v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥)
¥ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities      
Cash generated from operations ¥ 10,812 ¥ 10,717 ¥ 7,455
Interest received 1,240 913 707
Income taxes paid (1,821) (1,355) (825)
Net cash inflow from operating activities 10,231 10,275 7,337
Cash flows from investing activities      
Net cash payment for business combination (1,056) (34) (9)
Purchase of property, plant and equipment (305) (319) (165)
Purchase of intangible assets (883) (713) (456)
Purchase of land use right 0 0 (543)
Placement of short-term investments (3,800) (12,000)  
Receipt from short-term investments 3,851 12,035  
Placement of term deposits with initial terms of over three months (17,880) (24,458) (13,663)
Receipt from maturity of term deposits with initial terms of over three months 12,590 18,851 12,828
Payments for disposal of subsidiaries 0 (25)  
Proceeds from disposal of investments accounted for using equity method 40 18 59
Payments for acquisition of investments accounted for using equity method (1,841) (234) (15)
Payments for acquisition of investments accounted for as financial assets at fair value through profit or loss (39) (22) (10)
Payments for acquisition of investments accounted for as financial assets at fair value through other comprehensive income (1,244) 0 0
Payments for loan to third parties 0 (11) (70)
Receipts from repayments of loans to third parties 0 20 46
Dividends received 332 61 126
Capital reduction of an associate 0 0 7
Other investing activities 8 13 2
Net cash outflow from investing activities (10,227) (6,818) (1,863)
Cash flows from financing activities      
Proceeds from exercise of share options 430 156 57
Payments for acquisition of non-controlling interests in non-wholly owned subsidiaries 0 (21) (23)
Shares withheld for share award schemes (281) (217) (100)
Payments for repurchase of ordinary shares (390) (1,925) (1,249)
Dividends paid to the Company's shareholders (1,981) (1,508)  
Dividends paid to non-controlling interests (54) (68) (42)
Proceeds from issuance of additional equity of non-wholly owned subsidiaries 0   52
Capital contribution from non-controlling interests 1 6  
Payments for interests (119) (119) (117)
Principal elements of lease payments (124) (134) (116)
Repayment of notes payable (2,131) 0 0
Net cash outflow from financing activities (4,649) (3,830) (1,538)
Net increase/ (decrease) in cash and cash equivalents (4,645) (373) 3,936
Cash and cash equivalents at beginning of the year 13,164 13,567 9,555
Exchange differences on cash and cash equivalents (49) (30) 76
Cash and cash equivalents at end of the year ¥ 8,470 ¥ 13,164 ¥ 13,567