

Share of profit/(loss) of investments accounted for using equity method:

 

 

 

 

 

 

 

 

 

Associates

 

 

129

 

 

 

99

 

 

 

45

 

Joint ventures

 

 

(2

)

 

 

(3

)

 

 

(3

)

 

 

 

127

 

 

 

96

 

 

 

42

 

 

Summary of Movement of Investments in Associates and Joint Ventures

Movement of investments in associates and joint ventures is analyzed as follows:

 

 

Year ended December 31,

 

 

2024

 

 

2025

 

 

RMB’million

 

 

RMB’million

 

At January 1

 

 

4,274

 

 

 

4,669

 

Additions

 

 

356

 

 

 

1,846

 

Business combination

 

 

-

 

 

 

2

 

Share of profit, net

 

 

96

 

 

 

42

 

Share of other comprehensive income/(loss)

 

 

112

 

 

 

(38

)

Deemed disposal (Note 7)

 

 

-

 

 

 

(4,506

)

Disposal

 

 

(3

)

 

 

(52

)

Step-up acquisition accounted for as business combination

 

 

(45

)

 

 

(22

)

Impairment provision (note)

 

 

(64

)

 

 

(82

)

Currency translation differences

 

 

58

 

 

 

(30

)

Dividend income

 

 

(115

)

 

 

(170

)

At December 31

 

 

4,669

 

 

 

1,659