Commitments (Tables)

12 Months Ended

Dec. 31, 2025

The following table summarizes future minimum commitments of the Group as at December 31, 2024 and 2025:


As at December 31, 2024	Within one year		Later than one year but not later than five years		Total
	RMB’million		RMB’million		RMB’million
Operating commitments (note i)		192		5	197
Content royalties (note ii)		2,772		246		3,018
Capital commitments (note iii)		412		259	671
Investment commitment (note iv)		168		-		168


As at December 31, 2025	Within one year		Later than one year but not later than five years		Total
	RMB’million		RMB’million		RMB’million
Operating commitments (note i)		118		3	121
Content royalties (note ii)		2,288		303		2,591
Capital commitments (note iii)		392		213		605
Investment commitment (note iv)		50		-		50

Note i: Operating commitments represent future minimum commitments under non-cancelable operating arrangements of the Group. As at December 31, 2025, the operating commitments are mainly related to offline performances and other services.

Note ii: Content royalties represent the minimum royalty payments associated with license agreements which the Group has entered into as at year-end.

Note iii: Capital commitments represent the minimum payments associated with construction of buildings.

Note iv: Investment commitment represents commitments to acquire the equity interests in certain entities.