For the year ended 31 December 2025
(Expressed in millions of Renminbi, unless otherwise stated)
(Expressed in millions of Renminbi, unless otherwise stated)
| For the year ended 31 December | |||
|---|---|---|---|
| Note | 2025 | 2024 (Restated) | |
| Cash flows from operating activities | |||
| Profit before taxation | 144,608 | 132,657 | |
| Adjustments for: | |||
| – Depreciation and amortisation | 11 (b) | 26,718 | 27,560 |
| – Expected credit losses | 8 | 63,258 | 59,383 |
| – Impairment losses | 9 | 4,169 | 1,895 |
| – Net valuation loss on investment properties | 127 | 165 | |
| – Net valuation (profit)/loss on investments | (1,632) | 532 | |
| – Share of profits of associates and joint ventures, net of tax | (10,520) | (6,630) | |
| – Interest expenses on debt instruments issued | 5 (a) | 31,403 | 33,256 |
| – Finance income | (157) | (291) | |
| – Finance costs | 10,954 | 12,902 | |
| – Net gain on investments in financial assets | (32,264) | (30,329) | |
| – Net gain on disposal/deemed disposal of subsidiaries, associates and joint ventures | 7 | (68) | (3,793) |
| Changes in working capital | 236,596 | 227,307 | |
| Decrease in deposits with central banks and non-bank financial institutions | 35,666 | 37,317 | |
| Increase in placements with banks and non-bank financial institutions | (70,157) | (124,278) | |
| Increase in trade and other receivables | (77,633) | (57,003) | |
| Decrease in contract assets | 2,672 | 1,897 | |
| Decrease in inventories | 4,767 | 9,423 | |
| Increase in financial assets held under resale agreements | (41,837) | (15,187) | |
| Increase in loans and advances to customers and other parties | (180,309) | (262,820) | |
| (Increase)/decrease in investments in financial assets held for trading purposes | (49,836) | 2,391 | |
| Increase in cash held on behalf of customers | (118,071) | (76,742) | |
| Increase in other operating assets | (72,778) | (75,948) | |
| (Decrease)/increase in deposits from banks and non-bank financial institutions | (50,287) | 38,267 | |
| Increase/(decrease) in placements from banks and non-bank financial institutions | 52,681 | (9,228) | |
| (Decrease)/increase in financial liabilities at fair value through profit or loss | (359) | 93 | |
| Increase/(decrease) in trade and other payables | 89,437 | (12,683) | |
| Decrease in contract liabilities | (414) | (10,383) | |
| Increase/(decrease) in financial assets sold under repurchase agreements | 219,098 | (68,851) | |
| Increase in deposits from customers | 301,023 | 355,643 | |
| Increase/(decrease) in borrowings from central banks | 79,975 | (148,593) | |
| Increase in customer brokerage deposits | 155,740 | 78,428 | |
| (Decrease)/increase in other operating liabilities | (56,357) | 69,220 | |
| Increase in employee benefits payables | 2,489 | 453 | |
| Increase/(decrease) in provisions | 1,181 | (2,329) | |
| Cash generated from/(used in) operating activities | 463,287 | (43,606) | |
| Income tax paid | (32,738) | (22,113) | |
| Net cash generated from/(used in) operating activities | 430,549 | (65,719) | |
| Cash flows from investing activities | |||
| Proceeds from disposal and redemption of financial investments | 6,384,117 | 3,862,555 | |
| Proceeds from disposal of fixed assets, intangible assets and other assets | 1,630 | 1,568 | |
| Net cash received from disposal of subsidiaries | 1,434 | – | |
| Proceeds from disposal of associates and joint ventures | 758 | 6,417 | |
| Dividends received from equity investments, associates and joint ventures | 7,182 | 5,598 | |
| Net payments for purchase of financial investments | (6,668,260) | (3,952,815) | |
| Payments for additions of fixed assets, intangible assets and other assets | (55,038) | (28,647) | |
| Net cash paid for acquisition of subsidiaries | (29) | – | |
| Cash outflow on acquisition of associates and joint ventures | (1,750) | (851) | |
| Net cash used in investing activities | (329,956) | (106,175) | |
| Cash flows from financing activities | |||
| Capital injection received from non-controlling interests | 370 | 3,156 | |
| Transaction with non-controlling interests | – | (2,125) | |
| Proceeds from bank and other loans | 410,127 | 309,605 | |
| Proceeds from debt instruments issued | 1,961,893 | 1,805,627 | |
| Repayments of bank and other loans and debt instruments issued | (2,334,396) | (1,831,324) | |
| Issuance of other equity instruments by subsidiaries | 53 (c) | 7,500 | 44,000 |
| Principal and interest elements of lease payments | (5,644) | (6,087) | |
| Interest paid on bank and other loans and debt instruments issued | (44,434) | (49,169) | |
| Dividends paid to non-controlling interests | (20,250) | (24,596) | |
| Dividends paid to ordinary shareholders of the Company | 15 | (16,291) | (15,272) |
| Repayment of perpetual bonds | 53 (c) | – | (39,993) |
| Net cash (used in)/generated from financing activities | (41,125) | 193,822 | |
| Net increase in cash and cash equivalents | 59,468 | 21,928 | |
| Cash and cash equivalents at 1 January | 385,399 | 359,383 | |
| Effect of exchange changes | (7,310) | 4,088 | |
| Cash and cash equivalents at 31 December | 53 (a) | 437,557 | 385,399 |
The notes form part of these consolidated financial statements.