As at 31 December 2025, the Group’s total assets amounted to RMB13,021,140 million, representing an increase of RMB945,715 million, or 7.8%, as compared with 31 December 2024, mainly due to increases in investments in financial assets and loans and advances to customers and other parties. The Group’s total liabilities amounted to RMB11,524,479 million, an increase of RMB872,068 million, or 8.2%, as compared to the end of the previous year, mainly due to an increase in deposits from customers. Ordinary shareholders’ funds amounted to RMB782,349 million, representing an increase of RMB24,862 million, or 3.3%, as compared to the end of the previous year, mainly due to the retention of profit for the current year.
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Total assets | 13,021,140 | 12,075,425 | 945,715 | 7.8% |
| Loans and advances to customers and other parties | 5,748,227 | 5,601,071 | 147,156 | 2.6% |
| Investments in financial assets | 3,937,426 | 3,538,851 | 398,575 | 11.3% |
| Cash and deposits | 648,888 | 608,487 | 40,401 | 6.6% |
| Trade and other receivables | 319,977 | 266,387 | 53,590 | 20.1% |
| Fixed assets | 245,418 | 218,052 | 27,366 | 12.6% |
| Placement with banks and non-bank financial institutions | 446,098 | 404,801 | 41,297 | 10.2% |
| Total liabilities | 11,524,479 | 10,652,411 | 872,068 | 8.2% |
| Deposits from customers | 6,117,527 | 5,847,939 | 269,588 | 4.6% |
| Deposits from banks and non-bank financial institutions | 883,276 | 935,159 | (51,883) | (5.5%) |
| Debt instruments issued | 1,526,070 | 1,497,138 | 28,932 | 1.9% |
| Borrowing from central banks | 204,025 | 124,151 | 79,874 | 64.3% |
| Trade and other payables | 477,818 | 385,896 | 91,922 | 23.8% |
| Bank and other loans | 246,167 | 245,566 | 601 | 0.2% |
| Total ordinary shareholders’ funds | 782,349 | 757,487 | 24,862 | 3.3% |
Loans and advances to customers and other parties
As at 31 December 2025, the loans and advances to customers and other parties of the Group was RMB5,748,227 million, an increase of RMB147,156 million, or 2.6%, as compared to the end of the previous year. The proportion of loans and advances to customers and other parties to total assets was 44.1%, a decrease of 2.3 percentage points compared to 31 December 2024.
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Loans and advances to customers and other parties measured at amortised cost | ||||
| Corporate loans | 3,156,107 | 2,818,182 | 337,925 | 12.0% |
| Including: Discounted bills | 1,267 | 2,182 | (915) | (41.9%) |
| Personal loans | 2,379,176 | 2,372,428 | 6,748 | 0.3% |
| Accrued interest | 24,121 | 21,889 | 2,232 | 10.2% |
| Total loans and advances to customers and other parties measured at amortised cost | 5,559,404 | 5,212,499 | 346,905 | 6.7% |
| Allowance for impairment losses | (144,656) | (146,013) | 1,357 | 0.9% |
| Carrying amount of loans and advances to customers and other parties measured at amortised cost | 5,414,748 | 5,066,486 | 348,262 | 6.9% |
| Loans and advances to customers and other parties at fair value through profit or loss | ||||
| Corporate loans | 14,908 | 11,243 | 3,665 | 32.6% |
| Personal loans | 359 | 369 | (10) | (2.7%) |
| Carrying amount of loans and advances to customers and other parties at fair value through profit or loss | 15,267 | 11,612 | 3,655 | 31.5% |
| Loans and advances to customers and other parties at fair value through other comprehensive income | ||||
| Corporate loans | 117,842 | 76,022 | 41,820 | 55.0% |
| Discounted bills | 200,370 | 446,951 | (246,581) | (55.2%) |
| Carrying amount of loans and advances to customers and other parties at fair value through other comprehensive income | 318,212 | 522,973 | (204,761) | (39.2%) |
| Carrying amount of loans and advances to customers and other parties | 5,748,227 | 5,601,071 | 147,156 | 2.6% |
Investments in financial assets
As at 31 December 2025, the investments in financial assets of the Group were RMB3,937,426 million, an increase of RMB398,575 million, or 11.3%, as compared to the end of the previous year. The proportion of investments in financial assets to total assets was 30.2%, representing an increase of 0.9 percentage points compared to 31 December 2024.
（a）Analysed by type
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Debt securities | 2,595,855 | 2,302,824 | 293,031 | 12.7% |
| Investment management products | 45,079 | 31,577 | 13,502 | 42.8% |
| Investment funds | 547,263 | 519,063 | 28,200 | 5.4% |
| Trust investment plans | 181,668 | 186,883 | (5,215) | (2.8%) |
| Certificates of deposit and certificates of interbank deposit | 58,505 | 106,556 | (48,051) | (45.1%) |
| Equity investments | 444,462 | 339,948 | 104,514 | 30.7% |
| Wealth management products | 14,971 | 9,114 | 5,857 | 64.3% |
| Investments in creditor’s rights on assets | 1,900 | 1,900 | – | – |
| Others | 55,553 | 47,992 | 7,561 | 15.8% |
| Subtotal | 3,945,256 | 3,545,857 | 399,399 | 11.3% |
| Accrued interest | 18,409 | 20,722 | (2,313) | (11.2%) |
| Less: allowance for impairment losses | (26,239) | (27,728) | 1,489 | 5.4% |
| Total | 3,937,426 | 3,538,851 | 398,575 | 11.3% |
（b）Analysed by measurement attribution
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Financial assets at amortised cost | 1,301,701 | 1,108,159 | 193,542 | 17.5% |
| Financial assets at FVPL | 1,510,835 | 1,401,113 | 109,722 | 7.8% |
| Debt investments at FVOCI | 984,667 | 926,931 | 57,736 | 6.2% |
| Equity investments at FVOCI | 140,223 | 102,648 | 37,575 | 36.6% |
| Total | 3,937,426 | 3,538,851 | 398,575 | 11.3% |
Deposits from customers
As at 31 December 2025, deposits from customers of the Group were RMB6,117,527 million, representing an increase of RMB269,588 million, or 4.6%, as compared to the end of the previous year. The proportion of deposits from customers to total liabilities was 53.1%, a decrease of 1.8 percentage points compared to 31 December 2024.
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Corporate deposits | ||||
| Time deposits | 2,186,503 | 2,066,876 | 119,627 | 5.8% |
| Demand deposits | 1,974,729 | 1,965,191 | 9,538 | 0.5% |
| Subtotal | 4,161,232 | 4,032,067 | 129,165 | 3.2% |
| Personal deposits | ||||
| Time deposits | 1,320,869 | 1,221,680 | 99,189 | 8.1% |
| Demand deposits | 473,380 | 439,965 | 33,415 | 7.6% |
| Subtotal | 1,794,249 | 1,661,645 | 132,604 | 8.0% |
| Outward remittance and remittance payables | 84,261 | 68,167 | 16,094 | 23.6% |
| Accrued interest | 77,785 | 86,060 | (8,275) | (9.6%) |
| Total | 6,117,527 | 5,847,939 | 269,588 | 4.6% |
As at 31 December 2025, bank and other loans was RMB246,167 million, an increase of RMB601 million, or 0.2%, as compared to 31 December 2024. Debt instruments issued was RMB1,526,070 million, an increase of RMB28,932 million, or 1.9%, as compared to 31 December 2024.
（a）Bank and other loans
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Comprehensive financial services | 26,706 | 15,277 | 11,429 | 74.8% |
| Advanced intelligent manufacturing | 5,138 | 7,462 | (2,324) | (31.1%) |
| Advanced materials | 85,763 | 90,619 | (4,856) | (5.4%) |
| New consumption | 11,021 | 7,740 | 3,281 | 42.4% |
| New-type urbanisation | 54,468 | 56,669 | (2,201) | (3.9%) |
| Operation management | 123,204 | 125,572 | (2,368) | (1.9%) |
| Elimination | (60,590) | (58,484) | (2,106) | (3.6%) |
| Subtotal | 245,710 | 244,855 | 855 | 0.3% |
| Accrued interest | 457 | 711 | (254) | (35.7%) |
| Total | 246,167 | 245,566 | 601 | 0.2% |
| RMB million | As at 31 December 2025 | As at 31 December 2024 | Increase/(Decrease) Amount % | |
|---|---|---|---|---|
| Comprehensive financial services | 1,437,557 | 1,403,167 | 34,390 | 2.5% |
| Advanced intelligent manufacturing | – | – | – | – |
| Advanced materials | 5,000 | 4,887 | 113 | 2.3% |
| New consumption | – | 3,234 | (3,234) | (100.0%) |
| New-type urbanisation | 1,000 | 1,000 | – | – |
| Operation management | 80,458 | 82,621 | (2,163) | (2.6%) |
| Elimination | （4,114） | (4,807) | 693 | 14.4% |
| Subtotal | 1,519,901 | 1,490,102 | 29,799 | 2.0% |
| Accrued interest | 6,169 | 7,036 | (867) | (12.3%) |
| Total | 1,526,070 | 1,497,138 | 28,932 | 1.9% |
Total ordinary shareholders’ funds
As at 31 December 2025, total ordinary shareholders’ funds of the Group were RMB782,349 million, an increase of RMB24,862 million compared to 31 December 2024.
Capital Liabilities
As at 31 December 2025, the capital commitments authorised and contracted of the Group were RMB14,854 million. Details of the capital commitments are included in Note 49 (f) of the financial statements.