Commitments

6 Months Ended

Jun. 30, 2026

26.	Commitments

The following table summarizes future minimum commitments of the Group as at December 31, 2025 and June 30, 2026:


	Within one year		Later than one year but not later than five years		Total
As at December 31, 2025	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


	Within one year		Later than one year but not later than five years		Total
As at June 30, 2026	RMB’million		RMB’million		RMB’million
Operating commitments (note i)		131		4		135
Content royalties (note ii)		2,512		640		3,152
Capital commitments (note iii)		366		74		440
Investment commitment (note iv)		331		—		331

Note i: Operating commitments represent future minimum commitments under

non-cancelable

operating arrangements of the Group. As at June 30, 2026, 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 period-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.