Borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Borrowings [abstract]

Summary of current and non current portion of borrowings


		As at
		December 31, 2025 RMB’million				June 30, 2026 RMB’million
Included in non-current liabilities:
Non-current portion of long-term RMB bank borrowings, unsecured (Note (a))			—				7,142

Included in current liabilities:
RMB bank borrowings, unsecured (Note (b))			—				5,973
Current portion of long-term RMB bank borrowings, unsecured (Note (a))			—				24

			—				5,997

			—				13,139

Summary of detailed information about long term borrowings

(a)

The aggregate principal amounts of long-term bank borrowings and applicable interest rates are as follows:


		As at June 30, 2026
		Amount (RMB’million)				Interest rate (per annum)
RMB bank borrowings			7,121				LPR -0.85% ~ 0.30%
RMB bank borrowings			45				3.10%

			7,166

Summary of long term borrowings maturities

The long-term bank borrow

ing

s are repayable as follows:


		As at
		December 31, 2025 RMB’million				June 30, 2026 RMB’million
Within 1 year			—				24
Between 1 and 2 years			—				214
Between 2 and 5 years			—				1,650
Over 5 years			—				5,278

			—				7,166

Summary of detailed information about short term borrowings

(b)

The aggregate principal amounts of short-term bank borrowings and applicable interest rates are as follows

:


		As at June 30, 2026
		Amount (RMB’million)				Interest rate (per annum)
RMB bank borrowings			5,973				1.70 % ~ 2.30%