Consolidated Statement of Financial Position

As at 31 December 2025
(Expressed in millions of Renminbi, unless otherwise stated)


	Note	31 December 2025	31 December 2024
Assets
Cash and deposits	19	648,888	608,487
Cash held on behalf of customers	20	433,832	315,761
Placements with banks and non-bank financial institutions	21	446,098	404,801
Derivative financial instruments	22	80,365	135,218
Trade and other receivables	23	319,977	266,387
Contract assets	24	21,640	22,414
Inventories	25	118,689	123,637
Financial assets held under resale agreements	26	223,686	179,829
Loans and advances to customers and other parties	27	5,748,227	5,601,071
Margin accounts	28	207,652	138,332
Investments in financial assets	29	3,937,426	3,538,851
– Financial assets at amortised cost		1,301,701	1,108,159
– Financial assets at fair value through profit or loss		1,510,835	1,401,113
– Debt investments at fair value through other comprehensive income		984,667	926,931
– Equity investments at fair value through other comprehensive income		140,223	102,648
Refundable deposits	30	102,372	68,215
Interests in associates	32	114,345	107,733
Interests in joint ventures	33	69,038	66,955
Fixed assets	34	245,418	218,052
Investment properties	34	40,192	40,691
Right-of-use assets		47,129	49,285
Intangible assets	35	22,995	22,640
Goodwill	35	26,414	26,744
Deferred tax assets	36	87,039	84,972
Other assets		79,718	55,350
Total assets		13,021,140	12,075,425


	Note	31 December 2025	31 December 2024
Liabilities
Borrowings from central banks		204,025	124,151
Deposits from banks and non-bank financial institutions	37	883,276	935,159
Placements from banks and non-bank financial institutions	38	203,799	145,644
Financial liabilities at fair value through profit or loss	39	173,016	127,140
Customer brokerage deposits	40	517,630	361,926
Funds payable to securities issuers		–	1,063
Derivative financial instruments	22	111,762	134,331
Trade and other payables	41	477,818	385,896
Contract liabilities	24	20,685	21,099
Financial assets sold under repurchase agreements	42	885,709	672,087
Deposits from customers	43	6,117,527	5,847,939
Employee benefits payables		59,875	57,386
Income tax payable	36	11,691	12,376
Bank and other loans	44	246,167	245,566
Debt instruments issued	45	1,526,070	1,497,138
Lease liabilities		18,454	19,049
Provisions	46	15,532	13,801
Deferred tax liabilities	36	17,331	17,731
Other liabilities		34,112	32,929
Total liabilities		11,524,479	10,652,411
Equity	47
Share capital		307,576	307,576
Reserves		474,773	449,911
Total ordinary shareholders’ funds		782,349	757,487
Non-controlling interests		714,312	665,527
Total equity		1,496,661	1,423,014
Total liabilities and equity		13,021,140	12,075,425

Approved and authorised for issue by the board of directors on 27 March 2026.

Director: Xi Guohua

Director: Zhang Wenwu

The notes form part of these consolidated financial statements.